News

Nigerian Gambling Magnate, Kessington Adebutu Faces $4million Loss In Wema Bank Shares

Renowned Nigerian gambling magnate Kessington Adebutu has seen a notable decline in his wealth due to a recent drop in the market value of his stake in Wema Bank, one of the country’s oldest lenders.

 

According to data tracked by Billionaires.Africa, Adebutu, one of Nigeria’s richest men, has witnessed a N4.6 billion ($4.03 million) decline in the market value of his holding in the financial institution over the past 16 days.

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, propelling his net worth from N25.88 billion ($17.30 million) to N29.43 billion ($19.67 million).

Wema Bank’s stock slumps by over 15 percent

Over the decades, Wema Bank, a financial services provider, has evolved into one of the country’s leading financial institutions. It boasts Africa’s first fully digital bank, ALAT, and is also one of Nigeria’s most resilient banks with decades of experience in the financial services sector.

Wema Bank’s shares on the NGX have plunged 15.29 percent, dropping from N8.50 to N7.20 (or $0.0075 to $0.0063) at the time of writing. This decline has pushed the bank’s market capitalization below $80 million and caused substantial losses for its shareholders.

Wema Bank’s shares on the NGX have plunged 15.29 percent, dropping from N8.50 to N7.20 (or $0.0075 to $0.0063) at the time of writing. This decline has pushed the bank’s market capitalization below $80 million and caused substantial losses for its shareholders.

In its recent report, the bank disclosed fraud losses exceeding $500,000 for 2023. The losses, totaling N685.59 million ($593,000), stemmed from various sources, including the bank’s digital channels, collection and payment systems, and third-party integrations.

Kessington’s stake in Wema Bank drops below $25 million

Kessington Adebutu, founder of Nigeria’s oldest gaming company, Premier Lotto Limited, holds a significant 28.09 percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle established in 2013 for targeted investments.

The recent downturn in Wema Bank’s share price has impacted the value of Adebutu’s stake. It has decreased from N30.04 billion ($26.34 million) on April 2 to N25.45 billion ($22.31 million), representing a loss of N4.60 billion ($4.03 million). Despite this financial setback, Adebutu remains one of the wealthiest investors on the Nigerian Exchange (NGX).

 

 

Source: BillionairesAfrica

GLAMTUSH

Recent Posts

New Zealand Introduces Seasonal Worker Visa For 2025

New Zealand has introduced a seasonal worker visa for 2025.   Glamtush reports that the…

8 hours ago

Croatia Expands Work Permit Program To Attract Skilled Foreign Workers

Croatia has expanded its work permit program to attract skilled foreign workers.   Glamtush reports…

8 hours ago

Maradona’s Children Reveal Plans For Memorial Site

The children of football legend Diego Maradona announced the launch of a foundation to honour…

9 hours ago

Key Matches To Watch In Premier League, La Liga, Bundesliga (FULL LIST)

Some of Europe’s top leagues—Premier League, La Liga, and Bundesliga are set to deliver thrilling…

9 hours ago

Ademola Lookman Named Among 10 Best Serie A Players

Ademola Lookman has been named among the 10 best Serie A players.   Glamtush reports…

10 hours ago

FG Releases Funds For Payment Of NASU Salaries, Retirees’ Benefits

FG has released funds to pay NASU salaries and retirees’ benefits.   Glamtush reports that…

10 hours ago