Pastor Matthew Ashimolowo narrates how he lost N200m to Nigerian banks
Pastor Matthew Ashimolowo, Senior Pastor of Kingsway International Christian Centre (KICC), has shared how he lost approximately N200 million investing in Nigerian bank shares.
In an interview on the Key to Keys (KK) podcast posted on YouTube on Monday, the 72-year-old pastor revealed his substantial losses from investments in several Nigerian banks.
He said: “I lost about N200 million in shares of Nigerian banks. If I had used that money to buy land, I wouldn’t need to cut the grass. By now, it would have been worth much more. I’m not talking about new banks, but established ones. Every time their shares drop, their Managing Directors and founders seem to profit. In Nigeria’s stock market, I have faced losses. Now, banks are calling people to buy shares. But how many can you buy?”
Ashimolowo detailed his experiences with specific banks. He recounted buying N36 million worth of shares in First Bank at N36 per share, which fell to N12, causing him a loss. He also borrowed N60 million in 2005 or 2006 from Sterling Bank to invest in Skye Bank shares, which dropped from N14 to N12.50 kobo, wiping out his investment. He described how Sterling Bank showed up at his church with police to collect the loan, forcing him to scramble for funds within three months.
He further described an incident where the Risk Manager of Skye Bank, along with ten staff members, came to his church service, causing a disturbance.
Ashimolowo also mentioned buying GTBank shares at N18, which fell to N3.60 kobo. Reflecting on these losses, he said, “If I had used all that money to buy land 20 years ago, it would have been worth over a billion now.”
He advised against investing in bank shares, coins, and e-coins, recommending real estate instead. “Real estate is a better investment,” he said. “There are two risks: low risk is keeping your money in a savings account, which loses value due to inflation. High risk is investing in bank shares and e-coins in Nigeria.”
Ashimolowo also discussed Nigeria’s broader issues, attributing them to both leadership failures and systemic problems. He said, “Nigeria faces two major issues: poor leadership and a flawed system. Even with a good leader, if the system is broken, problems persist.”
He expressed concern about young politicians in Nigeria who, despite not experiencing conflict, escalate tensions and threaten the nation’s stability. He also called for the Lagos State Government to identify and prosecute those behind the #IgboMustGo campaign during the EndBadGovernance protests, emphasizing that Nigeria belongs to everyone and the Igbos have significantly contributed to Lagos and other states.
Ashimolowo concluded by highlighting the importance of mutual respect and legal action against those spreading divisive rumors, stating, “We are one Nigeria, and respect for each other is crucial. Anyone behind such campaigns should be held accountable.”
