Kessington Adebutu’s Wema Bank Stake Rises Above $250 Million

LAGOS, Nigeria: Nigerian businessman and Premier Lotto founder, Sir Kessington Adebutu, has seen the market value of his stake in Wema Bank Plc rise above $250 million, following a strong performance in the bank’s share price.

Adebutu, widely known as Baba Ijebu, holds approximately 11.87 billion Wema Bank shares, representing about 29.59 per cent of the financial institution.

Based on Wema Bank’s share price of ₦28.55, Adebutu’s holding is worth about ₦338.97 billion, equivalent to about $256.3 million at the prevailing exchange rate used in the valuation.

The development highlights the growing value of one of Nigeria’s most significant individual stakes in a listed commercial bank.

Wema Bank shares drive valuation higher

Adebutu’s stake has increased significantly in value as Wema Bank’s share price has appreciated on the Nigerian Exchange.

At an earlier valuation in April 2026, his holding was estimated at ₦314.6 billion, when Wema Bank shares traded around ₦26.50.

The subsequent increase in the bank’s share price has pushed the estimated value of his stake beyond the $250 million mark.

However, because Wema Bank is publicly traded, the naira value of Adebutu’s investment changes whenever the bank’s share price moves. The dollar equivalent also fluctuates with movements in the naira exchange rate.

A major shareholder in Wema Bank

Adebutu holds his interest in Wema Bank through Neemtree Limited, making him one of the bank’s largest shareholders.

His substantial position gives him significant exposure to the performance of Nigeria’s oldest indigenous bank, which operates under the ALAT by Wema digital banking brand as well as its traditional banking network.

The rising valuation of his shares also reflects the broader interest in Nigerian banking stocks as investors continue to assess opportunities in the country’s financial sector.

What the stake means

At nearly ₦339 billion, Adebutu’s Wema Bank holding is worth considerably more than the annual revenues of many major Nigerian businesses.

It is important to note that the ₦338.97 billion figure represents the market value of the shares, not cash held by Adebutu. Selling such a large stake could also affect the market price and would be subject to applicable Nigerian capital-market rules.

For Adebutu, the increase represents substantial paper wealth tied to his long-standing investment in Wema Bank.

The businessman remains one of Nigeria’s most prominent entrepreneurs, having built Premier Lotto into one of the country’s best-known gaming businesses.

As Wema Bank’s share price continues to move, the value of Adebutu’s stake will rise or fall accordingly.