Those Who Fail To Invest In Lagos Will Face Future Regret – Ashimolowo Warns

Posted by Thandiubani on Mon 19th Aug, 2024 - tori.ng

The clergyman claimed that those who fail to invest in Lagos will regret it within the next decade.

The General Overseer of the Kingsway International Christian Centre, Pastor Matthew Ashimolowo has issued a warning to investors in Nigeria.

He warned them that if they don't invest in Lagos now, they will regret it in the future.

He stated this via a viral video on Monday.

The senior pastor recounted missed opportunities and the dramatic rise in property values over the years while highlighting Lagos as a prime investment destination.

He shared his personal experiences from his early days as a young pastor in Lagos, when land in prime areas such as Opebi and Allen Avenue was available at a fraction of today’s prices.

He said, “Anyone who does not invest in Lagos now will regret it in 10 years because some of us regret not responding to Lagos on time. I came to Lagos as a young pastor when a plot of land in Opebi was ₦500 and Allen Avenue was ₦1,000 for a plot.

“You may say that was a long time ago, but Allen was a bush. Most of Ikeja was bush. I can still see Gbemisola Street where Fela lived at one time. It was a three-quarter bush because a cousin of mine used to stay in a bungalow that was half-built there.

“Allen was a bush and Opebi was a bush. I remember when our church bought two plots of land in Isolo for ₦500 each, and I recall my father-in-law, who was our senior pastor, insisting we must buy two plots when some people said one was enough. He was foresighted.

“We bought plots of land for ₦3,000 in Akoka. The Opebi plot, which I wouldn’t have bought for ₦500 at the time, I purchased in 1980 for ₦10 million in 2004, and built four flats and a small house at the back. I stayed there for a few years and sold the entire property in 2018 for ₦120 or ₦150 million. My investment there was ₦55 million.”

Ashimolowo stressed that no salary could match the returns from strategic investments in Lagos.

He urged potential investors to seize the opportunity now, as Lagos and other parts of Africa are becoming increasingly attractive to international investors, particularly those from Asia, who are looking for new opportunities beyond Europe.

“People in Asia are now looking into Nigeria because they are tired of Europe. They have the money, and a day will come when places will be cleaned up and transformed,” Ashimolowo added.