There have been swift reactions, most especially from critics as the Global Pastor of Kingsway International Church, Pastor Matthew Ashimolowo recounts how he lost some huge amount of money to investments in shares.
Pastor Ashimolowo in an interview which has gone viral trying to sell his newfound investment idea in Estate Management discussed how he got his hands burnt in investing in bank shares.
According to him, he expressed his regret over losing approximately N200 million by investing in shares of Nigerian banks, an investment he now wished had been directed toward purchasing land.
He said, “On the Nigerian banks, I am here today, I’m 72, and I 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.
“I lost about N200 million in Nigerian banks. N200 million worth of shares and they didn’t sell it for N30 million; if I had used the money to buy land, I don’t even need to cut the grass.”
He further criticised the banking sector, pointing out that while their shares depreciate, the wealth and status of their managing directors and founders seem to rise, leaving investors like him questioning the fairness of the system, as he tried to draw the attention of his listeners to investing in landed properties in Lagos.
Pastor Ashimolowo recounted the days when a plot of land in prime areas of Lagos, such as Opebi and Allen Avenue, could be purchased for as little as N500 to N1,000.
He explained, “Anybody who does not invest in Lagos now will regret in 10 years’ time. 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 Allen Avenue was N1,000 for a plot. Allen was a bush. Ikeja areas were bush. Opebi was a bush. A plot of land in Isolo was N500.”
He further narrated how he eventually bought a plot in Opebi for N10 million in 2004, built on it, and later sold the property for between N120 million and N150 million in 2018, despite having invested only N55 million.
Pastor Ashimolowo also shared his regret over losing approximately N200 million by investing in shares of Nigerian banks, an investment he now wishes had been directed toward purchasing land.
Many people have taken to their Social Media handles to raise their voices against Pastor Ashimolowo’s revelation blaming his followers for being gullible contributing money to him without knowing that the money so collected were invested in physical materials and investment opportunities, while he preached investing in God’s kingdom.
Reactions
Reno Omokri, a foremost Social media personality writing on “The Effect of Tithing on Your Finances: Pastor Matthew Ashimolowo As a Case Study” recalled the Pastor Ashimolowo’s interview.
He wrote, “Some days ago, I watched an interview with one of Nigeria’s most prominent prosperity preachers, who has previously said on camera that Scripture talks more about money than about things that are sacred to our faith (by that, he meant Christianity) and that God wants us all to prosper, and if we believe and practise what Scripture says, we will prosper financially.
“He is one of the proponents of tithing, which he says if you pay, you must always prosper. He said all this on camera. His name is Matthew Ashimolowo.
“So, imagine my surprise when this fellow complained bitterly during the interview about losing large sums of money he invested in various Nigerian bank stocks. Then this man went on to complain about how he borrowed money from a bank and the bank sent people to the church he leads during service to intimidate him and get their money back. He said the money he lost would be equivalent to billions today.
“By Matthew Ashimolowo’s own confession in that interview, his personal life experiences contradict what he has been teaching about prosperity.”
Reno Omokri went further, “If tithing is the way to wealth and this prosperity Gospel is effective, why would Mr. Matthew Ashimolowo complain about losing such large amounts? Why will he borrow from a bank? Someone like him ought to be a lender, not a borrower.
Referring to himself, Omokri as an investor said, “I do not pay or demand tithes, yet I make serious money on the stock market. By the grace of God, I have the largest paid subscribers of any African on X, formerly Twitter, because I help my followers invest their money profitably.
“I am successful at this because I read voraciously, and then pray to God to open my eyes, and subsequently act in faith by applying the knowledge I have acquired, as though God has already answered that prayer.”
He advised, “Knowledge, when applied, will make you wealthy. This is why Scripture says: “My people are destroyed from lack of knowledge.”(Hosea 4:6). If I tithe but do not acquire knowledge, I would also lose money in the stock market, like Ashimolowo.
“It is God Who gives me the power to make wealth, because of the principle of true knowledge. Which is why Yeshua said: “You shall know the truth, and the truth shall make you free.” (John 8:32).”
Omokri who went a long way to write on tithing and the way pastors promote it for their selfish reasons said, “Tithing can never make you wealthy, and Matthew Ashimolowo’s experience in the stock market is a testament to that fact. Tithing has NOTHING to do with financial prosperity, as he quickly warned, “Stop adjusting Scripture to your church and start adjusting your church to Scripture.
“One megachurch pastor even recently said if you don’t pay your tithe, your life is at risk. July 13, which recently passed, was Professor Wole Soyinka’s ninetieth birthday. He has NEVER paid tithe in his life. He does not even believe in God. Why was his life not cut short if what the pastor told you is true? It is time to emancipate yourselves from being manipulated by religion.”
There have been several others also responding, bashing Pastor Ashimolowo for not practising what he preaches, by many of his fund raising activities and pronouncements, Pastor Ashimolowo has encouraged many of this followers to make financial contributions to make miracle money.
Adegbile Mobolaji Adeniyi, responding to Reno’s piece wrote, “Thanks Reno. This is highly motivational and very informative. I think that’s why the bible says judgement will start from the pulpit. These so called daddy GOs are so good at twisting the word of God to suit their own purpose. They are just after amassing wealth at the expense of their followers that have been brainwashed.”
Another responder, Charles Danladi said, “This is a confirmation of what Pastor Abel Damina preaches and is being attacked by these pulpit bandits and their gullible followers.”
To Ayodeji Ayodeji Abobade, “I watched it, it’s a pity that people have chosen the path of destruction with ignorance of knowledge. They hear and see the truth everyday but refused to be set free. Well, it’s coming to pass of the scripture that it shall be taken from the hand of those that don’t have and be given to those that have. It is well.”
To Desmond Chuks Olise, “Ashimolowo has materialized the scripture so all he sees in the bible is how to acquire wealth and not how to bring salvation,” while Omotayo Olabode was of the view that Pastor Ashimolowo might have lost the money because he did not tithe. He wrote, “Maybe he lost the money in investment because he was not a tither.”
Adaeze Mma Olaedo, “It is interesting a pastor understands this but ordinary Nigerians do not and will still take their money and contribute to the development of this pastor who invested 200 million Naira and some guy men in the bank swindled him.
Yet another said, “We must not be surprised. You tell people to bring money to you and they should be expecting miracle money after, while you go to use their money to try ‘ponzi’ investments to make extra money. God is not sleeping. This is disappointing,” and Nkem A Igwilo has this to say, “The money he collected from the gullible followers and very poor masses have washed away.”
With this, can Nigerians continue to trust Nigerian Pastors?
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