UK freezes over 100 bank accounts linked to MFM over financial scandal

UK freezes over 100 bank accounts linked to MFM over financial scandal

The United Kingdom’s Charity Commission has frozen assets belonging to the Mountain of Fire and Miracles (MFM) Ministries International, a church founded by Daniel Olukoya, over transparency concerns.

The commission in a report published Monday, said it opened an inquiry after financial concerns were identified, including the alleged misappropriation of charity funds.

The inquiry found that trustees in the MFM charity wing could not demonstrate that they had adequate oversight or control over more than 100 bank accounts operated 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 locations nationwide, without the corresponding governance improvements,” the commission found.

“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 commission said the lack of oversight by trustees led to financial losses for MFM.

“As a result of its findings, the Commission took action to freeze the charity’s assets to prevent further loss,” the report noted.

MFM is a Pentecostal church founded in 1989 by Dr. Daniel Kolawole Olukoya (DKO) in Yaba, Lagos, Nigeria. Since then, it has expanded to over 300 branches across Nigeria and several others in Africa and Western countries.

In 2019, the UK Charities Commission raised concerns about MFM’s financial management and appointed an interim manager to oversee its operations. The commission said it noticed repeated delays in submitting financial reports and administrative lapses that led to significant financial losses.

Around the same period, the Commission also appointed an interim manager for Christ Embassy, founded by Pastor Chris Oyakhilome, over similar financial concerns.

What does this development mean for MFM members, and how will the church respond to these allegations? Let’s know your thoughts in the comment section