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The equity stake of Nigerian gambling magnate Kessington Adebutu in Wema Bank has witnessed a significant decline, losing over $6 million in just 25 days. This drop comes as shares in the financial service provider continue to plummet due to sustained selling on the Nigerian Exchange (NGX).
Kessington Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, holds a 28.09-percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle incorporated in 2013 to acquire shares in targeted organizations.
Over the decades, the financial services provider has evolved into one of the country’s pioneer financial institutions, boasting Africa’s first fully digital bank, ALAT. It is also one of Nigeria’s most resilient banks, with decades of experience in the financial services sector.
Since July 3, Wema Bank shares have slumped from N5.81 ($0.00749) to N4.50 ($0.00580) at the time of reporting, as investors on the Nigerian Exchange continue to reduce stakes in volatile assets amid growing economic uncertainty.
Despite the recent decline in the financial service provider’s shares, Wema Bank maintains its position as one of the key players in Nigeria’s financial services landscape, serving millions of customers through its various financial services.
According to data tracked by Billionaires.Africa, the market value of Kessington’s 28.09 percent stake in the Nigerian-based financial services provider, Wema Bank, has decreased by $6.1 million from N21 billion ($27.07 million) on July 3 to N16.26 billion ($21 million) as of the report writing.
This translates to a staggering total loss of N4.7 billion ($6.1 million) for the Nigerian gambling magnate over the past 25 days, triggered by a 22.55 percent decline in Wema Bank shares.
