Kessington Adebutu’s Wema Bank stake loses $2.73 million as naira depreciates
Adebutu’s holdings reflect broader economic challenges in Nigeria as Currency Depreciation Erases Gains Despite Wema Bank’s stock surge.
Kessington Adebutu
Kessington Adebutu gains $2.1 million from Wema Bank shares
Adebutu's stake surged by $3.26 million between Sept. 18 and Nov. 11, rising from $13.93 million to $17.19 million.
Wema Bank strengthens leadership with key executive appointments
Ajimisinmi and Bakare to drive strategic growth and innovation.
Kessington Adebutu gains $3.2 million from Wema Bank shares
Over the past 53 days, the market value of his stake has increased by N5.45 billion ($3.26 million), fueled by a robust stock performance on the NGX.
Wema Bank backed by Kessington Adebutu secures approval to raise $26.3 million
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the bank’s $26.3 million rights issue.
Nigerian gambling magnate Kessington Adebutu loses $2.8 million on Wema Bank shares
This comes after a surge in the market value of his stake in Wema Bank between May 1 and 7, when it increased by N6.01 billion ($4.35 million)
Nigerian gambling magnate Kessington Adebutu gains $4.4 million from Wema Bank stake
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.
Nigerian gambling magnate Kessington Adebutu faces $4-million loss in Wema Bank shares
This recent setback follows a surge in his fortune between March 8 and March 20, when his stake in Wema Bank increased by $2.3 million.
Wema Bank backed by Nigerian gambling magnate hit by over $500,000 fraud loss
The bank’s annual report revealed N685.59 million ($593,000) in fraud losses during the year.
Nigerian gambling magnate-backed bank posts $27.2-million profit in 2023
Its profits skyrocketed by 217 percent, leaping from N11.35 billion ($8.52 million) in 2022 to N35.99 billion ($27.2 million).
Nigerian gambling magnate Kessington Adebutu makes $2.3 million from Wema Bank stake
This surge not only reaffirms Adebutu’s status as one of the wealthiest investors on the NGX but also underscores Wema Bank’s pivotal role in Nigeria’s financial landscape.
Financial loss forces delisting of Arbico, owned by Nigerian gambling magnate Kessington Adebutu
The company has engaged with regulatory authorities and stakeholders in the decision-making process and has initiated necessary procedures to ensure a smooth transition from NGX.
Nigerian gambling magnate Kessington Adebutu makes $26 million from Wema Bank
Adebutu owns a 28.09-percent stake in Wema Bank through Neemtree Limited.
Nigerian gambling magnate Kessington Adebutu gains $7.2 million in first week of 2024
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).
Nigerian gambling magnate Kessington Adebutu gains $3.7 million from Wema Bank stake
Adebutu, the founder of Nigeria’s oldest gaming company, Premier Lotto Limited, owns a 28.09-percent stake in Wema Bank through Neemtree Limited.
7 companies owned by Nigerian gambling magnate Kessington Adebutu
With interests in Premier Lotto, Wema Bank, and beyond, Adebutu’s businesses have solidified his position as a key player in Nigeria’s economic evolution.