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Bank share investment would ruin your life- Ashimolowo warns Nigerians
Nigerians have been warned to ignore the current adverts by leading banks in the country to buy shares as a form of investment as the risk associated with the venture could ruin one’s life and businesses
The founder and Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo, gave the warning while speaking on his near-death personal experiences with Nigerian banks over shares
He revealed how he lost about N200 million in bank shares through with several banks
Ashimolowo shared that he had invested millions in several banks, but none of these investments yielded the expected returns.
He warned that instead of investing in bank shares, Nigerians should consider investing in real estate, which he believes is more profitable.
He made this statement in a video that went viral on Monday, amid growing calls from banks for the public to purchase their shares.
Ashimolowo recounted a particularly challenging experience from 2005 or 2006 when he borrowed ₦60 million from Sterling Bank to buy shares in Skye Bank. Unfortunately, the value of these shares plummeted from ₦14 to ₦2.50, resulting in a significant loss of his investment.
He stated, “In Nigerian shares space, I have suffered and won’t touch it. If you notice all over the place, the banks are now calling people to buy shares, how many will buy? Hear my story and I will mention banks because it’s not a lie. I bought 36 million from the first bank at N12 per share, it fell to N6.
He also recalled how Sterling Bank sent four policemen to his office to collect the money he had borrowed to invest in Skye Bank shares.
“I had to find that money within 2-3 months,” Ashimolowo added.
He shared his experience with GTB shares, which he purchased at around ₦18 per share, only to see the price drop to ₦3.60.
Despite the losses faced by shareholders, Ashimolowo noted that bank managing directors continue to grow wealthier.
Commenting on the broader situation in the country, Ashimolowo expressed regret that both leadership and systemic issues are at the root of Nigeria’s challenges.
“In Nigeria, we have two big problems. You think our problem is leadership, no. It’s two, the leadership and the system. If we have a good leader flying a plane that is leaking oil, You will still have a problem. If you have a perfect plane with a bad pilot, you will have a problem.
“So, we have two problems in Nigeria. Quality leadership is a problem and we are flying a broken plane,” he stated.
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Breaking: Court of Appeal rules in favour of Turaki -led PDP candidate for Osun governorship election
The Court of Appeal, Abuja Division, on Thursday, ruled that the Peoples Democratic Party, PDP Gubernatorial Candidate in Osun State was validly nominated by the Tanimu Turaki-led National Working Committee.
The court also ordered INEC to list the PDP logo on the ballot ahead of Saturday’s gubernatorial election.
The Court held that access code is neither a creation of the Constitution nor the Electoral Act; rather, a creation of INEC’s guidelines and cannot, in any way, override the provisions of the Constitution.
Section 288 of the Constitution does not specify the method for nominating candidates; it only states that the names of candidates should be forwarded to the Commission.
The court further held that the defendant (INEC) should take steps to include the name of the appellant on the ballot paper.
Additionally, the court ruled that the primary election conducted by the Tanimu Turaki-led National Working Committee (NWC) of the PDP was a valid primary election in law.
The three-man panel of justices—Justice Mahmud, Justice Jaro, and Justice Ankawere, was unanimous in its judgment.
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Breaking: NHRC sets up situation room to monitor and document hate speech, intimidation, threat to life ahead 2027
The national Human Rights Commission, NHRC, has set up a situation room to monitor and document all incidences of hate speech, intimidation and threat to life by politicians and other actors ahead of the 2027 general election.
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
The Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, revealed this on Thursday in Abuja at a press conference.
He said the situation room would enable the Commission harvest data, analysis and document persons, agencies and others involved in the negative statements in order to ensure they are properly tracked and brought to book by relevant agencies.
Ojukwu also took journalists on a tour of the newly set up situation room.
Details later…..
News
Breaking: NHRC expresses concern over rising incidences of hate speech, threat to life ahead 2027 elections
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
At a press conference in Abuja Thursday, the Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, recalled statements credited to Senator Francis Fadahunsi and Sheikh Yahya Jingir and described the das dangerous with capacity to set the nation ablaze.
He called on politicians, religious and traditional rulers, among other stakeholders to call their supporters and faithful to orders.
He urged government to act before rhetorics turn to violence, saying the forthcoming election in Osun State should serve as example of Nigeria’s capacity to conduct political contest in compliance with international best practices.
Details later…..
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