Nigerian gambling magnate Adebutu’s daughter faces $1-million loss in Wema Bank stake

The equity stake of Abolanle Matel-Okoh, the daughter of Nigerian gambling magnate Kessington Adebutu, in Wema Bank Plc, has experienced a substantial decline, plummeting by more than $1 million in just 31 days.

The drop comes as shares in the financial service provider continue to plummet due to sustained selling on the Nigerian Exchange (NGX).

Matel-Okoh, daughter and CEO of Havilah Ventures, who is also on the board of Wema Bank, holds a 4.54-percent stake in Wema Bank, or 583,333,333 ordinary shares.

Over the decades, the financial services provider has evolved into one of the country’s top 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 ($0.00768) to N4.52 ($0.00600) 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 share price of the financial service provider, 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 Matel-Okoh’s 4.54-percent stake in the Nigerian-based financial services provider has fallen by 22.55 percent from N3.39 billion ($4.49 million) on July 3 to N2.62 billion ($3.49 million) as of the report’s writing.

This translates to a staggering total loss of N764.17 million ($1.01 million) for the Nigerian gambling magnate over the past 31 days, triggered by a 22.55-percent decline in Wema Bank shares.

In a similar vein, her father, Kessington Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, has also experienced a decline in his 28.09-percent stake in Wema Bank, witnessing a loss of $6.28 million during the same period. This underscores the challenges faced by investors in recent times.