Wema Bank backed by Kessington Adebutu secures approval to raise $26.3 million
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the bank’s $26.3 million rights issue.
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have approved the bank’s $26.3 million rights issue.
This comes after a surge in the market value of his stake in Wema Bank between May 1 and 7, when it increased by N6.01 billion ($4.35 million)
Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing.
This recent setback follows a surge in his fortune between March 8 and March 20, when his stake in Wema Bank increased by $2.3 million.
The bank’s annual report revealed N685.59 million ($593,000) in fraud losses during the year.
Its profits skyrocketed by 217 percent, leaping from N11.35 billion ($8.52 million) in 2022 to N35.99 billion ($27.2 million).
This surge not only reaffirms Adebutu’s status as one of the wealthiest investors on the NGX but also underscores Wema Bank’s pivotal role in Nigeria’s financial landscape.
The company has engaged with regulatory authorities and stakeholders in the decision-making process and has initiated necessary procedures to ensure a smooth transition from NGX.
Adebutu owns a 28.09-percent stake in Wema Bank through Neemtree Limited.
In the first week of 2024, Wema Bank shares on the NGX rose by 33 percent from N5.55 ($0.006) to N7.38 ($0.008).
Adebutu, the founder of Nigeria’s oldest gaming company, Premier Lotto Limited, owns a 28.09-percent stake in Wema Bank through Neemtree Limited.
With interests in Premier Lotto, Wema Bank, and beyond, Adebutu’s businesses have solidified his position as a key player in Nigeria’s economic evolution.
Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, owns a 28.15-percent stake in Wema Bank.
Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto, holds a 28.15-percent stake in Wema Bank.
Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto, holds a 28.09-percent stake in Wema Bank.
Kessington Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, holds a 28.09-percent stake in Wema Bank