Obasempire reports that the Global President of Kingsway International Christian Centre, Pastor Matthew Ashimolowo, has disclosed how he lost around 200 million in bank shares through investments in Nigerian banks.
Ashimolowo revealed that he had invested substantial amounts in various banks, but these investments did not produce the anticipated returns.
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He advised that instead of investing in bank shares, Nigerians should consider real estate, which he believes offers greater profitability.
He made these comments in a viral video on Monday, amid increasing calls from banks for the public to buy their shares.
Ashimolowo recounted a particularly difficult episode from 2005 or 2006 when he borrowed ₦60 million from Sterling Bank to purchase shares in Skye Bank. Unfortunately, the value of these shares dropped from ₦14 to ₦2.50, leading to a considerable loss.
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.
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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.
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