Pastor Matthew Ashimolowo, the Global President of Kingsway International Christian Centre (KICC), has disclosed that he lost approximately ₦200 million through investments in Nigerian bank shares.
In a recently viral video, Ashimolowo explained that despite investing millions in various banks, the returns were far below expectations.
Reflecting on his experience, Ashimolowo recounted a particularly difficult period around 2005 or 2006.
He shared that he had borrowed ₦60 million from Sterling Bank to purchase shares in Skye Bank. Unfortunately, the value of these shares plummeted from ₦14 to just ₦2.50, leading to a significant financial loss.
Ashimolowo advised Nigerians to consider investing in real estate instead of bank shares, which he believes offers more reliable and profitable returns. His warning comes as banks continue to encourage the public to invest in their shares.
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.
