How I misplaced N200m to 4 Nigerian banks

The senior pastor of Kingsway Worldwide Christian Centre (KICC), Matthew Ashimolowo, has recounted how he misplaced about N200 million in Nigerian financial institution shares.

The 72-year-old clergyman, throughout an interview on the Key to Keys (KK) podcast posted on YouTube Monday, revealed he invested thousands and thousands in Nigerian banks, leading to substantial losses.

He mentioned: “I misplaced about N200 million in shares of Nigerian banks. If I had used that cash to purchase land, I wouldn’t want to chop the grass. By now, it might have yielded extra. I’m not speaking about surprise (new) banks, however the ones which have been round until immediately. Each time their shares go down, their Managing Administrators (MDs) and founders rise. How come? In Nigeria’s shares area, I’ve suffered. I seen that the banks at the moment are calling on folks to purchase shares. However what number of will you purchase?

“Hear my story. I’ll point out banks, and there’s nothing they will do to me as a result of it’s not a lie. I purchased N36 million shares in First Financial institution at N36 per share. It fell to N12, and I misplaced that. I then borrowed N60 million in 2005 or 2006 from Sterling Financial institution to purchase Skye Financial institution shares, and it fell from N14 to N12.50 kobo, washing away my funding. Sterling Financial institution confirmed up in our church with 4 policemen to gather their cash, and I needed to scramble to search out it inside three months.”

Mr Ashimolowo additional narrated how the Threat Supervisor of Skye Financial institution, who loaned him cash, confirmed up in church to harass him.

Recounting the expertise, he mentioned, “The Threat Supervisor of Skye Financial institution got here with about ten workers to our service as if he wished to disrupt the church service. The identical financial institution that loaned me cash after I was constructing a home confirmed up in a church with nothing to do with my firm. I’m mentioning banks in order that they’ll know I’ve the fitting to. I purchased GTBank shares (which I’ve been banking with since 1993) at N18, which fell to N3.60 kobo.

“Think about if I had used all that cash I misplaced to purchase land 20 years in the past? On the time, I acquired N60 million to purchase Sky Financial institution shares—the worth of a plot of land in Banana Island. And now, as a substitute of dropping my cash to shares, that land would have turn into value over a billion.”

Funding

Moreover, the clergyman cautioned Nigerians towards investing in financial institution shares, cash, and e-coins however as a substitute in actual property.

“Actual property is a wonderful place to take a position. There are two dangers: excessive and low. Low threat is leaving your cash in a financial savings account, and it was washed away by inflation. In case your cash is in a financial savings account in Nigeria, it’s garbage, and the reason being they’ll put 5 per cent or 10 per cent in your cash whereas the inflation is 30 per cent.

“So the inflation is worse than the cash you left. In case you left N1 million by January and December, you’ll have N800,000. The second threat is investing or shopping for financial institution shares, cash, and e-coins in Nigeria.”

Nigeria’s issues

Moreover, the pastor maintained that Nigeria’s general challenges are a mix of management failures and systemic issues.

In accordance with him, Nigeria’s issues are multifaceted.

“In Nigeria, we now have two large issues. You would possibly suppose our solely problem is management, nevertheless it’s each management and the system. If we now have a great chief flying a airplane leaking oil, we’ll nonetheless have issues. If in case you have an ideal airplane with a foul pilot, you’ll even have issues. So, we face two points in Nigeria: the dearth of high quality management and the truth that we’re flying a damaged airplane.

“Typically I really feel apprehensive after I take a look at the folks within the Senate and Home of Representatives; they’re younger males who didn’t expertise battle, but they’re beating the drums of battle and pouring gasoline on Nigeria’s fireplace. They suppose they will simply run away with their passports, however they don’t realise that many don’t perceive that Nigeria is their refuge,” he famous.

IgboMustGo

Mr Ashimolowo referred to as on the Lagos State Authorities to establish and prosecute these liable for the IgboMustGo marketing campaign in the course of the latest EndBadGovernance protests.

PREMIUM TIMES earlier reported that the #IgboMustGo hashtag trended in the course of the EndBadGovernance protests, fueled by the notion that Igbo folks didn’t assist the nationwide protest.

He added that Nigeria belongs to everybody, and the Igbos have made important investments in Lagos and different states.

READ ALSO: South-east lawmakers ask safety companies to arrest #IgboMustGo campaigners

He added, “If the Igbos had been to withdraw from Lagos, there could be no Alaba market and lots of different locations to purchase issues; that might be an issue and a big problem. The Igbos have their place as a result of they’ve been doing nicely. We’re one Nigeria, and Lagos, though the smallest state, is essentially the most affluent.

“I feel one of many issues we should always do is be taught to respect one another, and anybody who posted or began such campaigns ought to be recognized by the Lagos State Authorities, taken to court docket, and required to current proof. Most world wars and worldwide conflicts had been constructed on rumours.”