Nigerian gambling magnate Kessington Adebutu’s Wema Bank stake falls below $90 million

Nigerian gambling magnate Kessington Adebutu has seen the value of his stake in Wema Bank drop below $90 million as the lender’s shares continue to slide on the Nigerian Exchange (NGX). The decline follows weeks of selling pressure that has weighed on investor confidence.

Adebutu’s Wema Bank shares lose $9.9 million

Adebutu, widely known as the founder of gaming company Premier Lotto, holds a 28.26 percent stake in Wema Bank through his investment firm, Neemtree Limited. His position amounts to about 6.06 billion shares. In just the past 20 days, the value of that holding has fallen by N14.54 billion ($9.92 million), a sharp drop tied to the recent slide in Wema Bank’s share price.

As of Sept. 16, Adebutu’s stake was valued at N132.65 billion ($90.5 million). It has since fallen to N118.11 billion ($80.57 million), marking a reversal from the gains recorded earlier this year. Between late May and late August, his stake had climbed from N77.53 billion ($50.5 million) to N135.98 billion ($88.58 million), adding more than $38 million in value at the time.

Wema Bank shares drop 11 percent

Wema Bank has earned a reputation for its early push into digital banking through ALAT, Africa’s first fully digital bank. That move helped attract a younger, tech-driven customer base and positioned the lender among Nigeria’s leading mid-tier banks.

But the recent decline in share price has weighed on that progress. Wema’s stock has dropped about 11 percent in the past 20 days, sending its market capitalization below $460 million. The share price has slipped from N21.9 ($0.015) on Sept. 16 to N19.5 ($0.013) at the time of writing.

Wema Bank stock gains 114 percent

Despire the recent decline in its share price, Wema Bank remains one of the Nigerian market’s bright spots in 2025. Its shares have more than doubled since the start of the year, delivering a return of roughly 114 percent—well ahead of most banks listed on the exchange.

A $100,000 investment in Wema Bank shares at the start of 2025 would now be worth about $214,290, reflecting continued investor confidence in the bank’s growth strategy despite short-term volatility affecting major shareholders such as Adebutu.