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, citing serious transparency and governance concerns.
In a report released on Monday, the Commission confirmed it had opened a formal inquiry into the church following the discovery of “financial concerns,” including alleged misappropriation of charitable funds. The investigation revealed that trustees of MFM’s UK branch failed to exercise adequate oversight over more than 100 bank accounts independently operated by individual branches.
According to the Commission, many of the charity’s financial issues originated from its complex and rapidly expanding structure. The organisation reportedly grew from a few branches to over 90 nationwide, without making necessary improvements in governance.
“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 report stated.
The regulator said the trustees’ lack of proper oversight led to financial losses for the charity. Consequently, the Commission froze MFM’s assets to prevent further financial damage.
A spokesperson for MFM, Dan Aibangbe, did not immediately respond to requests for comment.
This marks the second time the UK branch of MFM has come under regulatory scrutiny. In 2019, the Charity Commission appointed an interim manager to oversee its operations following repeated failures to submit financial statements on time and what it described as “serious administrative weaknesses” that exposed the organisation to potential losses.
The Commission had also taken similar enforcement action against Christ Embassy, the UK arm of Pastor Chris Oyakhilome’s church, over comparable concerns regarding financial management and accountability.
