The United Kingdom authorities have reportedly frozen more than 100 bank accounts belonging to the Mountain of Fire and Miracles Ministries International (MFM International) — the UK branch of Dr. Daniel Olukoya’s church — following allegations of serious financial misconduct and governance failures.
According to reports obtained by Instablog9ja, the Charity Commission for England and Wales launched an investigation into the church’s financial dealings and uncovered weak internal controls, mismanagement of funds, and major breaches of charity regulations.
Charity Commission Uncovers Mismanagement
Investigators revealed that MFM trustees failed to properly manage the church’s numerous bank accounts, exposing “substantial risks to charitable assets.”
The probe also discovered that MFM’s 2004 constitution gave General Overseer, Dr. Daniel Olukoya — referred to as “Trustee A” — extensive powers to appoint and remove trustees, effectively limiting independent oversight.
The report added that some trustees were also paid employees — a direct violation of UK charity rules. Although this was corrected in July 2024, the Commission noted that the “damage had already been done.”
Over 100 Accounts Frozen Since 2022
Several MFM branches in the UK reportedly operated as independent entities, opening separate accounts, buying properties, and making financial decisions without approval from the main board of trustees.
In one shocking finding, investigators discovered large sums of idle funds spread across multiple accounts — leading to the freezing of over 100 accounts in February 2022.
Leadership and Legal Troubles
Adding to the controversy, Dr. Olukoya has also faced allegations of assault from some church members, increasing public scrutiny around his leadership.
Due to the irregularities, the UK Charity Commission appointed Dr. Adam Stephens of Evelyn Partners LLP as Interim Manager in 2019 to oversee the church’s finances — an intervention that has already cost over £1 million (plus VAT).
According to its 2023 financial report, MFM International recorded £2.71 million in income and £2.19 million in expenses, but its assets remain frozen pending reforms.
Ongoing Reforms and Oversight
The Commission is now working with the church to ensure full compliance with charity laws, transparency, and the rebuilding of public trust.
As of press time, MFM International and Dr. Olukoya have yet to issue an official statement addressing the new report and the ongoing freeze order.
Related: Bandits Demand N150 Million Ransom for Kwara Monarch Abducted in Ifelodun
