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Renowned Nigerian gambling magnate Kessington Adebutu has experienced a notable surge in his wealth, courtesy of the recent uptick in the market value of his holdings in Wema Bank, one of Nigeria’s oldest and leading financial services groups.
The market value of Adebutu’s stake in Wema Bank over the past six days has risen by N6.01 billion ($4.35 million), highlighting the sustained interest from investors in the bank’s shares on the Nigerian Exchange (NGX). This comes after his stake in the bank declined by $4.6 million between April 2 and 18.
Wema Bank’s market cap exceeds $70 million
Over the decades, Wema Bank as a 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.
The leading lender seeks to raise N200 billion ($145 million) in fresh capital to bolster regulatory compliance and support expansion plans, as outlined in an AGM notice. The capital raise strategies outlined in the notice are contingent upon shareholder approval.
Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing. This uptick has propelled the bank’s market capitalization beyond NGN70 billion ($0.07 billion), solidifying its position as the 38th most valuable company on the NGX.
Adebutu’s Wema Bank stake jumps on stock surge
Kessington Adebutu, founder of Nigeria’s Premier Lotto Limited, holds a significant 28.09-percent stake in Wema Bank through Neemtree Limited, a special-purpose vehicle established in 2013 for targeted investments.
The recent stock surge has boosted Adebutu’s investment in Wema Bank from N21.38 billion ($15.47 million) on May 1 to N27.39 billion ($19.82 million) at the time of writing. This N6.01 billion ($4.35 million) increase reaffirms Adebutu’s position as a top NGX investor and highlights Wema Bank’s growing importance in Nigeria’s financial sector.
