Kessington Adebutu's Wema Bank Stake Loses 2.73 Million As Naira Depreciates

Nigerian gambling magnate Kessington Adebutu, founder of Nigerias oldest gaming company, Premier Lotto, has seen his wealth take a significant hit this year. The devaluation of naira has wiped out gains from his stake in Wema Bank, resulting in a 2.73 million loss.

Adebutu holds a 28.25 percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle he established in 2013 for targeted investments. His 3,632,682,768 shares in the bank have lost 2.73 million in value since the start of the year.

This sharp decline, driven by the Nigerian naira's depreciation against the U.S. dollar, has erased previous gains in local currency terms, underscoring the broader economic challenges faced by Nigerias business leaders.

Over the decades, Wema Bank has evolved into one of Nigerias leading financial institutions, boasting Africas first fully digital bank, ALAT, and establishing itself as one of the countrys most resilient banks with decades of experience in the financial services sector.

Despite a 54.46 percent surge in its stock price year-to-date, rising from N5.60 to N8.65 in local currency, the picture changes when viewed through the lens of U.S. dollars. The 48.54-percent depreciation of the naira against the dollar has significantly eroded these gains in dollar terms.