The Global President of Kingsway International Christian Centre, Pastor Matthew Ashimolowo, has revealed how he lost millions in bank shares to Nigerian banks.

Ashimolowo made this revelation during a recent episode of the KK show.

In the interview, the clergyman advised against buying shares as an investment, suggesting that real estate is a better option. He emphasized that those who overlook investing in Lagos real estate now will regret it in 10 years.

"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 ₦6 per share, it fell to ₦12. I lost that. I went to borrow ₦60 million in 2005 or 2006 from Sterling Bank to buy Skye Bank shares, it fell from ₦14 to ₦2."

"I bought ₦200 million worth of shares and didn't even sell it for ₦30 million. If had used that money to buy land, I dont need to cut the grass. And I am not talking of wonder banks, I am talking about the ones that are in existence today. And anytime the shares go down, the MD and founders, go up. How come?"

He recounted days when a plot of land in Lagos went for as low as ₦500 and ₦1000, contrasting it with what is obtainable today.

He said, “Anybody 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 ₦500, and AllenAvenue was ₦1000 for a plot. Allen was a bush. Ikeja areas were bush. Opebi was a bush. A plot of land in Isolo was ₦500.

“The same Opebi which I wouldn’t buy for ₦500 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 ₦120 or ₦150m in 2018, my own investment there was ₦55m.”