Pastor Matthew Ashimolowo, renowned for founding Kingsway International Christian Centre (KICC), is widely recognized as one of Nigeria’s most influential pastors. While his ministry has grown globally, with branches across continents, few are aware of his significant achievements in the real estate sector.
Ashimolowo’s journey into real estate began at the young age of 27, when he was encouraged by a fellow pastor to invest in property. He recalls, “I jumped into real estate at the age of 27. The pastor of the church I had come from persuaded me to buy land and build a house. That’s how I built my first house.”
His real estate ventures expanded significantly in 1991 when, as the sole distributor of Christian literature in Nigeria, he found himself with funds that couldn’t be repatriated due to foreign exchange restrictions. This situation led him to purchase 30 acres of land in Mowe, Ogun State, a region that was then sparsely populated. “I could almost claim that I was the first to make Mowe known at that time,” Ashimolowo said. Over time, he expanded his holdings to 900 acres in Mowe and also began acquiring land in the Ibeju Lekki coastal area.
Despite his success, Ashimolowo insists that his entry into real estate was gradual and somewhat reluctant. “I was very fervent about the Second Coming of Jesus Christ when a pastor persuaded me to own property. Once I built the first house, the real estate bug bit me, and now I tell everyone, real estate is the only estate that is real.”
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Although he is often regarded as one of the biggest investors in Nigerian real estate, Ashimolowo humbly downplays this, noting that his primary focus is on land ownership. He believes that land is the greatest gift from God to man, citing its enduring value and importance in biblical covenants.
Ashimolowo’s ventures include the development of Blue Stone Garden City in Mowe, which has grown into a hub of multiple estates. His latest project, Makarios: The Luxury Place, is set to be a world-class development on the Lekki-Epe Expressway, featuring high-rise buildings, terrace houses, and luxury amenities. “Makarios is going to be a place to live, eat, work, and play,” he said, emphasizing its prime location and unique features.
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As Chairman of the Opening Ceremony at the 18th Africa International Housing Show in July, Ashimolowo highlighted the urgent need to address Nigeria’s housing deficit. He stressed the importance of financing in real estate development, describing it as a “financing game” where both construction and mortgage finance are crucial.
He proposed “land banking” as a viable strategy for generating funds for housing projects, urging stakeholders to adopt innovative and pragmatic approaches to tackle the housing challenges in Nigeria and across Africa.
