{"id":335428,"date":"2024-08-19T15:50:55","date_gmt":"2024-08-19T14:50:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=335428"},"modified":"2024-08-19T22:43:26","modified_gmt":"2024-08-19T21:43:26","slug":"nigerian-banks-are-corrupt-dont-invest-in-them-i-lost-n200m-worth-of-shares-pastor-ashimolowo","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/08\/19\/nigerian-banks-are-corrupt-dont-invest-in-them-i-lost-n200m-worth-of-shares-pastor-ashimolowo\/","title":{"rendered":"Nigerian banks are corrupt, don&#8217;t invest in them, I lost N200m worth of shares \u2013 Pastor Ashimolowo"},"content":{"rendered":"<ul>\n<li><strong>He said Nigerians banks are not trustworthy and shady as buying their shares will be a wrong investment move and a sure way to lose one&#8217;s hard-earned money.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo has warned Nigerians looking to invest in the country to stay away from commercial banks.<\/p>\n<p>He said Nigerians banks are not trustworthy and shady as buying their shares will be a wrong investment move and a sure way to lose one&#8217;s hard-earned money.<\/p>\n<p>Speaking during a recent episode of the KK show, the Ashimolowo advised that investing in real estate in <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/01\/23\/rhodes-vivour-challenges-lagos-state-plastic-ban-advocates-collaborative-approach\/\">Lagos state<\/a> is a far better move that guarantees significant returns on investment than buying shares as a form of investment<\/p>\n<p>He asserted that people who ignore investing in the real estate sector of Lagos now will regret it in 10 years time.<\/p>\n<p>He recounted days when a plot of land in Lagos went for as low as N500 and N1000, contrasting it with what it&#8217;s sold for today.<\/p>\n<p>He said, \u201cAnybody who does not invest in Lagos now will regret in 10 years time, because some of us regretted not responding to LAGOS on time, I came to Lagos as a young pastor when a plot of land in Opebi was N500, and AllenAvenue was N1000 for a plot. Allen was a bush. Ikeja areas were bush.<br \/>\nOpebi was a bush. A plot of land in Isolo was N500.<\/p>\n<p>\u201cThe same Opebi which I wouldn\u2019t buy for N500 in 1979\/80, and now went in 2004 and bought the plot for N10m, and built four flats and a small house at the back, and stayed there for a few years. I now sold the whole place for N120 or N150m in 2018, my own investment there was N55m.\u201d<\/p>\n<p>Ashimolowo also narrated how he lost about N200m buying shares in Nigerian banks when he could have invested the same amount in buying lands.<\/p>\n<p>The clergyman said, \u201cThe Nigerian banks, I am here today, am 72, and can say what I like, if you take me to court, you are wasting your money because I intend to talk about investments, and why you should do real estate, and not all these buying shares in banks because I lost about N200m in Nigerian banks. N200m worth of shares and they didn\u2019t sell it N30m; if I had used the money to buy land, I don\u2019t even need to cut the grass. And I am not even talking about wonder banks, I am talking of the ones that are in existence today, and every time their shares go down, their MDs and founders go up, How come?<\/p>\n<p>&#8220;I would mention banks, there&#8217;s nothing they can do. I bought for 36 million Naira First Bank at 36 Naira per share, it fell to 12 Naira. I lost that.<\/p>\n<p>&#8220;I went and borrowed 60 million Naira in 2005 or 2006 from Sterling Bank to buy Skye Bank shares, it fell from 14 Naira to 2.50 Naira; washed away. Sterling Bank showed up in our office with 4 policemen to come and collect their money. I had to look for that money within 2-3 months.<\/p>\n<p>&#8220;The same Skye Bank who loaned me money when we were building a house, showed up in our church. Their risk manager came with about 10 staff to our service.<\/p>\n<p>I bought GTB for something like 18 Naira, GTB fell to 3.60 Nai ra&#8230;&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He said Nigerians banks are not trustworthy and shady as buying their shares will be a wrong investment move and a sure way to lose one&#8217;s hard-earned money. The Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo has warned Nigerians looking to invest in the country to stay away from commercial banks. [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":335432,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[2602,82312,14345,5691],"class_list":["post-335428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-banks","tag-pastor-ashimolowo","tag-real-estate","tag-shares"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigerian 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