UK authorities freeze over 100 bank accounts linked to Olukoya’s MFM over “serious financial mismanagement,” other issues

UK authorities have frozen over 100 bank accounts linked to Daniel Olukoya’s Mountain of Fire and Miracles Ministries (MFM), following findings of “serious financial mismanagement” and other related issues.
The UK Charity Commission, in a statement on Tuesday, announced the freezing of the bank accounts after its investigation findings.
“Regulator finds serious financial mismanagement at charity which had more than 100 bank accounts,” the Commission said. “Former and current trustees at Mountain of Fire and Miracles Ministries International lacked oversight and control over charitable funds.”
According to the Commission, the inquiry found that the charity’s trustees could not demonstrate that they had adequate oversight or control over more than 100 bank accounts operated by individual branches of the charity, with charity money at risk across the organisation’s extensive network.
Citing its intervention some six years ago, the Commission said, “As a result of serious concerns regarding the trustees’ ability to carry out their duties effectively, it appointed an interim manager in 2019 to work alongside the remaining trustees to implement essential financial controls.”
The Commission explained that MFM’s financial issues stemmed from its rapid growth within the UK without good governance and proper financial structures, adding that some MFM branches opened bank accounts without proper reporting.
“Many of the charity’s financial issues stemmed from its complex structure, which had grown from a handful of branches to over 90 locations nationwide, without the corresponding governance improvements,” the Commission said.
It added, “Branches operated autonomously, opening bank accounts without central oversight and failing to report income in a timely manner. This created substantial risks to charitable funds and resulted in inaccurate financial reporting. Additionally, branch offices were making significant financial decisions, including property purchases and lease agreements, without trustee knowledge or authorisation.”
The church is to issue a statement regarding the development.
Mr Olukoya’s church becomes another Nigerian ministry facing scrutiny over financial-related issues abroad.
Before now, Tobi Adegboyega’s SPAC Nation was shut down over an alleged £1.87 million fraud.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
Nine feared dead after explosion in Niger village
The community leader confirmed the incident to Peoples Gazette on Thursday.
![Delta Governor, RT. Hon Sheriff Oborevwori [Photo: Facebook/ Sheriff]](https://gazettengr.com/wp-content/uploads/Delta-Governor-RT.-Hon-Sheriff-Oborevwori-Facebook-Sheriff.png)
States
Gov Oborevwori calls for stronger inter-agency collaboration to tackle security threats
According to Mr Oborevwori, national security is a collective responsibility.

World
Coach carrying 48 Dutch tourists crashes in Switzerland, several killed
The bus was on a day trip to Switzerland from Austria when the crash occurred.

NationWide
Tinubu fulfils $100,000 cash reward promise to D’Tigress players for AfroBasket triumph
Mr Tinubu confirmed that the naira equivalent of the pledged funds had been deposited into the accounts of the players and officials.

States
Shiroro Dam announces controlled water release from September
The company urged members of the public to keep away from restricted areas around the dam.

Abuja
FCTA mobilises Karshi community against diphtheria
Ms Fasawe said two deaths were recorded among the five confirmed cases.





