UK Freezes Over 100 Bank Accounts Linked to MFM Church Over Financial Scandal

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 Dr. Daniel Olukoya’s church, following findings of serious misconduct and mismanagement in its financial and governance operations.

According to the Commission’s report, investigations uncovered “deep-rooted governance failures,” weak financial controls, and misuse of church funds. Trustees reportedly failed to manage over 100 bank accounts, exposing “substantial risks to charitable assets.”

The inquiry found that MFM’s 2004 constitution gave Olukoya (Trustee A) excessive powers to appoint and remove trustees, making “independent governance impossible.” Some trustees were also paid employees, a breach of charity regulations later corrected in July 2024.

It was also revealed that branches operated autonomously, opening bank accounts, acquiring properties, and making major financial decisions without trustee authorisation. In one case, substantial idle funds were discovered, prompting a freezing order in February 2022.

Due to continued non-compliance, the Commission appointed Dr. Adam Stephens of Evelyn Partners LLP as Interim Manager (IM) in 2019 to restore financial control. His intervention, which cost over £1million plus VAT, continued for several years.

The report noted repeated late financial filings and concluded that the “lack of financial oversight” constituted “misconduct and/or mismanagement.”

In its 2023 accounts, MFM reported £2.71million income and £2.19million expenditure. The Commission confirmed that all assets remain frozen pending reforms and warned that misuse of charity funds could amount to criminal conduct.

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