The Senior Pastor of Kingsway International Christian Centre, Matthew Ashimolowo, has implied in a cryptic statement that managing directors and founders of Nigerian banks benefit when the value of bank shares decreases.
Speaking in a now-viral podcast interview, Pastor Ashimolowo recalled significant financial losses he experienced due to ill-fated investments in Nigerian banks.
Reflecting on these setbacks, Ashimolowo revealed that he had once invested N36 million in First Bank shares when they were valued at N36 per share.
However, the stock’s value plummeted to N12 per share, leading to a substantial loss.
Alleging that banks Managing Directors benefited from bankruptcy, Ashimolowo, stated, “I lost about N200 million worth of shares in Nigerian banks. I’m not talking about wonder banks, I’m talking about the ones in existence today and every time their shares go down the Managing Director and the founders go up.”
“I watched as the value of my First Bank investment dropped from N36 per share to just N12. It was a painful lesson,” he added.
His losses didn’t end there. In 2005 or 2006, he borrowed N60 million from Sterling Bank to purchase shares in Skye Bank. Unfortunately, the share price tumbled from N14 to N2.50, resulting in another heavy financial blow.
“I took a risk, borrowing N60 million to invest in Skye Bank shares, only to see the stock price fall to N2.50. It was a devastating experience,” Ashimolowo recounted.
The pastor also mentioned the aggressive actions taken by the banks to recover their funds.
Sterling Bank sent four police officers to his office to demand repayment, while Skye Bank’s risk manager, accompanied by ten staff members, unexpectedly appeared at his church service.
“Sterling Bank didn’t hesitate—they showed up at my office with police officers to collect their money. Skye Bank even brought their risk manager and a team to one of our church services,” Ashimolowo recalled.
Through these experiences, Ashimolowo has become more cautious with financial ventures, emphasizing the importance of being vigilant when making investment decisions.
