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Key Points
- Wema Bank’s stock surged 12.5% in three weeks, pushing its market cap past $160 million amid strong earnings growth.
- Kessington Adebutu’s 28.26% stake in Wema Bank gained $5.23 million in value, recovering from an earlier decline.
- Wema Bank’s unaudited 2024 report showed profit soaring from $23.8M to $58.9M, driven by higher interest income and fees.
Nigerian gambling magnate Kessington Adebutu has seen the value of his stake in Wema Bank bounce back above $47 million after a strong rally in the bank’s share price on the Nigerian Exchange (NGX).
Adebutu, the founder of Premier Lotto, owns a 28.26 percent stake in Wema Bank through Neemtree Limited, holding 6,057,090,218 shares. In the past three weeks, the value of his stake has risen by $5.23 million, recovering from a sharp decline earlier this year.
Wema Bank’s stock jumps on strong earnings
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.
In the past three weeks, Wema Bank’s shares have climbed 12.5 percent, rising from N10.40 ($0.0069) on Jan. 24 to N12 ($0.0078) at the time of writing. This gain has pushed the bank’s market capitalization past $160 million, delivering strong returns to shareholders.
Investor confidence has been fueled by Wema Bank’s recently released unaudited financial statement for 2024, which showed a sharp rise in profit—from N35.98 billion ($23.8 million) to N88.84 billion ($58.9 million). The strong earnings were driven by higher interest income and increased fees and commission revenue.
Wema Bank rally lifts Adebutu’s stake
The rally in Wema Bank’s stock has also boosted the market value of Adebutu’s stake, which has grown from N62.99 billion ($41.81 million) on Jan. 24 to N70.87 billion ($47.04 million) in just 21 days—a gain of N7.87 billion ($5.23 million).
This reinforces Adebutu’s standing as one of the top investors on the NGX and highlights Wema Bank’s growing influence in the country’s financial sector. With a strong customer base and strategic initiatives, the bank remains a key player in driving economic growth.
