Nigerian gambling magnate’s secret $4.3 million stake in foam manufacturer

Key Points

• Kessington Adebutu’s 10.02% stake in Vitafoam is now worth $4.35 million, held through his private firm Neemtree Investments.
• Vitafoam’s profit rebound lifted Adebutu’s stake by $2.53 million in 2025, driven by a stock surge from $0.0145 to $0.0345.
• Adebutu also owns a $50 million stake in Wema Bank, building a multi-sector empire beyond his $1 billion Premier Lotto business.

Nigerian gambling magnate Kessington Adebutu is widely known for his lottery empire,  Premier Lotto, or “Bàbá Ìjẹ̀bú,” as it’s affectionately called by millions of players. His firm grip on the gaming market, backed by more than 200 principal agents and over 16,000 retail operators, has been central to his wealth. But beyond the kiosks in Shómólú or the roadside slips in Ìwó Road, Ìbàdàn, lies a quieter, more strategic side of Adebutu; one that reveals a seasoned investor with an eye for long-term value.

One of the lesser-known chapters in his investment portfolio is his involvement in Nigeria’s manufacturing sector. Through his private firm, Neemtree Investments, Adebutu holds a 10.02 percent stake in Vitafoam Nigeria Plc, the country’s leading maker of rigid and flexible foam products. This holding, recently uncovered in research by Billionaires.Africa, amounts to 125.3 million shares valued at about N6.89 billion ($4.35 million), placing him among the company’s most significant shareholders.

Adebutu’s quiet power in business

Neemtree Investments, which Adebutu established in 2013, has quietly become the engine behind his broader investment activities. Over the years, it has built positions in key sectors such as energy, media, real estate, and banking. Unlike the high visibility of his lottery empire, these moves have been discreet, but highly effective in building lasting wealth.

His investment in Vitafoam have delivered impressive gains in recent times. Once considered a slow and steady stock, Vitafoam’s share price has surged from N23 ($0.0145) at the start of 2025 to N55 ($0.0345), boosting its market capitalization to nearly N70 billion ($44 million). In just five months, Adebutu’s stake has grown by N4.01 billion ($2.53 million) on paper — a clear sign of how well his quiet bet has paid off.

The share price rally isn’t just riding on hype. Vitafoam has posted strong results in recent times, turning around a N5.58 billion loss last year into a N6.7 billion ($4.23 million) profit in the first half of 2025. Revenue jumped from N41.3 billion ($26.1 million) to N58.7 billion ($37.1 million) during the same period, thanks to tighter cost controls and stronger sales. The numbers tell the story of a business that’s regained its footing and is pushing ahead with renewed strength.

Adebutu builds multi-sector business empire

Vitafoam’s ambitions also extend beyond Nigeria. The company has been growing its presence in West Africa, especially in Sierra Leone, where it runs a plant producing high-quality foam for local and export use. The facility supplies markets in Guinea and Liberia as well, evidence that the company’s regional expansion strategy is starting to bear fruit. For Kessington Adebutu, this cross-border growth fits into a larger aim: to build investments that deliver returns while contributing to regional development.

But Vitafoam is only part of the picture. Through Neemtree, Adebutu also owns a substantial 28.26 percent stake in Wema Bank, Nigeria’s leading lender and parent of ALAT, Africa’s first fully digital banking platform. Neemtree controls over 6.05 billion shares in the bank, a position now worth more than $50 million. His daughter, Abolanle Matel-Okoh, holds another 4.54 percent, a sign that the Adebutu family is actively shaping a financial legacy that will outlast the current generation.

From the lively chaos of lottery outlets to the quiet power plays in boardrooms, Adebutu has managed to build an empire marked by patience and sharp judgment. Premier Lotto remains his most recognizable venture, but his portfolio now tells a bigger story — one of a businessman who sees value where others don’t and moves with intent long before the spotlight arrives.