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The equity stake of Nigerian gambling magnate Kessington Adebutu in Wema Bank witnessed a significant surge in the first week of 2024, soaring by over $7 million, thanks 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 increased by N6.62 billion ($7.24 million) over the past 5 days, propelled by renewed investor interests in the prominent banking entity.
Wema Bank’s 33-percent share-surge lifts market cap above $100 million
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.
In the first week of 2024, Wema Bank shares on the NGX rose by 33 percent from N5.55 ($0.006) to N7.38 ($0.008). This propelled the bank’s market capitalization above $100 million, thereby delivering substantial gains to shareholders, including the gambling magnate.
Adebutu’s Wema Bank stake nears $30-million mark
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.
The market value of Adebutu’s stake in Wema Bank soared from N20.09 billion ($21.97 million) on Jan. 1 to N26.71 billion ($29.21 million) — marking an impressive ascent bolstering his position as one of the wealthiest investors on the NGX.
This surge not only solidifies Adebutu’s status as one of the richest investors on the NGX, but also reaffirms Wema Bank’s position as a key player within Nigeria’s dynamic financial services industry, catering to a broad customer base through its diverse product offerings.
