Kessington Adebutu’s stake in Wema Bank nears $120 million

Nigerian businessman Kessington Adebutu has seen a notable increase in the market value of his stake in Wema Bank, which now approaches $120 million.

This rise, driven by renewed investor interest, has solidified his position among Nigeria’s richest individuals with an over $24 million increase in his stake in Wema Bank, one of the country’s leading financial services institutions.

Adebutu’s 28% strategic stake benefits from NGX rally
Adebutu, the founder of Nigeria’s oldest gaming company, Premier Lotto, holds a 28.26% stake in Wema Bank, equating to 6.07 billion shares through Neemtree Limited, a special-purpose investment vehicle created in 2013. 

In the past 56 days, the value of this stake has risen by N33.31 billion ($24.57 million), reflecting Wema Bank’s growth on the Nigerian Exchange (NGX).

Wema Bank hits $805 million market cap
Over the decades, Wema Bank has evolved into one of Nigeria’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.

The bank’s shares on the NGX have increased by 26.44% in 2026, rising from N20.8 ($0.0038) on Jan. 1 to N26.3 ($0.00473), pushing its market capitalization above $800 million.

As a result, Adebutu’s stake increased by N33.31 billion ($24.57 million), from N125.99 billion ($92.94 million) on Jan. 1 to N159.3 billion ($117.51 million).