The United Kingdom’s Charity Commission has frozen the assets of Mountain of Fire and Miracles (MFM) Ministries International, founded by Dr. Daniel Olukoya, citing serious concerns about transparency, accountability, and financial management.
In a statement issued on Monday, the commission said it launched a formal inquiry after identifying indications of possible misuse of charitable funds.
Investigators reportedly found that trustees of the church had failed to maintain adequate oversight of more than 100 bank accounts operated by local branches across the UK.
“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.
The inquiry revealed that local branches functioned largely independently, “opening bank accounts without central oversight and failing to report income in a timely manner.”
This, the report said, created “substantial risks to charitable funds and resulted in inaccurate financial reporting.”
It further noted that “branch offices were making significant financial decisions, including property purchases and lease agreements, without trustee knowledge or authorisation.”
According to the regulator, the weak internal controls led to financial losses and raised concerns about the safeguarding of donations.
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“As a result of its findings, the Commission took action to freeze the charity’s assets to prevent further loss,” the report stated.
Efforts to reach MFM’s spokesperson, Dan Aibangbe, for comments were unsuccessful as of press time.
The development marks another chapter in the Charity Commission’s long-running scrutiny of MFM’s UK operations.
In 2019, the regulator had appointed an interim manager to oversee the church’s activities following repeated financial irregularities and delays in filing statutory reports.
A similar intervention was previously made in the case of Christ Embassy, led by Pastor Chris Oyakhilome, after the commission raised comparable concerns over governance and financial administration.
