UK regulator freezes over 100 bank accounts linked to MFM for ‘financial mismanagement’

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.

In a report published Monday, the commission 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.

Dan Aibangbe, MFM spokesperson, did not immediately respond to TheCable’s request for comments.

In 2019, the UK Charities Commission appointed an interim manager for MFM over concerns about the activities of the church.

The commission said it observed a repeated late filing of financial information and a failure in the administration which gave room for significant losses to occur.

An interim manager was also appointed to take over the management and administration of Christ Embassy, a church owned by Chris Oyakhilome, over similar concerns. (The Cable)