Pastor Matthew Ashimolowo, the Global President of Kingsway International Christian Centre, warned that those who neglect investing in Lagos’ real estate sector now will regret it in 10 years.
He advised against investing in shares, stating that real estate offers a more promising return. Ashimolowo shared this perspective during a recent episode of the KK show, recalling a time when land in Lagos was available for as little as N500 or N1000 per plot, and comparing it to the current market value.
He remarked, “Anyone who doesn’t invest in Lagos now will regret it in 10 years. Some of us regret not acting sooner. When I first arrived in Lagos as a young pastor, land in Opebi cost just N500 per plot, and Allen Avenue was N1000 per plot. Back then, Allen and Ikeja were just bushes, as was Opebi. A plot of land in Isolo was also N500.”
“The same Opebi plot I didn’t buy for N500 in 1979/80 ended up costing me N10 million in 2004, when I bought it and built four flats and a small house. I later sold the property for N120 or N150 million in 2018, after investing N55 million.”
Ashimolowo also recounted losing around N200 million on shares in Nigerian banks, funds he could have better invested in land.
He added, “At 72, I’m free to speak my mind. If anyone takes me to court, it’s a waste of time, because I want to talk about investments and why real estate is the way to go. I lost about N200 million in Nigerian bank shares, which barely sold for N30 million. If I’d invested in land instead, I wouldn’t even need to worry about maintaining it. And I’m not talking about dubious investment schemes—I’m referring to established banks. Their shares keep dropping while their MDs and founders keep profiting. How does that happen?”
