How I lost N200m to four Nigerian banks – Pastor Matthew Ashimolowo

The senior pastor of Kingsway International Christian Centre (KICC), Matthew Ashimolowo, has recounted how he lost about N200 million in Nigerian bank shares.

The 72-year-old clergyman, during an interview on the Key to Keys (KK) podcast posted on YouTube Monday, revealed he invested millions in Nigerian banks, resulting in substantial losses.

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 yielded more. I’m not talking about wonder (new) banks, but the ones that have been around till today. Every time their shares go down, their Managing Directors (MDs) and founders rise. How come? In Nigeria’s shares space, I have suffered. I noticed that the banks are now calling on people to buy shares. But how many will you buy?

“Hear my story. I’ll mention banks, and there’s nothing they can do to me because it’s not a lie. I bought N36 million shares in First Bank at N36 per share. It fell to N12, and I lost that. I then borrowed N60 million in 2005 or 2006 from Sterling Bank to buy Skye Bank shares, and it fell from N14 to N12.50 kobo, washing away my investment. Sterling Bank showed up in our church with four policemen to collect their money, and I had to scramble to find it within three months.”

Mr Ashimolowo further narrated how the Risk Manager of Skye Bank, who loaned him money, showed up in church to harass him.

Recounting the experience, he said, “The Risk Manager of Skye Bank came with about ten staff to our service as if he wanted to disrupt the church service. The same bank that loaned me money when I was building a house showed up in a church with nothing to do with my company. I’m mentioning banks so they’ll know I have the right to. I bought GTBank shares (which I have been banking with since 1993) at N18, which fell to N3.60 kobo.

“Imagine if I had used all that money I lost to buy land 20 years ago? At the time, I got N60 million to buy Sky Bank shares—the price of a plot of land in Banana Island. And now, instead of losing my money to shares, that land would have become worth over a billion.”

Investment

Furthermore, the clergyman cautioned Nigerians against investing in bank shares, coins, and e-coins but instead in real estate.

“Real estate is an excellent place to invest. There are two risks: high and low. Low risk is leaving your money in a savings account, and it was washed away by inflation. If your money is in a savings account in Nigeria, it’s rubbish, and the reason is they’ll put 5 per cent or 10 per cent on your money while the inflation is 30 per cent.

“So the inflation is worse than the money you left. If you left N1 million by January and December, you’ll have N800,000. The second risk is investing or buying bank shares, coins, and e-coins in Nigeria.”

Nigeria’s problems

Additionally, the pastor maintained that Nigeria’s overall challenges are a combination of leadership failures and systemic problems.

According to him, Nigeria’s problems are multifaceted.

“In Nigeria, we have two big problems. You might think our only issue is leadership, but it’s both leadership and the system. If we have a good leader flying a plane leaking oil, we’ll still have problems. If you have a perfect plane with a bad pilot, you’ll also have problems. So, we face two issues in Nigeria: the lack of quality leadership and the fact that we’re flying a broken plane.

“Sometimes I feel worried when I look at the people in the Senate and House of Representatives; they’re young men who didn’t experience war, yet they’re beating the drums of war and pouring fuel on Nigeria’s fire. They think they can just run away with their passports, but they don’t realise that many don’t understand that Nigeria is their refuge,” he noted.

IgboMustGo

Mr Ashimolowo called on the Lagos State Government to identify and prosecute those responsible for the IgboMustGo campaign during the recent EndBadGovernance protests.

PREMIUM TIMES earlier reported that the #IgboMustGo hashtag trended during the EndBadGovernance protests, fueled by the perception that Igbo people didn’t support the nationwide protest.

He added that Nigeria belongs to everyone, and the Igbos have made significant investments in Lagos and other states.

READ ALSO: South-east lawmakers ask security agencies to arrest #IgboMustGo campaigners

He added, “If the Igbos were to withdraw from Lagos, there would be no Alaba market and many other places to buy things; that would be a problem and a significant challenge. The Igbos have their place because they have been doing well. We are one Nigeria, and Lagos, although the smallest state, is the most prosperous.

“I think one of the things we should do is learn to respect each other, and anyone who posted or started such campaigns should be identified by the Lagos State Government, taken to court, and required to present proof. Most world wars and international conflicts were built on rumours.”