If you have ever played the Nigerian lotto or heard the name “Baba Ijebu” called out in any street corner across Lagos, Ogun, or Oyo State, you already know that this name belongs to someone extraordinary. But who exactly is the man behind the brand, and how much is he actually worth in 2026? These are questions a lot of Nigerians, investors, and curious followers of old-money wealth are asking, and this article answers them properly, with real context, verified sources, and honest caveats where the data is not publicly confirmed.
Who Is Baba Ijebu? The Man Behind the Name
Before getting to the numbers, it helps to understand who this man actually is.
Sir Kesington Adebukunola Adebutu, popularly known as “Baba Ijebu,” is a highly influential Nigerian business magnate, industrialist, and philanthropist. He is best known as the founder and Chairman of Premier Lotto Limited (PLL), one of Nigeria’s leading lottery and gaming companies.
A native of Iperu Remo in Ikenne LGA of Ogun State, Baba Ijebu was born into a Muslim family on October 24, 1935. He turned 90 in October 2025, a birthday celebrated by some of the most revered figures in Yorubaland.
The name “Baba Ijebu” literally means “father from Ijebu,” reflecting both his roots and the deep, almost familial relationship the brand has built with millions of Nigerians over six decades. Ask almost any adult in southwestern Nigeria who Baba Ijebu is, and they will not need to think twice.
How Baba Ijebu Built His Wealth: From £3 to Billions
This is the part of the story that most people do not know, and it is the part that makes the wealth more impressive.
After his early education, the young Kessington Adebutu worked briefly with Cable & Wireless Limited as well as Classic Chemical Limited, a pharmaceutical company producing Andrew’s Liver Salt and Cafenol. He first worked in sales before rising to the position of Sales Manager for Lagos and the Western Region.
Then came the moment that changed everything. In 1963, he left the company to start his own business, a pool agency. He reportedly rented his first pool shop with just £3. This modest venture, initially named Face-to-Face Million Dollar Pools Limited, grew into his flagship enterprise, Premier Lotto Limited (PLL), which was formally incorporated in 2001.
Think about that for a moment. A man with £3, no funding, and no institutional backing, started a pool betting shop in 1963 and turned it into one of the most recognized lottery brands in all of Africa. That journey is what the net worth of Baba Ijebu actually represents.
What Is the Net Worth of Baba Ijebu in 2026?
This is where honesty matters. Chief Kessington Adebutu does not appear on real-time international wealth trackers like the Forbes Billionaires list, and he has not publicly disclosed his assets. Different Nigerian and international sources estimate his net worth quite differently, so the most responsible thing is to present the range alongside the reasoning for each estimate.
Lower estimates: Around $450 million to $700 million. One recent 2026 ranking of the richest men in Ogun State places Kensington Adebutu’s personal net worth at approximately $450 million, while noting that his son Olusegun Adebutu, who has his own separate business empire through Petrolex Oil and Gas, has a net worth of $900 million. This distinction between father and son is important, because some online sources conflate the two.
Mid-range estimates: Around $700 million to $1 billion. Multiple Nigerian media reports and social platforms cite his wealth as approximately $700 million to $1 billion. One widely referenced Nigerian source states that Premier Lotto itself, as a company, is worth $1 billion in stocks and is listed at the Nigerian Stock Exchange. Note: Premier Lotto Limited being worth $1 billion does not automatically mean Chief Adebutu’s personal net worth is the same figure, as he holds the company alongside family members, directors, and institutional structures.
A credible working estimate for 2026: Based on the most conservative figures from credible Nigerian outlets, combined with the verified diversified nature of his assets, a reasonable estimate for the net worth of Baba Ijebu in 2026 falls between $700 million and $1 billion, with the higher end of that range being possible if Premier Lotto’s market value and his other holdings are included in full.
What is not in dispute is that he is one of the wealthiest men in Nigeria and is widely regarded as the wealthiest man in Ogun State by most rankings.
What Are Baba Ijebu’s Sources of Wealth?
His fortune did not come from one thing. Here is a breakdown of the pillars of his wealth:
Premier Lotto Limited (Baba Ijebu): This remains his flagship asset and the primary engine of his wealth. Premier Lotto Limited currently has one of the biggest lotto practices in Nigeria, operating with over 200 principal agents supervising over 16,000 sub-agents and sales representatives spread across the western region of Nigeria. The company’s annual revenue was estimated at $38.2 million in 2025.
Baba Ijebu offers over 20 different lotto games, including Diamond, Peoples, Bingo, MSP, Metro, International, Gold, Jackpot, Lucky G, Clubmaster, Super, Tota, Enugu, Midweek, Fairchance, Fortune, Royal, Bonanza, King, National, and Lucky. With six or more draws daily across all these games, the volume of transactions is enormous.
Wema Bank Shareholding: He holds substantial shares in Wema Bank Plc through his investment vehicle, Neemtree Limited. With Wema Bank being one of Nigeria’s active commercial banks and home to the ALAT digital banking platform, this shareholding contributes meaningfully to his overall wealth.
Arbico Plc (Construction): He is the Chairman of Arbico Plc, a public-listed building and civil engineering company. Arbico has been involved in major construction contracts across Nigeria for decades.
Oil and Gas: He has interests in the oil and gas sector through companies including Wessex Petroleum.
Real Estate and Hospitality: His business interests include real estate and hospitality, which have solidified his position as a key player in Nigeria’s economic evolution.
READ MORE: Dr. Bennet Omalu Net Worth, Biography, Wife, Kids, and Business Career
How Big Is the Industry That Made Him Rich?
Understanding the scale of Nigeria’s gaming market helps put Chief Adebutu’s wealth in context.
Nigeria’s gambling industry is experiencing rapid growth, with revenues projected to reach an estimated $3.63 billion by the end of 2025, placing the country at the forefront of Africa’s expanding gambling market.
Nigeria’s lottery sector alone generated N1.2 trillion in 2023, highlighting the substantial economic scale of these operations.
Baba Ijebu is the oldest and most established lotto operator in that market. While newer sports betting platforms like Bet9ja and Betway have grown significantly in the digital space, Premier Lotto holds a unique position as the original, most trusted name in Nigerian lottery gaming, with a 60-year head start and unmatched street-level presence across millions of Nigerians who prefer the traditional lotto format.
Baba Ijebu’s Family and Legacy: A Wealth Dynasty
One of the distinguishing features of Chief Adebutu’s story is that his wealth has multiplied through his children.
He is a father to many children, many of whom hold director-level positions in his companies and have become successful businesspeople and politicians in their own right. His son Adesegun Adebutu (Segun Adebutu) is the founder, chairman, and CEO of Petrolex Oil and Gas, a major integrated energy conglomerate. His son Ladi Adebutu is a prominent politician who has contested for the governorship of Ogun State.
Segun Adebutu’s Petrolex is independently building what is described as one of the largest petroleum refineries in sub-Saharan Africa. The Adebutu family, taken as a collective enterprise, represents one of the most significant concentrations of wealth in Ogun State.
Chief Adebutu is a polygamist. One of his wives, Dame Caroline Oladunni Adebutu, passed away in January 2023. Another prominent figure is Chief Mrs. Kofoworola Adebutu Kessington, whom he married in 2005.
Baba Ijebu at 90: Honours, Titles, and Philanthropy
The owner of Nigeria’s leading betting company, Premier Lotto Limited, Chief Kessington Adebukunola Adebutu, recently celebrated his 90th birthday. The event was held at Eko Hotel, Lagos, and was attended by the Ooni of Ife, Oba Adeyeye Ogunwusi, and the Alaafin of Oyo, Oba Abimbola Owoade, who joined in celebrating the first person to start a lotto business in Nigeria.
That nickname “Baba Ijebu” has become synonymous with his open-handed philanthropy. The instrument of these efforts is the Kessington Adebukunola Adebutu Foundation (KAAF), an organisation which has come to symbolize his commitment towards elevating the less fortunate and contributing to the country’s general development, with a concentration on education, healthcare, and cultural promotion.
His philanthropic gestures to educational institutions are legendary. He donated a state-of-the-art radio station to Olabisi Onabanjo University, Ago Iwoye; an ultra-modern centre to the University of Lagos; the Alhaja Seliat Adebutu Library and a science laboratory to Crescent University; and a new block of classrooms at Gaskiya College, Badiya, Lagos, donated in 2008.
He has been recognized with multiple national honours and traditional titles. He holds the titles of Odole-Oodua of Ife and Balogun of Remoland. He was also decorated with an honorary doctorate in Business Administration by Olabisi Onabanjo University in recognition of his contributions to Nigeria’s economy.
Quick Facts at a Glance
Full Name: Sir Kessington Adebukunola Adebutu Known As: Baba Ijebu Date of Birth: October 24, 1935 Age (2026): 90 years old State of Origin: Ogun State (Iperu Remo, Ikenne LGA) Religion: Born Muslim; widely described as religiously tolerant Company: Premier Lotto Limited (Baba Ijebu), founded 1963, formally incorporated 2001 Other Holdings: Wema Bank (via Neemtree Limited), Arbico Plc, Wessex Petroleum, real estate and hospitality interests Net Worth (2026 estimate): Between $700 million and $1 billion (estimates vary; not officially confirmed by Forbes or equivalent body) Children: Multiple, including Segun Adebutu (Petrolex CEO) and Ladi Adebutu (politician) Philanthropy: Kessington Adebukunola Adebutu Foundation (KAAF)
Conclusion: The Net Worth of Baba Ijebu in 2026
The net worth of Baba Ijebu in 2026 is estimated to fall between $700 million and $1 billion, based on available Nigerian financial reporting, his business holdings, and the market value of Premier Lotto Limited as the country’s oldest and most established lottery operator. He is not formally tracked by real-time international wealth databases like the Bloomberg Billionaires Index or the Forbes main list, which means exact verification is not currently possible.
What can be said without doubt is this: Chief Kessington Adebutu started with £3 and a betting shop in 1963 and built a business empire that spans lottery gaming, banking, construction, oil and gas, and real estate. He turned 90 years old in 2025, he runs an active philanthropy foundation, his children are building their own billion-dollar empires, and the brand name he created, Baba Ijebu, is still printed on betting slips across millions of Nigerian homes every single day. That is a legacy no single net worth figure can fully capture.
FAQs About the Net Worth of Baba Ijebu
What is the net worth of Baba Ijebu in 2026? The net worth of Baba Ijebu, formally known as Chief Kessington Adebukunola Adebutu, is estimated at between $700 million and $1 billion as of 2026. These figures are drawn from Nigerian financial and media sources and are not officially verified by international wealth trackers like Forbes.
Is Baba Ijebu a billionaire? Based on the higher range of estimates circulating in Nigerian financial media, including the valuation of Premier Lotto Limited itself at $1 billion, he is widely regarded as a billionaire. However, since Premier Lotto is privately held and his personal holdings have not been publicly audited, this cannot be confirmed with the precision applied to publicly listed individuals.
Who is the founder of Baba Ijebu? Baba Ijebu is the popular name for Premier Lotto Limited, founded by Chief Kessington Adebukunola Adebutu. He started the business as a pool agency in 1963 with minimal capital and formally incorporated Premier Lotto Limited in 2001.
What businesses does Chief Kessington Adebutu own? His business interests include Premier Lotto Limited (the Baba Ijebu brand), significant shareholding in Wema Bank through Neemtree Limited, chairmanship of Arbico Plc (construction), interests in oil and gas through Wessex Petroleum, and real estate and hospitality holdings.
How old is Baba Ijebu in 2026? Chief Kessington Adebukunola Adebutu was born on October 24, 1935. He turned 90 in October 2025, making him 90 years old as of 2026.
Who is Segun Adebutu and how is he related to Baba Ijebu? Segun Adebutu, also known as Olusegun Adebutu, is the son of Chief Kessington Adebutu. He is the founder, chairman, and CEO of Petrolex Oil and Gas, a major energy conglomerate that is building one of the largest petroleum refineries in sub-Saharan Africa. His personal net worth is independently estimated at around $900 million, making the Adebutu family one of the wealthiest in Nigeria.
Is Baba Ijebu on Forbes? No. Chief Kessington Adebutu does not appear on Forbes’ main global billionaires list or its real-time tracker. Nigerian billionaires who are not publicly listed or do not have internationally audited assets often do not appear on such lists, even when their domestic wealth is substantial.
