By Our Reporter
The United Kingdom’s Charity Commission has frozen more than 100 bank accounts linked to Mountain of Fire and Miracles Ministries International (MFM), founded by Dr. Daniel Olukoya, over allegations of financial mismanagement and lack of transparency.
In an official statement released on Monday, the commission said it initiated a statutory inquiry after identifying possible misuse of charitable funds and inadequate financial oversight within the organisation.
According to the investigation, MFM’s trustees failed to provide adequate supervision of numerous bank accounts independently operated by its UK branches. The charity, which expanded rapidly to over 90 locations across the UK, reportedly did not implement corresponding governance structures to ensure financial accountability.
“Branches were found to be operating independently opening bank accounts, handling funds, and making major financial decisions such as property purchases and lease agreements—all without central oversight or the knowledge of the trustees,” the report stated.
The commission warned that this structure posed serious risks to charitable assets and led to financial reporting irregularities and potential losses.
“As a precautionary measure to safeguard the charity’s assets, we have taken the decision to freeze its bank accounts,” the commission added.
Efforts to obtain comments from MFM spokesperson Dan Aibangbe were unsuccessful at the time of reporting.
This isn’t the first time MFM has faced scrutiny in the UK. In 2019, the Charity Commission had appointed an interim manager to oversee the ministry’s operations following repeated concerns over late financial filings and irregularities. A similar regulatory move was taken against Christ Embassy, led by Pastor Chris Oyakhilome, under comparable circumstances.
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