Flawed Probe — MFM Kicks Against UK Regulator Report Alleging Financial Mismanagement

MFM Founder, Daniel Olukoya

The Mountain of Fire and Miracles (MFM) Ministries International has dismissed the findings of the United Kingdom’s Charity Commission, which accused the church of “serious financial mismanagement.”

In a report published Monday, the commission said it opened an inquiry after financial concerns were identified.

According to the regulator, the inquiry found that trustees in the MFM charity wing could not demonstrate that they had adequate oversight or control over more than 100 bank accounts operated by individual branches.



“As a result of its findings, the Commission took action to freeze the charity’s assets to prevent further loss,” the report noted.

In a statement provided to TheCable late Tuesday, Dan Aibangbe, MFM spokesperson, said the report was disappointing “though not surprising”.



“This investigation has been flawed from the onset,” he said.

Aibangbe admitted that there were “some shortcomings” from the church but added that “the charity commission has exaggerated the findings to fuel their faulty stand”.



“The MFM challenged the charity commission in court during the course of the investigation and got judgment against their mode of investigation.

“At no time was the assets of the MFM Charity in the UK frozen by a court or the Charity Commission.

“What happened was that the Building Funds of the Charity was wrongly without information to the Charity transferred from Barclays Bank to the Royal Bank of Scotland with only the Signatory being the Interim Manager.

“Upon discharge of the Interim Manager, the full funds with interest has been returned back to Barclays Bank under the custody and control of the Charity Trustees.



“No assets of the Charity was frozen under any court order.”

Aibangbe added that no trustee was found to be fraudulent or to have stolen any money.

He labelled the commission’s findings mischievous.