The Global President of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo has said that people who ignore investing in the real estate sector of Lagos now will regret it in 10 years time.
This is just as he advised against buying shares as a form
of investment, asserting that real estate is a better option.
Ashimolowo said this while speaking during a recent episode
of the KK show.
He recounted days when a plot of land in Lagos went for as
low as N500 and N1000, contrasting it with what is obtainable today.
He said, “Anybody who does not invest in Lagos now will
regret in 10 years time, 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 recounted how he lost about N200m buying
shares in Nigerian banks when he could have invested the same amount in buying
lands.
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?”
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if only the igbos have grown some senses
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