The advent of internet has increased the penetration of online sports betting in Nigeria with both young and old (even some underage children) patronizing the various betting platforms available. This industry has become so big under such a relatively short time, that it has made millionaires of owners of the online platforms.
But long before the advent of online betting, there have been older generation gambling enterprises that catered to low income earners. One of them being Premier Lotto, popularly known as Baba Ijebu.
Established in 2001, Baba Ijebu is a prediction game business in which winners emerge based on chance or probability. Due to its affordability (with just N5, one can get a stake in a game) and the availability of an offline gambling option, it is popular among low income earners. The more internet savvy class is not left out, as one can access the platform online and cash out through cash centres.
Today, we present the brain behind Premier Lotto, Sir Kensington Adebutu, who is a businessman, socialite and philanthropist. Let’s learn how he garnered wealth through this rare line of trade.
Early life and Education
Sir Kensington Adebukunola Adebutu, is a native of Iperu Remo in Ikenne township of Ogun state. The young Adebutu received his elementary education in his town of birth at Wesley Primary School till Primary 4. He later moved to Ijero Baptist School in Ebute-Metta, Lagos where he completed his education, and proceeded to the Baptist Academy, Lagos for his secondary education in January 1954.
After rejecting a scholarship offer to be trained as a teacher at Iwo Baptist College, he started work at Cable and Wireless Ltd, later renamed as NITEL. Moving forward, he worked as a sales manager and later, regional overseer at Claffin Chemical Ltd, a pharmaceutical company whose Andrew liver salt is frequently demanded in drug stores.
His stay at the pharmaceutical company unknowingly opened the window of opportunity to Adebutu, as he amassed significant business connections and skills while handling various responsibilities at the pharmaceutical company. He later started his company, Face-to-Face Million Dollar Pools Limited.
According to him:
“I felt bad that the expatriates were regarded as my bosses. That was what spurred me on to be on my own. I wanted a job of my own. The money was not there. I couldn’t have gone into the pharmaceutical business; it was capital intensive. I had to look for a business that required the least minimum of funds or even nothing. The only thing that came to my head was to be a pools agent.”
Starting his Lotto business
Born into a family of entrepreneurs, the Premier Lotto boss had his business plans cut out early in life. He opted for a pool business, since he could not afford the capital to start a big enterprise. The first pool shop was located at 8, Bale Street, Alakara, Idi-Oro in Lagos, and it had only a table, paper, and biro. He enjoyed good patronage because his brother was a well-known landlord in the area. Also, the pool business requires a lot of honesty and integrity and his customers found him trustworthy enough to handle their money. In less than a year, he had opened 2 additional pool outlets and later, his pool betting business metamorphosed into a lotto business.
Adebutu’s Premier Lotto Ltd was incorporated in 2001 and has grown into a mega-franchise which boasts of 200 principal agents overseeing 16,000 retail gaming representatives sprawled across western Nigeria. The Lotto company widely boasts of its impact on reduced unemployment among the teeming Nigerian youths. This it does by engaging the Nigerian youth population at different stages of the business value chain. With interest predominantly among the male population cutting across all age groups, the lotto industry has become a budding venture.
Alongside his betting business, Sir Kensington juggles a construction company named Arbico Plc, where he doubles as the Chairman of the building construction/engineering company. The construction firm is listed on the Nigerian Stock Exchange. Sir Adebutu enjoys 69.9% shareholding if the construction company.
Philanthropic work and awards
Not only is Sir Kensington a successful business mogul, he also continues to contribute his quota to humanity. The Kensington Adebukunola Adebutu Foundation (KAAF), Medical Laboratory and Maternity Centre was established in 2005 to contribute to the cause of humanity. It is a fully equipped medical facility with state of art equipment and qualified personnel.
Baba Ijebu is a recipient of several awards; among them are: Officer of the Order of the Niger (OON) and Commander of the Order of the Niger (CON) both conferred by the Federal Government of Nigeria.
More on his personal life
Baba Ijebu is a polygamist and acknowledges the fact that his love for women is one of his weaknesses.
“I am very weak when it comes to women. If I see a woman I like, I make sure I take her as a wife. I don’t waste time at all. I don’t like to play games. If I like a woman, I talk to her and eventually, I take her as my wife. That is why I have so many wives.”
He is a gentle family man and has committed his resources to the education of his children, many of whom are directors in his company, politicians, and successful businessmen. Notable among his children is Mr. Adesegun Adebutu, CEO of Petrolex, an integrated energy conglomerate that provides services spanning across refining, storage, distribution and retailing of petroleum products.
Another of his popular children is Hon. Ladi Adebutu, a member of the House of Representatives representing Remo Federal Constituency in Ogun State.
Additional Information provided by Ibukunoluwa Samuel
COVID-19 Update in Nigeria
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,516.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,516 confirmed cases.
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria.
To date, 11516 cases have been confirmed, 3535 cases have been discharged and 323 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 71,336 tests.
COVID-19 Case Updates- 4th June 2020
- Total Number of Cases – 11,516
- Total Number Discharged – 3,535
- Total Deaths – 323
- Total Tests Carried out – 71,336
The 350 new cases were reported from 20 states- Lagos (102), Ogun (34), FCT (29), Borno (26), Kaduna (23), Rivers (21), Kwara (16), Ebonyi (17), Katsina (14), Edo (10), Delta (10), Kano (10), Bauchi (10), Bayelsa (9), Imo (8), Plateau (4), Ondo (3), Nasarawa (2), Gombe (1), Oyo (1).
The latest numbers bring Lagos state total confirmed cases to 5542, followed by Kano (970), Abuja at 792, Katsina (385), Edo (351), Borno (322), Kaduna (320), Oyo (318), Ogun (316), Rivers (290), Jigawa (274), Bauchi (256), Gombe (170), Kwara (127).
Delta State has recorded 116 cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76), Yobe (52), Osun and Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (36), Kebbi (33), Bayelsa (30), Ekiti (25), Enugu (24), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
The naira has depreciated to N386.33 to a dollar at the Investors and Exporters (I&E) window, as the volatility of the foreign exchange market continues. The local currency was weakened by N0.83 against the dollar, when compared to the N385.50 to a dollar that it traded on Tuesday, June 2, 2020.
The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which is still stable at N445/$1, according to information on AbokiFX as of Wednesday, June 3, 2020.
Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with on Wednesday.
Further analysis of the information from the FMDQ shows that the turnover for the day declined by about 28.3% at $24.64 million. This is against the $34.35 million turnovers that was recorded the previous day.
(READ MORE:Naira appreciates at parallel market)
The foreign exchange market seems to have stabilized at the parallel market, following the reduction in demand for dollars especially by currency speculators, and improved liquidity. The rebound of crude oil prices appears to have eased the concerns of investors over possible devaluation of the naira.
The gap between the CBN official rate and the parallel market rate, also known as the black market, has been greatly reduced as the naira appreciated to N445 to a dollar from N460 to a dollar last week, following CBN’s intervention.
According to data compiled by Bloomberg, the Naira spot market rate is overvalued by 10% when measured by its current real effective exchange rate relative to the 5-year average.
Manufacturing PMI slide into recession territory
This is the first clear data-driven sign that Nigeria is in a recession.
The much-awaited Purchasers Managers Index (PMI) was released on May 29th by the Central Bank of Nigeria. According to the latest data, Manufacturing PMI in the month of May stood at 42.4 index points, indicating contraction in the manufacturing sector for the first time after recording expansion for thirty-six consecutive months.
The figure compares to 51.1 and 49.2 index points in March 2020.
The latest number now falls squarely within recession numbers and this is a clear sign that Nigeria is closer to recording a major contraction in the second quarter of the year.
Meanwhile, the nation’s PMI’s number hit a year low in April 2016 of 43.7, before plummeting further to 41.9 in June 2016. Nigeria subsequently fell into a recession by the end of the second quarter of 2016 and remained in recession throughout the course of the year.
The nation’s non-manufacturing PMI fell for a consecutive month to an all-time low of 25.3. The decline in manufacturing PMI was significant following thirty-six consecutive months of expansion, while the non-Manufacturing PMI contracted for the second consecutive month.
A further look into the report shows that the manufacturing sector employment level index stood at 24.5 points in May, a decline compared to 47.1 points recorded in March and 56.4 points in February 2020.
This downturn is mostly attributed to the halt in economic activity as businesses in Nigeria result in layoffs and pay cuts in order to survive the effect of the lockdown.
READ ALSO: What I’ll do if I was CBN Governor – Experts
Also, all 14 subsectors of the manufacturing sector, reported lower raw material inventories, consequently contracting the inventories index to 37.4 points in May 2020. An effect of the supply chain bottleneck associated with the lockdown measures implemented in most countries of the world.
Specifically, this figure translates the effect of lockdown procedures and trade restrictions implemented by Nigeria’s major trade partners in response to the COVID-19 pandemic. Note that Nigeria’s major trade partners; China, USA, Spain, and the Netherlands account for about 45% of the nation’s import.
What you need to know: PMI is a survey that is conducted by the Statistics Department of the Central Bank of Nigeria. The respondents are purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
In his reaction to the data, the Central Bank Governor, Godwin Emefiele, in the Monetary Policy Communique, highlighted how dire the situation.
He said, “The contraction in the manufacturing and non-manufacturing PMIs was attributed to slower growth in production, new orders, employment level, raw materials, and input prices.
“The employment level index for the manufacturing and non-manufacturing PMIs also contracted further to 25.5 and 32.0 index points, respectively, in May 2020 compared with 47.1 and 47.3 index points in March 2020.
“Generally, the purchasing managers’ activities in May 2020, were largely affected by the lockdown of the global economy to curtail the spread of the COVID-19 pandemic.”
The CBN thereafter reduced its monetary policy rate from 13.5% to 12.5% for the first time since March 2019.
What this means: This survey is a bellwether for economic growth in Nigeria and helps the central bank gauge the mood of businesses in the economy.
PMI above 50 typically indicates a positive mood for the manufacturing and non-manufacturing sectors. Two major causes for concern in the data are the new orders and employment levels.
At 42.8 points, the new orders index declined after thirty-sixth consecutive months of growth, indicating declines in new orders in May 2020. Three subsectors reported growth, 2 remained unchanged while 9 recorded declines in the review month.