In the past three weeks, Kessington Adebutu, popularly known as “Baba Ijebu”, has seen the value of his stake in Wema Bank recover significantly, gaining $5.23 million after a strong rally in the bank’s share price on the Nigerian Exchange (NGX).
•Wema Bank’s stock surged 12.5% in three weeks, pushing its market cap past $160 million amid strong earnings growth.
•Kessington Adebutu’s 28.26% stake in Wema Bank, held through Neemtree Limited, increased in value, reversing earlier losses.
•Wema Bank’s unaudited 2024 report revealed profits soared from $23.8M to $58.9M, fueled by higher interest income and increased fees.
Baba Ijebu’s Growing Fortune in Wema Bank
Adebutu, the billionaire founder of Premier Lotto, owns a 28.26% stake in Wema Bank, controlling 6,057,090,218 shares. Over the past 21 days, his investment value has surged from $41.81 million to $47.04 million, following a 12.5% rise in Wema Bank’s share price.
Wema Bank, one of Nigeria’s most resilient financial institutions, is widely recognized for launching Africa’s first fully digital bank, ALAT. Despite market fluctuations, the bank has demonstrated strong financial performance, driving renewed investor confidence.
Between January 24 and February 14, Wema Bank’s share price jumped from N10.40 ($0.0069) to N12 ($0.0078). This price increase boosted the bank’s market capitalization beyond $160 million, making it one of the most-watched stocks on the NGX.
What’s Driving Wema Bank’s Stock Rally?
Wema Bank’s unaudited 2024 financial report revealed a massive jump in profits, soaring from N35.98 billion ($23.8 million) to N88.84 billion ($58.9 million). This 146.9% profit surge was fueled by:
•Higher interest income
•Increased fees and commission revenue
As a result, Baba Ijebu’s Wema Bank stake rose from N62.99 billion ($41.81 million) to N70.87 billion ($47.04 million)—a gain of N7.87 billion ($5.23 million) in just 21 days.
Baba Ijebu’s Position Among Nigeria’s Top Investors
Kessington Adebutu, a leading figure in Nigeria’s gambling industry, remains one of the most influential investors on the Nigerian Stock Exchange. With Wema Bank’s continued growth and strong strategic initiatives, his stake in the bank is expected to remain a key driver of his expanding wealth.
As Wema Bank solidifies its position in Nigeria’s financial sector, its stock performance will be closely watched by investors and market analysts, while Baba Ijebu’s fortune continues to grow.
