Pastor Mathew Ashimolowo, GO of KICC
At a time many Nigerian banks are already in the market combing private funds to shore up their capital base ahead of imminent hammer of the apex bank on recapitalization, Nigerian radical preacher and Pastor of KICC, Mathew Ashimolowo has opened up on his nasty experiences in investing in Nigerian banks share offers and rights issues.
In a viral Facebook post, he said “I would mention banks, there’s nothing they can do. I bought for 36 million Naira First Bank at 36 Naira per share, it fell to 12 Naira. I lost that.
“I went and borrowed 60 million Naira in 2005 or 2006 from Sterling Bank to buy Skye Bank shares, it fell from 14 Naira to 2.50 Naira; washed away. Sterling Bank showed up in our office with 4 policemen to come and collect their money. I had to look for that money within 2-3 months.
“The same Skye Bank who loaned me money when we were building a house, showed up in our church. Their risk manager came with about 10 staff to our service…
“I bought GTB for something like 18 Naira, GTB fell to 3.60 Naira…”
– Matthew Ashimolowo added.
