Chief Kessington Adebutu’s Net Worth and Biography
Chief Kessington Adebutu has an estimated net worth of $500 million dollars. He’s a Nigerian businessman, and the founder of the multi-billion naira lottery empire, Premier Lotto.
Chief Kessington or Kensington Adebutu was born Iperu-Remo. He started out his career as a sales manager at an American company known for manufacturing chemicals including magnesia and caffinol.
The company, known as Claffin Chemical Limited has offices in Nigeria, and Adebutu was in charge of the operations in both Lagos and the Mid-Western State territories.
Although he lived quite comfortably with this job, he wasn’t satisfied as a sales manager working with an American company. He then took a bold step in quitting the job to become an agent in pooling business.
At the time, pooling business wasn’t very lucrative for many. It was more like a win or lose business, and the chances of making it big in the pooling business at the time was near impossible.
People who made it big then were believed to have something else behind the scene working for them. He was quite focused, determined, and courageous to have left a job with an American company to venture into the risky investment business – the pooling business.
Back in the 60s, Kessington Adebutu started his pooling business and rented his first shop with 3 pounds. As a matter of fact, he didn’t have a very big start.
It tool him quite some time to start seeing the returns from the investments he had put into the business. Even as a shop owner, things weren’t very easy.
He came across a lot of challenges that nailed reasons for him to quit, but he didn’t give in. Today, his business is worth several billion naira, and he’s one of the richest people in Nigeria. This rough start shook him, and it brought out the hard man in him.
In a 2019 interview, Kessington Adebutu noted:
At this point, forecasters were forecasting correctly and winnings were on the rise. During this period, most pool companies folded up and left the business. As for me, I remained stubborn.
He emphasizes on the need to be honest in business, and how honesty as an attribute has sustained him in the business till today:
Honesty has kept me to this point. Some pool agents will sell pool and keep some behind. When there is winning, they are in trouble. I didn’t do that, when I turned pool promoter, I paid winnings promptly even when it was difficult to pay the winners, I went as far as collecting overdraft from banks.
Kessington Adebutu is also known for his generosity. Till this day, he has contributed billions of naira to helping the poor, building school structures, and developing communities. All of this is handled and supervised by his foundation, the Kessington Adebunola Adebutu Foundation (KAAF).
He’s a true giver, and a very upright personality who sees and nurtures the good not just in people, but in communities and organizations.
Recognized for his philanthropic activities and generosity, he was bestowed the titled of the Odele Oodua. This title is a highly respected tradition title, and it was bestowed on him by the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi.
The lottery business in Nigeria today is a fast booming one. It’s regulated by the National Lottery Regulatory Commission (NLRC), and users or players are required to draw numbers so as to win a prize.
Not just regulated, the lottery business and activity in Nigeria is legalized. Players can stake as low as N20 naira to get prize wins.
Through the National Lottery Act of 2000, the Nigerian lottery commission was established to bring the lottery business closer to the people, and to use the revenue realized from the business to further be utilized by the Nigerian government for developmental purposes.
Since the establishment of the commission, it has grant permits and licenses to lottery operatives in the country, and has urged them to grow and promote the business so as to realize greater revenue.
According to reports, Nigeria spends an estimated sum of N154 million naira on a daily basis on betting.
The lottery industry worldwide is reported to be worth more than a whopping $70 billion dollars, and the industry in Nigeria alone vomits over N10 billion naira annually into the pockets of the government.
All said and done, lottery is spreading wide arms across Nigeria, and the Nigerian people are deeply into the game. Without much argument, one of the leaders in the market of lottery in Nigeria, is Premier Lotto.
The company which was founded by Chief Kessington Adebutu is one that paved the way for licenses and permits to be issued, and through the influence of its founder, the lottery business has become a legalized and regulated industry.
Premier Lotto has some of the best guys in the Lottery business, and with the mix of their experience, the company has been able to sustain its success enough to become one of the mist patronized games Nigeria.
The company was incorporated in 2001 to push the business of lottery in Nigeria, and with the help of its founder and experienced employees, it has fostered the activity of lottery to becoming on of the most patronized in the whole of West Africa.