Ashimolowo loses N200m to bank shares, warns Nigerians

Renowned cleric and founder of Kingsway International Christian Centre, Pastor Matthew Ashimolowo, has disclosed a significant financial loss of N200 million from investments in Nigerian banks’ shares.

In a viral video released on Monday, Ashimolowo recounted how he invested millions in several banks, hoping for profitable returns, only to face significant losses. He urged Nigerians to reconsider investing in bank shares, suggesting that real estate presents a more reliable and lucrative investment option.

He particularly noted a 2005 or 2006 incident where he borrowed N60 million from Sterling Bank to purchase Skye Bank shares, which subsequently lost value from N14 to N2.50 per share.

The pastor cautioned Nigerians against investing in bank shares, suggesting that real estate could be a more profitable venture. He expressed frustration over the disparity between the losses incurred by shareholders and the continued wealth accumulation of bank managing directors.

“In the Nigerian shares space, I have suffered and won’t touch it,” Ashimolowo stated. “If you notice, banks are now calling people to buy shares. How many will buy? Hear my story. I bought ₦36 million worth of shares from First Bank at ₦12 per share, and it fell to ₦6.”

He also shared an incident in which Sterling Bank sent four policemen to his office to collect the money he had borrowed for the Skye Bank investment. “I had to find that money within two to three months,” Ashimolowo added.

The pastor further recalled his experience with GTB shares, which he purchased at around ₦18 per share, only to see the price drop to ₦3.60. Despite the significant losses sustained by shareholders, Ashimolowo observed that bank managing directors continue to amass wealth.

Reflecting on Nigeria’s broader challenges, Ashimolowo pointed to both leadership and systemic issues as the root of the country’s problems. “In Nigeria, we have two big problems. You think our problem is leadership? No. It’s two: leadership and the system. If we have a good leader flying a plane that’s leaking oil, you will still have a problem. If you have a perfect plane with a bad pilot, you will have a problem.”

He concluded by stressing the dual challenges Nigeria faces: “Quality leadership is a problem, and we are flying a broken plane.”