Sir Kessington Adebutu’s son, Adebisi Adebutu, has secured $81.9 million in financing from Afeximbank to nearly triple porcelain tile production in Nigeria.
Afreximbank has approved the senior term loan for Veenocks Limited, founded by Adebisi Abidemi Adebutu, to support a $145 million expansion of its manufacturing plant in Sagamu, Ogun State. The investment will increase annual production capacity from 3.3 million to 9.9 million square meters, while creating 300 additional direct jobs on top of the more than 200 employees already working at the facility.
The expansion also aims to reduce Nigeria’s dependence on imported building materials, increase the use of locally sourced raw materials and position Veenocks as a major supplier to African markets. The company plans to expand its distribution into eight African markets: Togo, Benin, Burkina Faso, Niger, Cameroon, Ghana, Mauritania and Senegal.
Adebisi Adebutu Profile
Adebisi Adebutu’s business portfolio stretches across telecommunications, real estate, infrastructure, hospitality and manufacturing.
He serves as Group President of R28 Holdings while his latest industrial venture – Veenocks Limited, a porcelain tile manufacturing company just secured an $81.9 million senior term loan from the African Export-Import Bank (Afreximbank) to finance a $145 million expansion project in Ogun State.
Adebisi Adebutu is the third son of Sir Kessington Adebutu, popularly known as Baba Ijebu, the founder of Premier Lotto and one of Nigeria’s most prominent gaming entrepreneurs.
Unlike a number of entrepreneurs who build their careers entirely outside established family businesses, Adebutu began his professional journey within the family enterprise.
He reportedly joined Premier Lotto in 1990 as a business development officer. Over time, he rose to become Executive Director, Operations and Business Development, participating in the expansion of the lottery business into a multi-billion-naira operation.
Adebutu studied at the University of Swansea in the United Kingdom and later attended INSEAD Business School, one of the world’s recognised business schools.
From Premier Lotto to Independent Business Ventures
While working within Premier Lotto, Adebutu also began developing independent business interests, particularly in technology and telecommunications, establishing he establishing Biswal Limited, a telecommunications services company that became involved in providing support services to major mobile network operators in 2001.
One of the areas associated with his telecommunications investments was the search for alternatives to diesel-powered generators at telecommunications base stations. Adebutu advocated the adoption of liquefied petroleum gas (LPG) as an alternative energy source for powering base stations.
Through First Investment Development Company (FIDC), Adebutu became involved in major real estate and infrastructure projects. One of the company’s notable projects was the Ilubirin Foreshore Housing Development in Lagos, an upscale waterfront residential development initiated during the administration of former Lagos State Governor Babatunde Fashola.
Adebutu was also involved in the redevelopment of Gateway Hotels in Abeokuta, Ogun State, which was acquired by his father and subsequently transformed into Park Inn by Radisson, a 400-room hospitality facility.
In 2021, a consortium involving FIDC emerged as the preferred bidder for the concession of Asaba International Airport in Delta State. The concession was subsequently handed over to Asaba Airport Company Limited under a 30-year agreement.
Expansion Into Manufacturing
Adebutu’s current business activities are closely associated with R28 Holdings, a diversified private investment holding company with interests across multiple sectors of the Nigerian economy.
As Group President, he oversees the group’s investment portfolio, which includes businesses in manufacturing, construction, real estate, energy, infrastructure services, aviation and retail.
One of the group’s most significant industrial investments is Veenocks Limited, which manufactures porcelain floor and wall tiles in Sagamu, Ogun State. The company operates under the Veramis Porcelain Tiles brand.
Other Business Interests and Board Positions
Adebutu has also been associated with several Nigerian companies across different sectors.
- Premier Lotto: The family-owned lottery business where he began his career.
- Biswal Limited: His telecommunications investment established in 2001.
- First Investment Development Company: The real estate and infrastructure investment company associated with the Ilubirin development and Asaba airport concession.
- Arbico Plc: The Nigerian construction and engineering company, where he has served on the board.
- Prudential Mortgage Bank: Another financial services institution with which he has been associated.
- R28 Holdings: The diversified investment holding company where he serves as Group President.
- Veenocks Limited: The porcelain tile manufacturing business within the R28 portfolio.
