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Nigerian lottery tycoon Kessington Adebutu fully funded a new multi-storey headquarters for the Lagos State Security Trust Fund and donated five patrol vehicles.
Kessington Adebutu's Wema Bank stake is worth $291.27 million and his Vitafoam holding $21.08 million, built entirely on lottery money.
Premier Lotto founder Kessington Adebutu will collect N14.84 billion in gross dividends from Wema Bank after the lender posted record profit before tax of N222 billion in 2025.
Kessington Adebutu's 11.87 billion Wema Bank shares are now worth N314.63 billion, equivalent to $224.74 million, as the lender's share price rises to N26.50.
Nigerian gambling magnate Kessington Adebutu marked his 90th birthday by donating $2.7 million to fund education, health, and infrastructure in Remoland.
Wema Bank, partly owned by Adebutu, raises $34 million, strengthening capital and funding digital expansion.
Kessington Adebutu’s Wema Bank stake drops below $90 million as shares fall amid selling pressure on the Nigerian Exchange.
The capital raise, which opened on April 14 and closed on May 21, was part of the lender’s plan to meet the CBN’s recapitalization directive for commercial banks.
Kessington Adebutu’s Wema Bank stake nears $90 million as digital banking fuels strong investor gains in 2025.
Wema Bank, partly owned by Nigerian gambling magnate Kessington Adebutu, tops target with $103.1 million rights issue, boosting capital strength and growth outlook.
Kessington Adebutu’s investment in Vitafoam and Wema Bank highlights his strategic wealth-building beyond Nigeria’s lottery empire, Premier Lotto.
Adebutu, who founded Premier Lotto, owns a 28.26 percent stake in Wema Bank through Neemtree Limited, amounting to 6,057,090,218 shares.
Wema Bank, backed by Kessington Adebutu, launches $93.7 million rights issue to boost capital and meet CBN's 2026 recapitalization deadline.
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.