Nigerian gambling magnate Kessington Adebutu’s Wema Bank stake tops $250 million

Nigerian gambling magnate Kessington Adebutu has seen the market value of his stake in Wema Bank rise above $250 million, adding more than $27 million to the value of his investment in the lender in just over two months. 

Adebutu, founder of Premier Lotto, owns a 29.59% stake in Wema Bank, equivalent to about 11.87 billion shares, through Neemtree Limited, an investment vehicle established in 2013, according to data tracked by Shore Africa.

Wema Bank shares boost Adebutu’s stake value

The value of Adebutu’s holding has increased by N36.8 billion ($27.83 million) over the past 69 days as investors pushed Wema Bank shares higher on the Nigerian Exchange. 

The bank’s stock has gained 12.18% in the past two months, rising from N25.45 ($0.019) on July 2 to N28.55 ($0.022). That increase has lifted Wema Bank’s market capitalization above N1 trillion, or about $756 million. 

At the July 2 share price, Adebutu’s stake was valued at about N302.16 billion ($228.45 million). By Sept. 9, the holding had climbed to N338.97 billion ($256.28 million). 

The gain comes after a sharp decline in June, when the value of the same stake fell by more than $67 million.

Wema Bank shares rallied sharply in July before giving back part of those gains, but the stock remains higher than its early-July level.

Strong earnings support investor interest 

Wema Bank’s latest financial results have also given investors reason to reassess the lender’s prospects. 

For the six months ended June 30, 2026, the bank reported profit after tax of N131.37 billion ($99.1 million), up 50.12% from N87.51 billion ($66.06 million) a year earlier. 

Gross earnings rose 36.9% to N415.09 billion ($313.2 million), from N303.2 billion ($228.74 million), helped by stronger lending and higher trading income. Net interest income increased 51.25% to N195.45 billion ($147.59 million), while total assets reached N5.76 trillion ($4.35 billion), compared with N5.07 trillion ($3.83 billion) a year earlier. 

Wema Bank expands digital banking business 

Founded in 1945, Wema Bank is Nigeria’s longest-surviving indigenous bank. It provides retail and small and medium-sized enterprise banking, corporate banking, treasury, trade and financial advisory services. 

The bank also operates ALAT, its digital banking platform launched in 2017 and widely described as Africa’s first fully digital bank. 

For Adebutu, the latest rise in Wema Bank’s share price has pushed the value of his investment firmly above $250 million. The increase highlights the value of his long-standing investment and further strengthens his position among Nigeria’s wealthiest investors with holdings in a publicly traded financial institution on the NGX.