The Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo has stated that those who choose not to engage in Lagos’ real estate market now will come to regret their decision ten years later.
This is just as he adviced against shares as an investment, stating that real estate is a better choice.
Ashimolowo made this statement while speaking during a recent episode of the KK show.
He compared the prices of today’s land to those of the past when a plot of land in Lagos could be purchased for as little as N500 or N1000.
He said, “Anybody who does not invest in Lagos now will regret it in 10 years because 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 AllenAvenue was N1000 for a plot. Allen was a bush. Ikeja areas were bush.
Opebi was a bush. A plot of land in Isolo was N500.
“The same Opebi which I wouldn’t buy for N500 in 1979/80, and now went in 2004 and bought the plot for N10m, and built four flats and a small house at the back, and stayed there for a few years. I now sold the whole place for N120 or N150m in 2018, my own investment there was N55m.”
Ashimolowo also highlighted how he lost almost N200 million when he bought shares in Nigerian banks instead of using the same money to purchase land.
The clergyman said, “The Nigerian banks, I am here today, am 72, and can say what I like, if you take me to court, you are 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 because I lost about N200m in Nigerian banks. N200m worth of shares and they didn’t sell it N30m; if I had used the money to buy land, I don’t even need to cut the grass.
“And I am not even talking about wonder banks, I am talking of the ones that are in existence today, and every time their shares go down, their MDs and founders go up, How come?”
