Pastor Matthew Ashimolowo, the Global President of Kingsway International Christian Centre, has gave a strong warning to those who overlook investing in Lagos’ real estate market, predicting they will deeply regret it in the next decade.
Speaking during a recent episode of the KK show, Ashimolowo emphasised the potential of Lagos’ real estate sector, contrasting it with his personal experience of missed opportunities.
According to Vanguard, he recounted the days when a plot of land in prime areas of Lagos, such as Opebi and Allen Avenue, could be purchased for as little as N500 to N1,000.
“Anybody who does not invest in Lagos now will regret in 10 years time,” Ashimolowo said. “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 N500, and Allen Avenue was N1,000 for a plot. Allen was a bush. Ikeja areas were bush. Opebi was a bush. A plot of land in Isolo was N500.”
He further narrated how he eventually bought a plot in Opebi for N10 million in 2004, built on it, and later sold the property for between N120 million and N150 million in 2018, despite having invested only N55 million.
Ashimolowo also shared his regret over losing approximately N200 million by investing in shares of Nigerian banks, an investment he now wishes had been directed toward purchasing land.
“The Nigerian banks—I am here today, I’m 72, and I can say what I like—if you take me to court, you’re wasting your money because I intend to talk about investments and why you should do real estate, and not all these buying shares in banks,” Ashimolowo explained.
“I lost about N200 million in Nigerian banks. N200 million worth of shares and they didn’t sell it for N30 million; if I had used the money to buy land, I don’t even need to cut the grass.”
He further criticised the banking sector, pointing out that while their shares depreciate, the wealth and status of their managing directors and founders seem to rise, leaving investors like him questioning the fairness of the system.
