UK regulator freezes over 100 bank accounts linked to Mountain of Fire Ministries for financial mismanagement

UK regulator freezes over 100 bank accounts linked to Mountain of Fire Ministries for financial mismanagement

The United Kingdom’s Charity Commission has frozen the assets of the Mountain of Fire and Miracles (MFM) Ministries International, founded by Pastor Daniel Olukoya, over what it described as serious transparency and governance concerns.

In a report released on Monday, the Commission said it launched a formal inquiry into the church after identifying “financial concerns,” including the alleged misappropriation of charitable funds.

The investigation revealed that trustees of MFM’s UK charity arm could not demonstrate adequate oversight or control 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 locations nationwide, without the corresponding governance improvements,” the report stated.

According to 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 regulator said the lack of proper oversight by trustees led to financial losses for the charity. “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, a spokesperson for MFM, did not immediately respond to requests for comment.

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 MFM’s affairs following repeated failures to submit financial statements on time and what it described as “serious administrative weaknesses” that allowed for potential financial losses.

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.