Video: Why You May Regret Not Investing In Lagos In 10 Years, Popular Lagos Pastor Ashimolowo Speaks

• Pastor Matthew Ashimolowo urged people to invest in Lagos real estate, predicting a high in cost of properties in the next 10 years
• Ashimolowo advised against investing in stocks, particularly in Nigerian banks, emphasizing that real estate provides better returns
• Reflecting on the past, Ashimolowo noted that land in areas like Opebi and Allen Avenue in Lagos once sold for as low as N500 to N1000, but today, those same plots are worth millions

Lagos state - Pastor Matthew Ashimolowo, Global President of the Kingsway International Christian Centre, warned that those who neglect to invest in Lagos real estate today will regret it in the next decade.

He also discouraged investing in stocks, arguing that real estate offers a superior return.

Ashimolowo reminisced about a time when plots of land in Lagos could be purchased for as little as N500 or N1000, emphasizing how drastically prices have increased since then, Vanguard reported.

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He said:

"Anyone who doesn't invest in Lagos now will regret it in 10 years. I missed the opportunity to act on Lagos real estate early.

"When I arrived in Lagos as a young pastor, a plot of land in Opebi was N500, and in Allen Avenue, it was N1000. These areas, including Ikeja and Opebi, were undeveloped bushlands. In Isolo, land was also N500 per plot."

"The same plot in Opebi that I passed on for N500 in 1979/80, I ended up buying in 2004 for N10 million.

"I built four flats and a small house on it, lived there for a few years, and then sold the entire property for around N120 to N150 million in 2018, with my total investment being N55 million."

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Ashimolowo advises against investment in shares

Ashimolowo shared how he lost approximately N200 million by investing in shares of Nigerian banks, a decision he now regrets as he could have bought land instead.

He said:

"I lost about N200 million in Nigerian bank shares, and they weren’t even worth N30 million when I tried to sell. If I had invested that money in land, I wouldn’t have needed to do anything to it.

"And I’m not talking about failed banks, but those still around today. Their shares keep dropping, yet their MDs and founders keep thriving. How does that make sense?"

See the video below:

Lagos state gov sent to commission new estate

In another development, Legit.ng reported that Governor Babajide Sanwo-Olu of Lagos State is set to commission the 170-unit Raymond Estate and Sterling Heights Estate today in the Agboyi-Ketu area of Lagos.

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These housing projects were spearheaded by the Executive Chairman of Agboyi-Ketu Local Council Development Area (LCDA), Mayor Dele Oshinowo, in collaboration with private sector partners.

Source: Legit.ng