Renowned preacher and founder of Kingsway International Christian Centre (KICC), Pastor Matthew Ashimolowo, has revealed a significant financial loss, sharing that he lost about ₦200 million worth of shares in Nigerian banks. During the podcast, Ashimolowo, who is 72 years old, expressed frustration over the disparity between the performance of bank shares and the fortunes of the managing directors and founders of these financial institutions.
“When their shares go down, the MDs and founders go up. How come?” Ashimolowo questioned, pointing out what he perceives as an imbalance in the financial industry. He emphasized that despite the decline in the value of these shares, those at the helm of the banks continue to prosper.
In a candid tone, the influential pastor added, “I am 72 years old, you can’t do me anything,” underscoring his resolve and experience in dealing with financial matters. His statement has sparked conversations about the dynamics of the Nigerian banking sector and the impact of financial decisions on investors.
Ashimolowo disclosed that he invested ₦36 million in First Bank shares at ₦36 per share, only to see their value plummet to ₦12, resulting in a substantial loss.
He recounted borrowing ₦60 million from Sterling Bank around 2005 or 2006 to invest in Skye Bank shares, which subsequently fell from ₦14 to ₦2.50, leading to another considerable financial setback. Ashimolowo detailed the difficulty he faced when Sterling Bank, seeking repayment, arrived at his office with four policemen. He was forced to secure the funds within a few months to settle the debt.
Ashimolowo also shared an instance involving Skye Bank, which, despite having previously loaned him money for a house, sent a team of ten staff members from their risk management department to his church service. His experiences extended to investments in GT Bank (GTB), where shares bought at ₦18 fell to ₦3.60, compounding his losses.
Reflecting on these experiences, Ashimolowo expressed regret for not investing in real estate, suggesting that it might have been a more stable and profitable alternative to his stock investments. At 72 years old, his candid comments underscore his disillusionment with the banking sector and highlight the broader issues faced by investors in Nigeria.
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Ashimolowo’s remarks highlight concerns shared by many investors who have experienced similar losses, raising questions about the transparency and fairness of the banking sector’s practices. As one of Nigeria’s most prominent religious leaders, his comments are likely to resonate with a broad audience, potentially igniting further debate on the management and regulation of the country’s financial markets.
