Sometimes, a sermon leaves the church and enters the streets. In January 2026, one sermon did exactly that, sparking a national conversation that pulled together faith, music, money, legacy, and respect.
At the center of it all were three well-known Nigerians from very different worlds: Pastor Matthew Ashimolowo, Afro-jujú legend Sir Shina Peters, and banking giant Jim Ovia. A fourth voice, Daddy Showkey, would later step in and amplify the debate.
What began as a religious lesson on delayed gratification quickly became one of Nigeria’s most talked-about moments of the year.
The Sermon That Sparked It All
It all began on January 21, 2026, during a sermon delivered by Pastor Matthew Ashimolowo, the founder of the Kingsway International Christian Centre (KICC), at the Commonwealth of Zion Assembly 12 Days of Glory programme in Abuja. Ashimolowo, known for his teachings on prosperity and life strategy, used a simple financial example to illustrate a spiritual point about delayed gratification.
In his message about wealth and planning for the future, Ashimolowo told the congregation about two men who he said once had ₦20 million each back in 1990. According to the pastor, one of these men used his money to build a house, and the other used his to start a bank. The bank, the pastor said, had grown massively since then, while the house had deteriorated over time. He said:
“Don’t buy a big house until you cross a certain age. What do you need it for? To show? In 1990, two men had N20 million in Nigeria. One used his own to build a big house, the second one used it to start a bank.
“The house that was built in 1990 cannot look beautiful to today. Systems and designs have changed. In 1990 everybody dey build 4 flats but now is contemporary houses. Now the bank is worth about N20 trillion.”
Ashimolowo did not shy away from naming the figures he had in mind. “One man is now fixing leaking roofs, broken toilets and doors that don’t shut anymore,” Ashimolowo said, referring to the musician. “And the other one, every country I go to in Africa, I see a branch.” He added a spiritual call to delay satisfaction if one wants long‑term elevation.
Within hours of the sermon going viral on social media, reactions started flooding in from not just everyday Nigerians, but from celebrities and cultural icons themselves. The two men mentioned in the sermon were Sir Shina Peters, the Afro‑jujù music legend, and Jim Ovia, the billionaire founder of Zenith Bank Plc.
Sir Shina Peters Breaks His Silence
Sir Shina Peters, who rose to fame in the late 1980s and became one of Nigeria’s most influential musicians, quickly responded to the pastor’s comparison. Taking to his Instagram Story, Peters described Ashimolowo’s statements as both “false and derogatory.” He thanked fellow musician Daddy Showkey for bringing the matter to his attention.
Peters didn’t take a combative approach, however. As a man of faith himself, he chose not to escalate the conflict into a legal battle or public feud. In his post, he wrote:
“I’m not one to judge people and their opinions of me, but as a man of God myself… I will not be taking legal actions nor will I speak ill against you, despite your false & derogatory statements.”
He went on to reflect on his journey, saying, “God has really blessed me beyond words… People close to me know what I’m talking about.” His message carried a sense of peace and focus on personal faith rather than online controversy.
Daddy Showkey Speaks Up
The conversation really took off when Daddy Showkey, another veteran Nigerian musician from the Ajegunle music scene, publicly defended Shina Peters. Showkey criticized the comparison, emphasizing the challenges many musicians face. He pointed out that success should not just be judged by financial metrics or international visibility, especially in creative industries where income is often irregular, and efforts are undervalued.
Daddy Showkey wrote passionately about the struggles artists endure, particularly in a society that often fails to properly compensate or respect their contributions. His words helped rally public support around Peters and shift some of the online conversation toward broader cultural issues.
So, Is the ₦20 Million Story Actually True?
As the debate raged online, one key question kept coming up: did this ₦20 million comparison actually happen the way it was told?
The answer is mixed.
On the Jim Ovia side, the figure is real. Jim Ovia has repeatedly and publicly stated that he founded Zenith Bank in 1990 with ₦20 million as startup capital. This detail appears in multiple interviews and profiles about the bank’s early years. While banking regulations, licensing requirements, and additional funding later came into play, the ₦20 million figure has long been part of Zenith Bank’s origin story and is widely accepted as factual.
However, the Shina Peters side of the story is not backed by verifiable evidence. There is no documented interview or public statement from Sir Shina Peters before this controversy confirming that he used ₦20 million in 1990 to build a house. This rumour is also not new. It’s been told for years.
In other words, while the comparison has been repeated many times, it was never established as fact.
This explains why Shina Peters described the claim as “false and derogatory.” From his perspective, a personal financial decision that may not have happened at all was presented publicly as fact and used to define his life outcomes.
Conclusion
At its core, the controversy was never really about ₦20 million. It was about accuracy, context, and the responsibility that comes with telling other people’s stories in public. What was presented as a simple illustration quickly became a factual claim in the minds of many, even though parts of it cannot be independently verified.
Jim Ovia’s rise as a banker is well documented, just as Shina Peters’ place in Nigeria’s cultural history is firmly established. The problem was not the lesson being taught, but the way two very different life journeys were placed side by side and judged using a single metric.
What followed showed how sensitive Nigerians are to questions of legacy and respect. It also showed how quickly a motivational narrative can take on a life of its own once real names are attached. In the end, the episode serves as a reminder that influence, whether from the pulpit or online, carries weight and words travel far beyond their original setting.
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