UK Regulator Freezes Over 100 Bank Accounts Linked To Mountain Of Fire Ministries

The Charity Commission of the United Kingdom has placed a freeze on the assets belonging to the Mountain of Fire and Miracles (MFM) Ministries International, which was established by Pastor Daniel Olukoya, due to issues it characterized as major problems related to transparency and overall governance.

In a document that was made public on Monday, the Commission indicated that it had initiated an official investigation into the religious organization following the detection of “financial concerns,” which encompassed the supposed improper use of funds designated for charitable purposes.

The probe uncovered that the trustees associated with MFM’s charitable division in the UK were unable to show sufficient supervision or management over in excess of 100 separate bank accounts that were being run on their own by various individual branches.

“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 report stated.

As stated by the Commission, “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 oversight body mentioned that the absence of appropriate supervision from the trustees resulted in monetary deficits for the charitable entity. “As a result of its findings, the Commission took action to freeze the charity’s assets to prevent further loss,” the report added.

Dan Aibangbe, who serves as a representative for MFM, failed to provide an immediate reply to inquiries seeking a statement.

This marks not the initial occasion when the UK division of the church has come under examination. Back in 2019, the Charity Commission designated a temporary administrator to manage the operations of MFM after ongoing instances of not delivering financial reports within the required deadlines and issues it labeled as “serious administrative weaknesses” that permitted the possibility of monetary deficits.

Furthermore, the Commission implemented comparable measures against Christ Embassy, which is the United Kingdom branch of the church led by Pastor Chris Oyakhilome, subsequent to highlighting similar issues concerning the handling of finances and responsibility.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli