Pastor Matthew Ashimolowo is one of the respected men of God in Nigeria. He is a global player. The headquarters of his church. KICC is in the UK. And he has run the church for years. Many don’t know that he is also a big real estate player both in London & Nigeria. He is the man behind Makarios Estate, along Lekki-Epe Expressway.
During his recent 74th Birthday interview, he spoke to City People about the prospects of Real Estate in Nigeria and the experience he has had so far.
He revealed that Lagos is fast positioning itself as one of the most important cities in the world. With projections showing that the city could reach a population of about 40 million by 2050, the conversation around its future is becoming more urgent, especially in sectors like real estate.
In the interview, Matthew Ashimolowo shared his perspective on why Lagos is a city of opportunity and why real estate remains one of the most powerful ways to build wealth and secure the future. From the increasing interest of Nigerians in the diaspora to the rising value of land and property, he explains why those who act early stand to benefit the most.
He also spoke on the challenges within the sector, the importance of proper documentation, and why Lagos remains a key destination for investors despite its growing pains. For him, Lagos is not just growing; it is becoming a global city, and those who understand this now are positioning themselves for the future.
How does he see the Real Estate sector right now, we asked him. “It is a great. Real estate is the only estate that is truly real. I am in real estate because I like people to win. I believe in a win-win approach”.
“One of our biggest customer groups has been Nigerians in the diaspora. Now, many of them are happy they got involved when they did. Who would have imagined that global policies would begin to shift the way they have? For instance, we’ve seen stricter immigration checks in countries like the United States and the United Kingdom. Even holding a passport is no longer an absolute guarantee of entry in some cases. These realities are making people rethink long-term security and that’s where real estate comes in.
Real estate has been a powerful opportunity for wealth creation. It allows people to build something tangible, to own something meaningful. For me, it is a way of leaving a legacy, empowering people, and also showcasing Nigeria in a positive light.
When we launched Makarius, some people were sceptical. They asked, “Is this really possible in Nigeria?” because of what they hear about insecurity. But the truth is, challenges exist everywhere. Sometimes, the way issues are reported both internationally and locally can create a distorted image. Every society has its own struggles.
That said, real estate is not without its challenges. There are cases where you purchase land and still have to deal with multiple claims of ownership. Sometimes, people unknowingly buy land from the wrong sources and later try to build on property that isn’t legitimately theirs. When issues arise, they turn to social media instead of proper verification channels.
I recall a situation involving an elderly woman who purchased land in Mowe. Her family later discovered through the Ogun State Land Registry that the land belonged to our company. Unfortunately, she had been misled by the seller. In some cases like this, we’ve had to let go out of compassion. But moving forward, we are taking a firmer stance in protecting what is rightfully ours.
Looking ahead, the future of Lagos is incredibly promising. By 2050, Lagos is projected to become one of the largest cities in the world, with a population of around 40 million people. This means one thing: property values will continue to rise significantly.
If you come across an estate with proper structure, documentation, and long-term value, take advantage of it. Even if it requires sacrifice, think legacy. Many people say, “I’ll go back to the village when things get tough.” But whose house are you going back to? The one your grandfather built? What legacy are you creating for the next generation?
The value of land continues to appreciate, even when buildings become outdated. In areas like Yaba, Surulere, and Shomolu, old houses are being demolished to make way for modern developments. The structures may age, but the land itself only increases in value.
I know of a case where land bought for just N500 many years ago was recently sold for N140 million. There is virtually no other investment where such a return is possible over time. Real estate remains one of the most reliable ways to build lasting wealth.
At Makarios Luxury Place, we have seen significant success. We offer plots, villas, and terrace houses. We also have plans for future high-rise developments, with full planning approvals already secured. One of our standout features is the Water show—unique in Sub-Saharan Africa—which we plan to relaunch and run continuously.
In addition, we are introducing Makarios Champions Place, which is designed to be more accessible. This development focuses on four key elements: family, fun, friendship, and football. The streets are named after popular football clubs, creating a vibrant and relatable environment.
Within Champions Place, we also have a section called “The Villagio,” which consists of one-, two-, and three-bedroom apartments. This offers an entry point for those who may not be able to afford a villa. It is also ideal for people living abroad who want to invest in Nigeria. They can use the property during visits and have it managed as a short-let when they are away, generating steady income.
Overall, we are excited about what we are building. These projects represent not just business ventures but opportunities for people to create wealth, security, and a lasting legacy.
–Promise Babatunde