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)
Adebutu, founder of Premier Lotto Limited, Nigeria’s oldest gaming company, owns a significant stake (28.09 percent) in Wema Bank.
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.
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.
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.
Abolanle Matel-Okoh, daughter and CEO of Havilah Ventures, who is also on the board of Wema Bank Plc, holds a 4.54-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
Kessington Adebutu is the founder and CEO of Premier Lotto Limited, Nigeria’s oldest and largest gaming company.