
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)
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
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.
Adebutu owns a 28.09-percent stake in Wema Bank through Neemtree Limited.