In a country where wealth often comes with loud fanfare and a strong media presence, Abolanle Matel-Okoh stands out—not just for her immense fortune, but for the grace and quiet strength with which she wields influence in Nigeria’s financial sector.
The daughter of gaming tycoon and revered business icon, Sir Kessington Adebutu (famously known as Baba Ijebu), Matel-Okoh has quietly climbed the ranks to become the richest female shareholder of a publicly quoted company in Nigeria. Her substantial holdings in Wema Bank Plc, one of Nigeria’s oldest and most resilient financial institutions, place her in a class of her own.
As of December 31, 2024, Abolanle Matel-Okoh holds a staggering 7.03 billion shares in Wema Bank—972 million directly and over 6 billion indirectly—giving her control of approximately 32.8% of the bank’s total shares. With Wema Bank’s share price pegged at N10.70 as of March 28, 2025, her stake is currently valued at around N75.22 billion. This not only makes her one of the wealthiest women in Nigeria but also among the most influential private individuals in the country’s banking sector.
Wema Bank recently announced a dividend payout of N1.00 per share for the 2024 financial year, translating to a windfall of approximately N7.03 billion in dividends for Matel-Okoh—further solidifying her financial clout.
Interestingly, business acumen seems to run deep in the Adebutu bloodline. Her father, Sir Kessington Adebutu, is also heavily invested in Wema Bank, holding a 28.15% stake. Together, father and daughter effectively control a majority share in the bank—a rare dynamic in Nigeria’s banking industry where family-led control is not commonly seen. While Baba Ijebu’s reputation as a business mogul has long been public knowledge, his daughter’s financial influence is only now coming to light, and it is nothing short of remarkable.
Yet, despite her wealth and strategic position, Abolanle Matel-Okoh is rarely seen in the public eye. She prefers to operate behind the scenes, quietly shaping policies and steering the direction of the bank with a steady hand. Her style contrasts sharply with the flamboyance often associated with wealth in Nigeria. Those close to the financial circle say she is a shrewd investor, a deep thinker, and a powerful force in boardroom discussions.
Outside the financial services sector, Matel-Okoh is the Founder and Managing Director of Havilah Ventures, a diversified investment firm with interests in real estate, energy, healthcare, and technology. Her leadership of Havilah reflects her wider ambition to build a legacy beyond banking—one rooted in long-term growth, innovation, and value creation.
While she may not court media attention or public adulation, Matel-Okoh’s financial footprint speaks volumes. In a market where women are still underrepresented at the highest levels of corporate ownership, her rise to prominence marks a powerful example of female leadership and enterprise. She represents a new generation of Nigerian business leaders—quietly impactful, deeply strategic, and unfailingly focused on results.
As the Nigerian financial landscape continues to evolve, Abolanle Matel-Okoh’s story is one that inspires curiosity and admiration. She is proof that influence does not always shout—it can move markets, reshape institutions, and build dynasties, all while speaking in whispers.
