The United Kingdom’s Charity Commission has frozen over 100 bank accounts and assets belonging to the Mountain of Fire and Miracles (MFM) Ministries International, following findings of serious financial mismanagement.
The church, founded by Pastor Daniel Olukoya, was accused of poor financial control and lack of accountability.
In a report released on Monday, the Commission said it launched a formal inquiry after identifying “financial concerns,” including the alleged misappropriation of charitable funds.
Investigations revealed that trustees of MFM’s UK branch failed to maintain proper oversight over more than 100 bank accounts operated independently by 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 nationwide, without corresponding governance improvements,” the report stated.
The Commission noted that many branches opened accounts and made major financial decisions, including property purchases and lease agreements, without the trustees’ knowledge or authorisation. This, it said, led to inaccurate reporting and potential financial losses.
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“As a result of its findings, the Commission took action to freeze the charity’s assets to prevent further loss,” it added.
Attempts to get comments from MFM spokesperson Dan Aibangbe were unsuccessful as he did not immediately respond to inquiries.
This is not the first time the church’s UK branch has faced scrutiny. In 2019, the Charity Commission appointed an interim manager to oversee its affairs after repeated failures to submit financial statements and what it described as “serious administrative weaknesses.”
The Commission also took similar action against Christ Embassy, the UK arm of Pastor Chris Oyakhilome’s church, after raising comparable concerns about financial management and accountability.