The equity stake of Nigerian gambling magnate, Sir Kessington Adebutu, in Wema Bank has suffered a shocking decline, losing over $6 million in less than 30 days, although there is hope that the trends will turn positive in no time.
However, the drop comes as shares in the financial service provider continued to nose dive following sustained selling on the Nigerian Exchange (NGX).
Adebutu is the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited. The firm holds a 28.09-percent stake in Wema Bank through Neemtree Limited, a special purpose vehicle incorporated in 2013 to acquire shares in targeted organizations, according to Billionaires.Africa report.
Over the decades, the financial services provider has morphed into one of the country’s pioneer financial institutions, boasting of being the Africa’s first fully digital bank, ALAT.
Wema Bank is also considered as one of Nigeria’s most resilient banks, honed from decades of experience in the financial services sector.
Since July 3, Wema Bank shares have slumped from N5.81 ($0.00749) to N4.50 ($0.00580) at the time of reporting, as investors on the Nigerian Exchange continue to reduce stakes in volatile assets amid growing economic uncertainty.
Despite the recent decline in the share price of the financial service provider, Wema Bank maintains its position as one of the key players in Nigeria’s financial services landscape, serving millions of customers through its various financial services.
According to data tracked by Billionaires.Africa, the market value of Kessington’s 28.09-percent stake in the Nigerian-based financial services provider has fallen by $6.1 million from N21 billion ($27.07 million) on July 3 to N16.26 billion ($21 million) as of the report writing.
This translates to a staggering total loss of N4.7 billion ($6.1 million) for the Nigerian gambling magnate over the past 25 days, triggered by a 22.55-percent decline in Wema Bank shares.
Credit:Billionaires.Africa
