Premier Lotto Founder’s Bank Stake Falls Below $90 Million
Nigerian gaming entrepreneur Kessington Adebutu has experienced a $9.92 million decline in his Wema Bank shareholding value over 20 days as the lender’s stock price dropped 11% amid selling pressure on the Nigerian Exchange.
Gaming Magnate Holds Major Banking Position
Adebutu, founder of Premier Lotto, controls a 28.26% stake in Wema Bank through investment firm Neemtree Limited, representing approximately 6.06 billion shares. His holding decreased from $90.5 million on September 16 to $80.57 million, reversing gains accumulated earlier in 2025. Between late May and late August, his stake value climbed from $50.5 million to $88.58 million, adding over $38 million before the recent decline.
Wema Bank established its reputation through early digital banking adoption via ALAT, Africa’s first fully digital bank, attracting younger, technology-focused customers. The recent share price decline has reduced the bank’s market capitalization below $460 million. Stock prices fell from $0.015 on September 16 to $0.013 during the 20-day period.
Annual Performance Maintains Strong Growth Despite Volatility
Wema Bank shares have delivered approximately 114% returns since the start of 2025, outperforming most Nigerian Exchange-listed banks. A $100,000 investment at the beginning of 2025 would be valued at approximately $214,290, demonstrating continued investor confidence in the bank’s growth strategy. The recent short-term volatility affecting major shareholders like Adebutu contrasts with the lender’s strong year-to-date performance among Nigeria’s mid-tier banking institutions.
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