Key Factors
- Kessington Adebutu’s 10.02% stake in Vitafoam is now value $4.35 million, held by way of his non-public agency Neemtree Investments.
- Vitafoam’s revenue rebound lifted Adebutu’s stake by $2.53 million in 2025, pushed by a inventory surge from $0.0145 to $0.0345.
- Adebutu additionally owns a $50 million stake in Wema Financial institution, constructing a multi-sector empire past his $1 billion Premier Lotto enterprise.
Nigerian playing magnate Kessington Adebutu is broadly identified for his lottery empire, Premier Lotto, or “Bàbá Ìjẹ̀bú,” because it’s affectionately known as by tens of millions of gamers. His agency grip on the gaming market, backed by greater than 200 principal brokers and over 16,000 retail operators, has been central to his wealth. However past the kiosks in Shómólú or the roadside slips in Ìwó Street, Ìbàdàn, lies a quieter, extra strategic facet of Adebutu; one which reveals a seasoned investor with an eye fixed for long-term worth.
One of many lesser-known chapters in his funding portfolio is his involvement in Nigeria’s manufacturing sector. By means of his non-public agency, Neemtree Investments, Adebutu holds a ten.02 % stake in Vitafoam Nigeria Plc, the nation’s main maker of inflexible and versatile foam merchandise. This holding, lately uncovered in analysis by Billionaires.Africa, quantities to 125.3 million shares valued at about N6.89 billion ($4.35 million), inserting him among the many firm’s most vital shareholders.
Adebutu’s quiet energy in enterprise
Neemtree Investments, which Adebutu established in 2013, has quietly change into the engine behind his broader funding actions. Over time, it has constructed positions in key sectors similar to power, media, actual property, and banking. In contrast to the excessive visibility of his lottery empire, these strikes have been discreet, however extremely efficient in constructing lasting wealth.
His funding in Vitafoam have delivered spectacular beneficial properties in latest instances. As soon as thought-about a gradual and regular inventory, Vitafoam’s share price has surged from N23 ($0.0145) in the beginning of 2025 to N55 ($0.0345), boosting its market capitalization to almost N70 billion ($44 million). In simply 5 months, Adebutu’s stake has grown by N4.01 billion ($2.53 million) on paper — a transparent signal of how nicely his quiet guess has paid off.
The share value rally isn’t simply using on hype. Vitafoam has posted robust leads to latest instances, turning round a N5.58 billion loss final yr right into a N6.7 billion ($4.23 million) revenue within the first half of 2025. Income jumped from N41.3 billion ($26.1 million) to N58.7 billion ($37.1 million) throughout the identical interval, due to tighter price controls and stronger gross sales. The numbers inform the story of a enterprise that’s regained its footing and is pushing forward with renewed energy.
Adebutu builds multi-sector enterprise empire
Vitafoam’s ambitions additionally lengthen past Nigeria. The corporate has been rising its presence in West Africa, particularly in Sierra Leone, the place it runs a plant producing high-quality foam for native and export use. The ability provides markets in Guinea and Liberia as nicely, proof that the corporate’s regional growth technique is beginning to bear fruit. For Kessington Adebutu, this cross-border development suits into a bigger goal: to construct investments that ship returns whereas contributing to regional improvement.
However Vitafoam is just a part of the image. By means of Neemtree, Adebutu additionally owns a considerable 28.26 % stake in Wema Financial institution, Nigeria’s main lender and dad or mum of ALAT, Africa’s first absolutely digital banking platform. Neemtree controls over 6.05 billion shares within the financial institution, a place now worth more than $50 million. His daughter, Abolanle Matel-Okoh, holds one other 4.54 %, an indication that the Adebutu household is actively shaping a monetary legacy that may outlast the present era.
From the full of life chaos of lottery shops to the quiet energy performs in boardrooms, Adebutu has managed to construct an empire marked by endurance and sharp judgment. Premier Lotto stays his most recognizable enterprise, however his portfolio now tells a much bigger story — one among a businessman who sees worth the place others don’t and strikes with intent lengthy earlier than the highlight arrives.
