Table of Contents
Nigerian gambling magnate Kessington Adebutu, the founder of Premier Lotto, is reaping major gains from the surge in the share price of Wema Bank Plc, one of Nigeria’s fastest-growing financial institutions. His stake in the lender has now swelled to nearly $90 million, underscoring his influence in both Nigeria’s banking and gaming sectors.
Kessington Adebutu’s Wema Bank stake surges
Adebutu, through his investment vehicle Neemtree Limited, holds a 28.26 percent stake in Wema Bank, amounting to more than 6.05 billion shares. Over the past 14 weeks, the market value of this holding has jumped by N58.45 billion ($38.07 million), fueled by strong investor demand and a broad rally on the Nigerian Exchange (NGX).
This surge adds to earlier gains recorded between March and May, when Adebutu’s stake increased by $13.77 million, rising from N62.39 billion ($38.86 million) to N84.5 billion ($52.63 million). Combined, the back-to-back rallies have cemented his position as one of Nigeria’s most powerful private investors in the financial services industry.
Kessington Adebutu gains as banking shares climb
Wema Bank has shifted its focus to digital banking through ALAT, Africa’s first fully digital bank. This has positioned Wema Bank among the country’s most resilient and competitive financial institutions, appealing to a younger, tech-savvy customer base.
On the NGX, Wema Bank’s shares have soared by 75.39 percent in recent months, climbing from N12.8 ($0.0083) on May 28 to N22.45 ($0.0146). The rally has pushed the lender’s market capitalization above $310 million, making it one of the best-performing banking stocks of 2025.
For Kessington Adebutu, whose interests span lottery, gaming, and finance, the surge has delivered significant personal gains. The value of his stake in Wema has grown from N77.53 billion ($50.5 million) at the end of May to N135.98 billion ($88.58 million), underscoring how investor confidence in the bank has paid off for one of its biggest shareholders.
Wema Bank shares up over 140 percent year-to-date
So far in 2025, Wema Bank has delivered a 146.7 percent return to investors, beating many of its peers on the NGX. A $100,000 stake in the bank’s shares at the start of the year would now be worth about $246,700, a sharp gain that has strengthened confidence in the stock.
This rise comes at a time when Nigerian banks are navigating currency swings and a difficult economic backdrop. Wema’s performance underlines the growing importance of digital banking across Africa. For Adebutu, it also reinforces his image as an investor willing to take risks, with his wealth spanning both Nigeria’s gaming industry and financial services.
