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Nigerian gambling magnate Kessington Adebutu suffers $6-million loss in 25 days from Wema Bank stake

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1 year ago

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The equity stake of Nigerian gambling magnate Kessington Adebutu in Wema Bank has witnessed a significant decline, losing over $6 million in just 25 days.

The drop comes as shares in the financial service provider continue to plummet due to sustained selling on the Nigerian Exchange (NGX).

Adebutu, the founder and CEO of Nigeria’s oldest and leading gaming company, Premier Lotto Limited, 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.

Over the decades, the financial services provider has evolved into one of the country’s pioneer financial institutions, boasting Africa’s first fully digital bank, ALAT. It is also one of Nigeria’s most resilient banks, with 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 us, 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.

 

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Paternity fraud: UK court reverses ruling, orders deportation of Nigerian

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13 hours ago

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December 9, 2024

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A United Kingdom upper tribunal has reversed a previous ruling that stopped the deportation of 43-year-old Nigerian Olutobi Ogunbawo.

The decision comes after his wife, Maria Adesanya, claimed that in vitro fertilisation treatment was unavailable in Nigeria, a key argument in their defence.

Ogunbawo, convicted in 2019 for immigration offences related to conspiring with a British citizen to claim paternity falsely, had served a three-year prison sentence.

Following his release, he faced deportation proceedings. In January 2023, a first-tier tribunal judge ruled in his favour, citing the impact of deportation on his wife’s ability to conceive a child through IVF.

Maria testified that IVF, essential to their efforts to start a family, was not an option in Nigeria.

However, the secretary of state for the Home Department challenged this claim, arguing that the tribunal’s reliance on her testimony lacked supporting evidence.

The upper tribunal reviewed the case and, on November 4, 2024, ruled that the initial decision was flawed.

It was found that the first-tier tribunal judge failed to seek objective evidence to verify Maria’s assertion.

The upper tribunal noted that a simple internet search could confirm the availability of IVF services in Nigeria, undermining the couple’s argument.

The judgment criticized the earlier ruling, stating: “We conclude that the judge erred in exclusively relying upon Ms A’s (referring to Maria) personal evidence when finding as a fact that IVF treatment is unavailable in Nigeria,” the upper tribunal ruled, according to Daily Mail on Sunday.

The tribunal set aside the earlier decision and ordered the case to be reheard by a different judge.

“We observe the Secretary of State’s unchallenged assertion before us that even the most basic Google search reveals the existence of IVF treatment in Nigeria.

“The Secretary of State’s appeal is allowed to the extent that the decision of the First-tier Tribunal is set aside in its entirety.

“The appeal is to be remitted to the First-tier Tribunal to be heard by any judge other than First-tier Tribunal Judge Malone,” it added.

 

 

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Dr Abisoye Fagade honoured as Aare Asojuoba of Ibadan land (Photo News)

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20 hours ago

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December 9, 2024

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Renowned Islamic Cleric Muhideen Ajani Bello Dies At 84

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4 days ago

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December 6, 2024

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A renowned Islamic cleric, Alhaji Sheikh Muhydeen Ajani Bello is dead.

 

The news was confirmed through her daughter who runs a private Nursery school in Ire Akari area of Ibadan Alhaja Bimbas as fondly called.

 

” It is true ” Bimbas confirmed.

 

Our source confirmed that the octogenarian died on Friday morning at the age of 84.

 

Details soon..

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