In the wake of substantial losses incurred earlier this year, Nigerian gambling magnate Kessington Adebutu has experienced a substantial increase in his equity stake in Wema Bank — this is linked to the recent upswing in the bank’s shares on the Nigerian Exchange (NGX).
According to data tracked by Billionaires.Africa, the market value of Adebutu’s stake in Wema Bank — one of Nigeria’s oldest banks — has surged by N2.93 billion ($3.71 million) over the past 55 days, propelled by renewed investor enthusiasm in the prominent banking entity.
Wema Bank shares rise by 19.15 percent, market cap soars above $80 million
Over the decades, the financial services provider has evolved into one of the country’s leading 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 Oct. 4, Wema Bank shares on the NGX have increased by 19.15 percent, rising from N4.23 ($0.005) to N5.04 ($0.006) at the time of reporting — thus pushing the group’s market cap above the $80-million mark and returning impressive gains to shareholders.
Kessington Adebutu’s stake in Wema Bank surges above $20 million
Adebutu, the founder and CEO of Nigeria’s oldest gaming company, Premier Lotto Limited, owns a 28.09-percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle incorporated in 2013 to acquire shares in targeted organizations.
As a result of the recent surge in Wema Bank shares, the market value of Adebutu’s 28.09 percent stake in the Nigerian-based financial services provider, has increased by N2.93 billion ($3.71 million) over the past 55 days — from N15.31 billion ($19.39 million) on Oct. 4 to N18.24 billion ($23.10 million) as of the report writing.
This recent upturn solidifies Adebutu’s position as one of the richest investors on the NGX, while Wema Bank maintains its position as one of the key players in Nigeria’s financial services industry — serving millions of customers through its various products.
