“Hear My Story”: Ashimolowo Recounts How He Lost N200m to Bank Shares
- Pastor Matthew Ashimolowo warned that instead of investing in bank shares, Nigerians should consider investing in real estate
- The global president of the Kingsway International Christian Centre narrated how he lost ₦200 million to Nigerian bank shares
- He lamented how bank managing directors continue to grow wealthier despite the losses faced by shareholders
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Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy.
The global president of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo, said he lost about ₦200 million to bank shares in Nigeria.
Ashimolowo said he borrowed ₦60 million from Sterling Bank to buy shares in Skye Bank, but the shares plummeted from ₦14 to ₦2.50, resulting in a significant loss of his investment.
Source: Twitter
The popular man of God stated this in a viral video on Monday, August 19, The Punch reports.
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“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.”
The 72-year-old preacher said Sterling Bank sent four policemen to his office for him to refund the money he borrowed to invest in Skye Bank shares.
He confessed that he had to find that money within 2-3 months.
He warned Nigerians against investing in bank shares amid growing calls from banks for the public to purchase them.
According to Ashimolowo, Nigerians should consider investing in real estate, which he believes is more profitable.
As reported by The Guardian, Ashimolowo added that he purchased GTB shares at around ₦18 per share, only to see the price drop to ₦3.60.
He said bank managing directors continue to grow wealthier despite the losses faced by shareholders.
Why you may regret not investing In Lagos
Legit.ng earlier reported that Ashimolowo urged people to invest in Lagos real estate, predicting a high cost of properties in the next 10 years.
Ashimolowo advised against investing in stocks, particularly in Nigerian banks, emphasising 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.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
