BREAKING: UK Freezes Over 100 Bank Accounts Linked To MFM Church
The Charity Commission for England and Wales has frozen the assets of the Mountain of Fire and Miracles Ministries International (MFM International), the UK branch of the Nigerian Pentecostal church founded by Dr. Daniel Olukoya, following what it described as serious misconduct and mismanagement in the administration of the charity’s finances and governance.
In a report released on Monday, the regulator said it uncovered “deep-rooted governance failures,” weak financial control, and the misuse of church funds across MFM’s sprawling UK operations — which grew from a few branches to over 90 locations without adequate oversight.
According to the Commission, the trustees of MFM International failed to demonstrate effective control over more than 100 separate bank accounts operated by individual branches, leading to “substantial risks to charitable assets and inaccurate financial reporting.”
“Many of the charity’s financial issues stemmed from its complex structure, which had grown rapidly without the necessary governance improvements,” the report said.
“Branches operated autonomously, opening bank accounts and making significant financial decisions — including property purchases and leases — without trustee knowledge or authorisation.”
The inquiry, which began in 2018, found that MFM’s General Overseer, identified as Trustee A and based in Nigeria, wielded excessive control over the UK charity, compromising the independence of its trustees.
The Commission said MFM’s 2004 constitution gave Olukoya, through his role as General Overseer, sweeping powers to appoint and remove trustees, an arrangement that made “independent governance impossible.”
“The General Overseer exercised too much authority,” the Commission stated, adding that his dominance over the board “undermined accountability and effective decision-making.”
In 2018, several trustees appointed by Olukoya were also paid employees of the church, creating conflicts of interest in violation of charity regulations.
The Commission noted that this practice was only corrected when the charity amended its constitution in July 2024 to limit the General Overseer’s influence.
Investigators discovered that MFM branches across the UK had opened more than 100 bank accounts without the knowledge or consent of the main trustees.
During an inspection in 2018, the Commission found that church leaders “could not demonstrate any oversight or control” over how donations were collected and spent.
In one case, substantial funds were discovered sitting idle in a branch account “for unclear purposes,” prompting regulators to issue a freezing order in February 2022.
Following years of administrative failure and non-compliance, the Commission appointed Dr. Adam Stephens of Evelyn Partners LLP as Interim Manager (IM) in August 2019 to help stabilise the church’s operations.
However, the trustees resisted regulatory intervention, forcing the commission to reappoint the interim manager in 2021 to the exclusion of the board — a move later challenged by MFM before the First-Tier Tribunal (Charity).
Although the Tribunal acknowledged misconduct had occurred, it ruled that the Interim Manager should work alongside the trustees instead of excluding them entirely. The IM remained in charge for over five years, at a cost exceeding £1million plus VAT.
The Commission also criticised MFM’s repeated failure to file annual reports and financial statements on time. Accounts for 2015, 2016, and 2017 were each filed more than 150 days late.
Branches were found to have purchased or leased properties, taken out loans, and entered into contracts without approval, exposing the church to legal risks and potential financial loss.
“The lack of financial control and oversight by the trustees placed charitable assets at risk and is misconduct and/or mismanagement,” the report concluded.
In its latest filed accounts for the year ending December 2023, MFM International reported an income of £2.71million and expenditure of £2.19million. The charity operates roughly 50 branches across the UK, each managed by a local pastor.
The Charity Commission said both former and current trustees had failed to ensure that governance systems kept pace with the charity’s rapid growth. It confirmed that MFM’s assets were frozen to prevent further loss while corrective measures were implemented.
“The inquiry’s intervention addressed serious governance and financial issues through the appointment of an Interim Manager, which ensured proper oversight of the charity’s finances and brought about required improvements,” the Commission said.
While acknowledging recent governance reforms and financial restructuring, the Commission emphasised that the case should serve as a “serious warning” to other faith-based organisations operating in the UK.
“Trustees must ensure charity funds are used only for charitable purposes,” the regulator warned, adding that failure to maintain financial transparency “could amount to criminal conduct.”
