The Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo, has revealed how he lost about 200 million in bank shares through investments in Nigerian banks.
Ashimolowo shared that he had invested millions in several banks, but none of these investments yielded the expected returns.
He warned that instead of investing in bank shares, Nigerians should consider investing in real estate, which he believes is more profitable.
He made this statement in a video that went viral on Monday, amid growing calls from banks for the public to purchase their shares.
Ashimolowo recounted a particularly challenging experience from 2005 or 2006 when he borrowed ₦60 million from Sterling Bank to buy shares in Skye Bank. Unfortunately, the value of these shares plummeted from ₦14 to ₦2.50, resulting in a significant loss of his investment.
He stated, “In Nigerian shares space, I have suffered and won’t touch it. If you notice all over the place, the banks are now calling people to buy shares, how many will buy? Hear my story and I will mention banks because it’s not a lie. I bought 36 million from the first bank at N12 per share, it fell to N6.
He also recalled how Sterling Bank sent four policemen to his office to collect the money he had borrowed to invest in Skye Bank shares.
“I had to find that money within 2-3 months,” Ashimolowo added.
He shared his experience with GTB shares, which he purchased at around ₦18 per share, only to see the price drop to ₦3.60.
Despite the losses faced by shareholders, Ashimolowo noted that bank managing directors continue to grow wealthier.
Commenting on the broader situation in the country, Ashimolowo expressed that both leadership and systemic issues are at the root of Nigeria’s challenges.
“In Nigeria, we have two big problems. You think our problem is leadership, no. It’s two, the leadership and the system. If we have a good leader flying a plane that is leaking oil, You will still have a problem. If you have a perfect plane with a bad pilot, you will have a problem.
“So, we have two problems in Nigeria. Quality leadership is a problem and we are flying a broken plane,” he stated.
