Renowned Nigerian gambling magnate Kessington Adebutu’s wealth has decreased significantly as a result of a recent dip in the market value of his share in Wema Bank, one of the country’s oldest institutions.
Adebutu, one of Nigeria’s richest men, has seen his ownership in the financial institution’s market value decrease by N4.6 billion ($4.03 million) in the last 16 days.
From March 8 to March 20, his interest in Wema Bank climbed by $2.3 million, raising his net worth from N25.88 billion ($17.30 million) to N29.43 billion ($19.67 million).
Wema Bank, a financial services provider, has grown throughout the decades to become one of the country’s top financial organizations. ALAT, Africa’s first totally digital bank, is among Nigeria’s most robust banks, with decades of experience in the financial services sector.
Wema Bank’s shares on the NGX have fallen 15.29 percent, from N8.50 to N7.20 (or $0.0075 to $0.0063) at the time of writing. This decrease has reduced the bank’s market value to $80 million, resulting in significant losses for its shareholders.
In a recent report, the bank reported fraud losses topping $500,000 in 2023. The bank suffered losses of N685.59 million ($593,000) from multiple sources, including digital channels, collection and payment systems, and third-party integrations.
Kessington Adebutu, the creator of Nigeria’s oldest gaming company, Premier Lotto Limited, owns a major 28.09 percent ownership in Wema Bank through Neemtree Limited, a special purpose organization set up in 2013 for focused investment.
The recent drop in Wema Bank’s share price has reduced the value of Adebutu’s investment. It has dropped from N30.04 billion ($26.34 million) on April 2 to N25.45 billion ($22.31 million), a loss of N4.60 billion ($4.03 million). Despite this financial setback, Adebutu is still one of the most wealthy investors on the Nigerian Exchange (NGX).
