Pastor Matthew Ashimolowo, Global President of the Kingsway International Christian Centre (KICC) has shared his personal experience of losing approximately N200 million in bank shares. In a viral video, Ashimolowo recounted his investments in several Nigerian banks, which failed to yield expected returns. He advised Nigerians to consider investing in real estate instead, citing it as a more profitable option.
Ashimolowo shared specific instances of his investments, including borrowing N60 million from Sterling Bank to purchase Skye Bank shares, which plummeted in value from N14 to N2.50. He also mentioned his experiences with First Bank and GTB shares, which similarly resulted in significant losses.
Ashimolowo expressed concerns about the banking system and the impact on shareholders, noting that bank managing directors continue to accumulate wealth despite the losses faced by investors. He also commented on the broader challenges facing Nigeria, attributing them to both leadership and systemic issues.
It’s important to note that Ashimolowo’s experience is specific to his individual investments and may not reflect the experiences of others. Investors should conduct thorough research and consider multiple perspectives before making investment decisions.