Wema Bank, backed by Adebutu, launches $93.7 million rights issue
Wema Bank, backed by Kessington Adebutu, launches $93.7 million rights issue to boost capital and meet CBN's 2026 recapitalization deadline.
WEMA Bank
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.
Nigerian tycoon Kessington Adebutu’s Wema Bank plans $98.9 million rights issue
The offering includes 14.29 billion shares priced at N10.45 ($0.007) each, reinforcing the bank’s efforts to strengthen its financial position.
Nigerian gambling magnate Kessington Adebutu stake in Wema Bank rebounds above $47 million
In the past three weeks, the value of his stake has risen by $5.23 million, recovering from a sharp decline earlier this year.
Nigerian gambling magnate Kessington Adebutu loses $3.6 million from Wema Bank shares
This setback follows a challenging year for Adebutu, who saw his Wema Bank stake drop by $2.73 million in 2024.
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 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)
Bank backed by Nigerian gambling magnate Kessington Adebutu seeks $145-million capital raise
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
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.