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Nigerian gambling magnate Kessington Adebutu earns $6.59 million in 23 days from stake in Wema Bank

Shares in the bank have surged by 45 percent since June 21, as bargain hunters continue to acquire stakes in the bank.

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Nigerian gambling magnate Kessington Adebutu.

The equity stake of Nigerian gambling magnate Kessington Adebutu in Wema Bank Plc has gained $6.59 million (N2.71 billion) in 23 days.

Wema Bank is pioneering Africa’s first fully digital bank, ALAT, and is one of Nigeria’s most resilient banks with decades of experience in the financial services sector.

As of 4:30 PM (UTC), July 14, shares in the financial services provider on the Nigerian Stock Exchange were valued at $0.00195 (N0.80), down 123 basis points compared with its opening price of $0.00197 (N0.81) yesterday morning.

Shares in the bank have surged by 45 percent since June 21, as bargain hunters and value investors continue to acquire stakes in the bank, bidding its shares up by 45 percent to yesterday’s price of $0.00195 (N0.80) per share.

The bullish attitude toward the bank’s shares can be attributed to its strong performance in Q1 2021, as quarterly financial results caught the attention of financial analysts and investors alike.

In Q1 2021, Wema Bank reported that its profits increased by 33.5 percent to $3.16 million (N1.30 billion) from $2.38 million (N977.30 million) in Q1 2020. The increase took place on the back of a rise in consumer spending that is returning to pre-COVID-19 levels as the economy revs up for recovery.

In addition, a 25-percent drop in the bank’s interest expenses, which offset a six-percent decline in gross earnings, enhanced its earning power during the quarter.

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.

The market value of his equity position in the bank has increased by $6.59 million (N2.71 billion) in 23 days.

Research by Billionaires.Africa revealed that the value of his stake in Wema Bank rose from $14.50 million (N5.60 billion) to $21.09 million (N8.67 billion) between June 21 and July 14.

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African-American billionaire Oprah Winfrey files lawsuit against creators of ‘Oprahdemics’ podcast

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions.

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Oprah Winfrey.

Oprah Winfrey, a well-known African-American billionaire and talkshow host, has filed a lawsuit against the creators of the “Oprahdemics” podcast through her company, Harpo Productions, claiming that the program misleads the public into believing she sponsored or approved it.

According to Reuters, Winfrey, the wealthiest Black woman in the United States and one of the world’s richest Black billionaires, stated that she is neither seeking profit nor damages from the creators of “Oprahdemics,” and she is not attempting to halt the podcast.

She demanded that the podcast’s name be changed because its live events dilute Harpo’s “Oprah” and “O” trademarks and that the use of the word capitalizes on the goodwill that she has spent decades building, a move she said could cause irreparable harm to Harpo’s reputation.

Many consider Winfrey, who turned her hit talk show, “The Oprah Winfrey Show,” which aired for 25 years, into a media and business empire, to be an institution.

Winfrey returned to the small screen in 2020 on Apple TV+ for an interview show about COVID-19 as part of a multiyear deal with the streamer.

Since the start of the year, her net worth has declined from $2.6 billion to $2.5 billion at the time of writing this report, resulting in a total loss of $100 million for the leading businesswoman.

As the “Queen of Talk,” Winfrey has built a thriving media empire that includes Harpo Productions, which has worked on films like “The Color Purple,” “Beloved,” and “Selma.”

She also has a 25.5-percent stake in the Oprah Winfrey Network, the cable channel that she launched in 2011, and a seven-percent stake in Weight Watchers, a global company that provides weight loss and maintenance services, which is presently worth $492 million.

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These are the four African billionaires whose net worth has increased since start of 2022

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

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Nassef Sawiris.

Only four of the 21 African businessmen on our radar with a net worth of $1 billion or more have seen their fortunes improve since the beginning of the year.

Among them are Africa’s richest man Aliko Dangote and Egypt’s wealthiest man Nassef Sawiris.

The recent surge in the shares of companies in their portfolios has resulted in a combined wealth increase of nearly $2 billion for these four African billionaires since the start of the year.

According to data compiled by Billionaires.Africa, this is how they stand at the moment.

#1 Aliko Dangote

Net worth: $19.8 billion

Year-to-date wealth gains: $670 million

Nationality: Nigerian

Aliko Dangote, the chairman of Dangote Industries Limited, Africa’s most diversified manufacturing conglomerate, has seen his net worth rise by more than $670 million this year, from $19.1 billion at the start of the year to $19.8 billion at the time of writing.

The increase in his net worth can be attributed to a bump in the market value of his 86-percent stake in Dangote Cement Plc, which accounts for $9.06 billion of his $19.8-billion fortune.

Since the year began, shares in Dangote Cement, Africa’s largest cement manufacturer, have increased from N257 ($0.614) per share to N265 ($0.633) per share.

Earlier this week, the company’s share price plummeted to N241 ($0.57) per share, resulting in a staggering $863-million loss for the billionaire in a single day.

However, renewed buying interest among investors on Wednesday saw the billionaire recoup part of the wealth loss and net a year-to-date wealth gain of $670 million.

#2 Nassef Sawiris

Net worth: $7.16 billion

Year-to-date wealth gains: $670 million

Nationality: Egyptian

Egypt’s richest man Nassef Sawiris, a scion of Egypt’s wealthiest family, is one of the four African billionaires who have seen significant increases in their net worth since the beginning of the year.

The leading billionaire, who serves on the boards of Adidas and OCI N.V., a global nitrogen product manufacturer and distributor, has seen his net worth rise by $659 million since the beginning of this year, from $6.5 billion to $7.16 billion at the time of writing this report.

The majority of his fortune stems from his 38.8-percent stake in the Netherlands-based OCI N.V., which is worth $2.52 billion, and his six-percent stake in Adidas, which is worth $2.13 billion.

#3 Abdul Samad Rabiu

Net worth: $5.8 billion

Year-to-date wealth gains: $400 million

Nationality: Nigerian

Thanks to the listing of BUA Foods Plc, Abdul Samad Rabiu, the founder of BUA Group, one of Africa’s fastest-growing conglomerates, has seen positive wealth gains this year.

The market value of his stake in his newly consolidated food conglomerate, which went public on Jan. 5, offset the decline in the market value of his stake in his cement business, BUA Cement Plc, as its share price fell from N71.95 ($0.17) to N58.8 ($0.14) at the time of writing this report.

His net worth has risen by $400 million since the start of the year, from $5.4 billion to $5.8 billion.

#4 Nicky Oppenheimer

Net worth: $8.20 billion

Year-to-date wealth gains: $250 million

Nationality: South African

South Africa’s second-richest man Nicky Oppenheimer, who previously ran the diamond mining firm DeBeers before selling it to Anglo-American a decade ago, has seen his wealth rise by $250 million this year, from $7.95 billion to $8.2 billion, thanks to the revaluation of his private equity investments.

Oppenheimer, who is Africa’s third-richest man and South Africa’s second-wealthiest man, invests the majority of his net worth in private equity in Africa, Asia, the United States, and Europe through London-based Stockdale Street and Johannesburg-based Tana Africa Capital.

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South African billionaire Johann Rupert-linked SEACOM partners with BT Group

Seacom is privately funded and 75 percent African-owned.

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Johann Rupert. ©Billionaires.Africa

SEACOM has announced a strategic alliance with UK telecommunications service provider BT Group as it prepares to enter the African enterprise cybersecurity market.

SEACOM is a leading pan-African telecom services provider linked to South Africa’s richest man Johann Rupert.

The partnership aligns with SEACOM’s plans to expand its portfolio of services targeting African businesses. By leveraging BT Group’s infrastructure and expertise, SEACOM hopes to secure its own infrastructure and deliver new networking and security solutions to African businesses.

“With SEACOM’s global network and local presence and BT’s global reach and expertise, we will be able to deliver a comprehensive portfolio of cloud, security, and connectivity services that are reliable, scalable, and at the cutting-edge of the industry,” Oliver Fortuin, CEO of SEACOM, said.

BT Group, which protects some of the world’s largest organizations from cyber threats through a dedicated network of security operations centers around the world, announced that SEACOM customers will gain access to BT Group’s Cloud Security Incident Event Management (SIEM) platform.

The SIEM platform provides real-time visibility and monitoring across an organization’s entire IT environment, acting as an additional layer of security to SEACOM’s existing ICT solutions.

Seacom, which bills itself as Africa’s most extensive ICT infrastructure provider, is privately funded and 75-percent African-owned, with Rupert’s investment holding Remgro owning 30 percent of the company.

South African mining magnate Patrice Motsepe owns a 15-percent stake in the pan-African telecom services provider through his financial services conglomerate, Sanlam.

Jubilee Holdings, a Kenyan investment holding backed by Aga Khan IV (Shah Karim al-Husayni), increased its stake in SEACOM from 8.8 to 18.8 percent earlier this year after acquiring an additional 10-percent stake in the company.

According to Nizar Juma, chairman of Jubilee Holdings, the transaction will strengthen the company’s ability to diversify its investment priorities across major sectors of the economy.

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