Kessington Adebutus 10.02 stake in Vitafoam is now worth 4.35 million, held through his private firm Neemtree Investments.
Vitafoams profit rebound lifted Adebutus stake by 2.53 million in 2025, driven by a stock surge from 0.0145 to 0.0345.
Adebutu also owns a 50 million stake in Wema Bank, building a multi-sector empire beyond his 1 billion Premier Lotto business.
Nigerian gambling magnate Kessington Adebutu is widely known for his lottery empire, Premier Lotto, or Bb jx300b, as its affectionately called by millions of players. His firm grip on the gaming market, backed by more than 200 principal agents and over 16,000 retail operators, has been central to his wealth. But beyond the kiosks in Shml or the roadside slips in w Road, bdn, lies a quieter, more strategic side of Adebutu one that reveals a seasoned investor with an eye for long-term value.
One of the lesser-known chapters in his investment portfolio is his involvement in Nigerias manufacturing sector. Through his private firm, Neemtree Investments, Adebutu holds a 10.02 percent stake in Vitafoam Nigeria Plc, the countrys leading maker of rigid and flexible foam products. This holding, recently uncovered in research by Billionaires.Africa, amounts to 125.3 million shares valued at about N6.89 billion 4.35 million, placing him among the companys most significant shareholders.
Adebutus quiet power in businessNeemtree Investments, which Adebutu established in 2013, has quietly become the engine behind his broader investment activities. Over the years, it has built positions in key sectors such as energy, media, real estate, and banking. Unlike the high visibility of his lottery empire, these moves have been discreet, but highly effective in building lasting wealth.
His investment in Vitafoam have delivered impressive gains in recent times. Once considered a slow and steady stock, Vitafoams share price has surged from N23 0.0145 at the start of 2025 to N55 0.0345, boosting its market capitalization to nearly N70 billion 44 million. In just five months, Adebutus stake has grown by N4.01 billion 2.53 million on paper a clear sign of how well his quiet bet has paid off.
The share price rally isnt just riding on hype. Vitafoam has posted strong results in recent times, turning around a N5.58 billion loss last year into a N6.7 billion 4.23 million profit in the first half of 2025 . Revenue jumped from N41.3 billion 26.1 million to N58.7 billion 37.1 million during the same period, thanks to tighter cost controls and stronger sales. The numbers tell the story of a business thats regained its footing and is pushing ahead with renewed strength.