The United Kingdom’s Charity Commission has put a freeze on over 100 bank accounts and assets held by the Mountain of Fire and Miracles (MFM) Ministries International Founded by Pastor Daniel Olukoya, the church has been accused of significant financial mismanagement.
In a report published on Monday, the Commission stated that it initiated a formal investigation into the church after uncovering “financial concerns,” including the alleged misuse of charitable funds. The inquiry disclosed that the trustees of MFM’s UK charity division failed to provide sufficient oversight or control over more than 100 bank accounts that were managed independently by various branches.
“The charity’s many financial problems arose from its intricate structure, which expanded from a few branches to over 90 sites nationwide, without enhancements in governance,” the report asserted. The Commission noted that “Branches operated independently, opening bank accounts without centralized oversight and neglecting to report income promptly. This resulted in considerable risks to charitable funds and inaccurate financial reporting. Furthermore, branch offices were making significant financial choices, including property acquisitions and lease contracts, without the knowledge or consent of the trustees.
The regulator explained that the absence of proper oversight by trustees led to financial setbacks for the charity. “Due to its findings, the Commission acted to freeze the charity’s assets to avert further loss,” the report continued.Dan Aibangbe, a representative for MFM, did not respond to inquiries for comment immediately. This is not the first instance of the church’s UK branch undergoing scrutiny. In 2019, the Charity Commission appointed a temporary manager to oversee MFM’s operations following repeated failures to file financial statements punctually and what it termed as “serious administrative deficiencies” that opened the door to potential financial losses. The Commission also took similar measures against Christ Embassy, the UK branch of Pastor Chris Oyakhilome’s church, after expressing comparable concerns regarding financial management and accountability.