Julius Okorie
President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo, has expressed regrets over investing in bank shares as opposed to buying plots of land at Banana Island 20 years ago.
Ashimolowo told Nigerians to learn from his bitter experience about investment in bank shares in Nigeria, and advised those desirous of profitable investment to rather settle for real estate, noting that the risk involved in investing in bank shares in Nigeria is too much for comfort.
Join our WhatsApp ChannelNarrating his ordeal in a viral video during and an interview on KK show (Key to keys), Ashimolowo revealed that he lost over N200 million to Bank Shares in Nigeria and most importantly made the mistake of investing so much in shares when same amount would have fetched him plots of land at Banana Island.
In the no holds barred interview, Ashimolowo who has been in the Lord’s vineyard for 32 years, combining his calling as a Pastor and teacher, with the roles of mentor, businessman and spiritual father, reeled out names of banks he invested in and how it came to nothing, adding “I can mention their names because it is not a lie”
“I would mention banks, there’s nothing they can do. I bought for N36 million, First Bank at N36 per share, it fell to N12 . I lost that.
I went and borrowed N60 million in 2005 or 2006 from Sterling Bank ,to buy Skye Bank shares, it fell from 14 Naira to 2.50 Naira; washed away. Sterling Bank showed up in our office with 4 policemen to come and collect their money. I had to look for that money within 2-3 months.
The same Skye Bank who loaned me money when we were building a house, showed up in our church that had nothing to do with my company, their risk manager came with about 10 staff to our service, as if he wants to disrupt church service” he said.
As if that was not enough, Ashimolowo who revealed he has been banking with GTB since 1993, also talked about how GTB shares came to nothing like the others.
“I bought GTB for something like N18, GTB fell to N3.60…” When told that they are now selling for about N44 or there about, Ashimolow who clocked 72 March this year, said “They are all back again selling shares” before telling the anchor “All this money I told you I lost, imagine if 20 years ago I had used it to buy land. At the time I got that 60m to buy Skye, that was cost of a plot in banana while I lost my money banana would have become one point something billion”, he said
US business magazine, Forbes, founded in 1917, once estimated Pastor Ashimolowo’s fortune at between $6 million to $10 million.
Available statistics indicate that a plot of land in Banana Island is listed for nothing less than $1 million, which is approximately N1.5 billion.
Nigerian oil tycoon, Mike Adenuga’s Banana Island residence currently holds the title of the most expensive property in Nigeria, valued at a staggering ₦80 billion.
Julius Okorie is Chief Sports and Entertainment Correspondent for Prime Business Africa. He began his journalism career with the Champion Newspaper and Sporting Champion and later moved on to Daily Independent and the Nation Newspapers. Okorie joined Prime Business Africa in 2024 bringing on board 20 years of experience in writing investigative news on Sports and Entertainment. His well researched and highly informative articles on Sports Business and general entertainment are followed by a wide range of audience.
