Pastor Matthew Ashimolowo Recounts Losing Over 200 Million From Four Nigeria Banks

The senior pastor of Kingsway International Christian Centre (KICC), Matthew Ashimolowo, has disclosed how he lost over 200 million naira from four banks in Nigeria.

During a recent interview on the Key to Keys (KK) podcast posted on YouTube, the clergyman recounted how that he invested millions in Nigerian banks, which yielded no fruit.

“I lost about N200 million in shares of Nigerian banks. If I had used that money to buy land, I wouldn’t need to cut the grass. By now, it would have yielded more. I’m not talking about wonder (new) banks, but the ones that have been around till today.

“Every time their shares go down, their Managing Directors (MDs) and founders rise. How come? In Nigeria’s shares space, I have suffered. I noticed that the banks are now calling on people to buy shares. But how many will you buy?

“Hear my story. I’ll mention banks, and there’s nothing they can do to me because it’s not a lie. I bought N36 million shares in First Bank at N36 per share. It fell to N12, and I lost that.

“I then borrowed N60 million in 2005 or 2006 from Sterling Bank to buy Skye Bank shares, and it fell from N14 to N12.50 kobo, washing away my investment. Sterling Bank showed up in our church with four policemen to collect their money, and I had to scramble to find it within three months,” Pastor Matthew Ashimolowo said as he recounts on his loses of 200M from Nigerian banks.