
Nigerian gambling magnate Kessington Adebutu’s stake in Wema Bank falls $4.92 million
The decline comes after a strong run between Jan. 24 and Feb. 14, when Adebutu’s stake surged by $5.23 million.
The decline comes after a strong run between Jan. 24 and Feb. 14, when Adebutu’s stake surged by $5.23 million.
The offering includes 14.29 billion shares priced at N10.45 ($0.007) each, reinforcing the bank’s efforts to strengthen its financial position.
In the past three weeks, the value of his stake has risen by $5.23 million, recovering from a sharp decline earlier this year.
This setback follows a challenging year for Adebutu, who saw his Wema Bank stake drop by $2.73 million in 2024.
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Adebutu's stake surged by $3.26 million between Sept. 18 and Nov. 11, rising from $13.93 million to $17.19 million.
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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.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the bank’s $26.3 million rights issue.
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)
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 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.
The bank’s annual report revealed N685.59 million ($593,000) in fraud losses during the year.
Its profits skyrocketed by 217 percent, leaping from N11.35 billion ($8.52 million) in 2022 to N35.99 billion ($27.2 million).
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.
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.