BREAKING NEWS: Is It True That UK freezes over 100 bank accounts linked to MFM church due to financial scandal? Read Full Details

The Charity Commission for England and Wales has frozen the assets of Mountain of Fire and Miracles Ministries International (MFM International), the UK branch of Dr. Daniel Olukoya’s church, due to findings of serious misconduct and mismanagement in its financial and governance operations..More Details Here

The Commission’s report states investigations uncovered “deep-rooted governance failures,” weak financial controls, and misuse of church funds. Trustees reportedly failed to oversee over 100 bank accounts, risking substantial harm to charitable assets.

The inquiry revealed that MFM’s 2004 constitution granted Olukoya (Trustee A) excessive authority to appoint and remove trustees, preventing independent governance. Some trustees were also paid employees, violating charity regulations which were later corrected in July 2024.

It was also found that branches operated independently, opening bank accounts, acquiring properties, and making major financial decisions without trustee approval. Substantial idle funds were discovered in one case, leading to a freezing order in February 2022.

Because of ongoing non-compliance, the Commission appointed Dr. Adam Stephens of Evelyn Partners LLP as Interim Manager (IM) in 2019 to regain financial control. His intervention, costing over £1 million plus VAT, continued for several years.

The report highlighted repeated delays in financial filings and concluded that the “lack of financial oversight” amounted to “misconduct and/or mismanagement.”

In its 2023 accounts, MFM reported £2.71 million in income and £2.19 million in expenditure. The Commission confirmed that all assets are still frozen pending reforms and warned that misuse of charity funds could be criminal conduct.More Details Here

Source: mynigeria.com

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