7 Companies Owned By Nigerian Gambling Magnate, Kessington Adebutu

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7 Companies Owned By Nigerian Gambling Magnate, Kessington Adebutu

7 Companies Owned By Nigerian Gambling Magnate, Kessington Adebutu
November 20
12:46 2023

Nigerian businessman Kessington Adebutu, who ranks as one of the country’s wealthiest businessmen, has established his footprint throughout numerous sectors of the economy. Renowned for his investments and successful firms, Adebutu has influenced countless enterprises in the country.

Premier Lotto Limited, popularly known as “Baba Ijebu,” is at the vanguard of his entrepreneurial expertise. Under Adebutu’s strategic leadership, it has grown into a lottery and gaming platform with a network of over 200 principal agents and 16,000 retail gaming representatives.

Adebutu’s leadership skills and management strategies have not only brought about changes in the lottery and gaming industries but have also positioned Premier Lotto as an influential brand.

The 88-year-old Nigerian gambling magnate also owns a majority 69.9 percent stake in Arbico Plc, a major player in Nigeria’s construction industry. However, his shares in WEMA Bank exemplify astute investments within the financial services sector.

His rise from salesman to the visionary leadership of Premier Lotto reflects his commitment to building businesses that last. In recent years, his philanthropic efforts have helped to economically empower many others, strengthening the national economy as a whole.

Billionaires.Africa dives into Kessington Adebutu’s ongoing legacy, analyzing seven highly valued firms that reflect the imprint of his entrepreneurial prowess.

Premier Lotto (Baba Ijebu)
Premier Lotto, known as “Baba Ijebu,” is a leading lottery business  founded by Kessington Adebutu. It has been around since 2001 and is a national provider of lottery services and sports betting. Premier Lotto has become well-known throughout western Nigeria, where it is distributed by 200 primary agents and 16,000 retail gaming representatives. This has had a significant effect on the gaming industry and on youth unemployment.

Wema Bank
Adebutu owns 28.15 percent of Wema Bank Plc, a financial behemoth best known for ALAT, Africa’s first totally digital bank. His investment is held through Neemtree Limited, a strategic vehicle established in 2013 to buy stakes in specific firms. Adebutu’s investment in Wema Bank, a famous lender with decades of financial experience, demonstrates his ongoing impact in Nigeria’s financial environment.

Neemtree Investments
Kessington Adebutu is the architect of Neemtree Investments, a conglomerate that includes gaming, manufacturing, media, energy, and real estate. Adebutu’s key investments highlight his pivotal role in developing Nigeria’s economy, including a remarkable 28.09 percent stake in Wema Bank.

Arbico Plc
Arbico Plc, founded in 1958 and listed on the Nigerian Exchange since 1978, is a major player in Nigeria’s construction industry, operating across multiple geopolitical zones. Adebutu is the Chairman of Arbico Plc and owns 69.9% of this full-service building and civil engineering contracting company.

Wessex Petroleum
Kessington Adebutu launched Wessex Petroleum in a strategic move into the oil and gas sector, adding to Nigeria’s energy landscape and playing a role in the country’s oil business. His involvement in the oil and gas industry, notably through Wessex Petroleum, demonstrates his diverse investment strategy.

Pentagon Real Estate
Adebutu’s real estate assets are managed through Pentagon Real Estate, a property development enterprise. This exemplifies Kessington Adebutu’s vision for infrastructure and urban development in Nigeria, which will help the country grow and progress.

Kessington Adebukunola Adebutu Foundation (KAAF)
Aside from business, Adebutu’s charity arm, the Kessington Adebukola Adebutu Foundation, is a symbol of empowerment. The foundation symbolizes Adebutu’s commitment to elevating the less fortunate and contributing to the country’s general development, with a concentration on education, healthcare, and cultural promotion.


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