Nigerian gambling magnate Kessington Adebutu’s Wema Bank stake tops $50 million

Key Points

• Kessington Adebutu’s stake in Wema Bank has surpassed $50 million, boosted by a strong rally in the bank’s share price.
• Wema Bank shares have surged 35 percent after a $93.7 million capital raise, pushing its market cap close to $186 million.
• Wema Bank has delivered a 53.3 percent return in 2025, rewarding investors and solidifying confidence in its long-term growth prospects.

Nigerian gambling magnate Kessington Adebutu has reached a significant milestone, with his stake in Wema Bank now exceeding $50 million. This rise solidifies his standing as one of the most influential investors in Nigeria’s financial sector and reflects growing investor confidence in the bank’s prospects.

Adebutu, who founded Premier Lotto, owns a 28.26 percent stake in Wema Bank through Neemtree Limited, amounting to 6,057,090,218 shares. Over the past eight weeks, his stake has gained N22.11 billion ($13.77 million), driven by a strong rally in Wema Bank’s stock on the Nigerian Exchange (NGX). This uptick comes after a brief dip between Feb. 24 and Mar. 14, when his stake fell by $4.92 million, from N73.9 billion ($48.06 million) to N66.33 billion ($43.13 million).

Wema Bank shares surge by 35 percent

Wema Bank’s share price has surged by 35 percent following a successful $93.7 million capital raise. Over the years, the bank has evolved into one of Nigeria’s top financial institutions, boasting Africa’s first fully digital bank, ALAT. Its solid performance in 2024 has further fueled a 35.44 percent increase in its share price over the past two months, boosting its market cap to nearly $186 million. The share price has risen from N10.3 ($0.0064) on Mar. 18 to N13.95 ($0.0087), rewarding investors with substantial gains.

Adebutu, known for his diverse business empire in gaming and finance, has benefited from this market performance. His stake, now worth over $50 million, has grown by N22.11 billion ($13.77 million), from N62.39 billion ($38.86 million) on March 18 to N84.5 billion ($52.63 million). This highlights Wema Bank’s resilience in Nigeria’s competitive banking sector and underscores Adebutu’s influence.

Your money and your life

Wema Bank has become one of the top performers on the Nigerian Exchange (NGX) in 2025, offering an impressive 53.3 percent return to investors so far. This rise has further strengthened investor confidence in the bank’s future, suggesting its potential for long-term wealth creation. A $100,000 investment in Wema Bank shares would now be worth $153,300, reflecting a gain of $53,300.