The United Kingdom’s Charity Commission has frozen assets of the Mountain of Fire and Miracles Ministries International (MFM), a church founded by Dr. Daniel Olukoya, following findings of financial mismanagement and governance lapses within its UK operations.
In a detailed report released on Monday, LEADING REPORTERS learned that the commission said the decision followed an official inquiry that uncovered “serious concerns” about how the church’s funds were being managed.
The investigation revealed that MFM trustees failed to maintain proper oversight of over 100 bank accounts run independently by local branches across the country.
According to the Commission, the charity’s rapid expansion from a few branches to over 90 nationwide was not matched by the necessary governance systems to ensure financial accountability.
“Branches operated autonomously, opening and managing bank accounts without central authorisation or adequate monitoring,” the report said. “This created substantial risks to charitable funds and led to inaccurate and delayed financial reporting.”
The inquiry also found that some branches had engaged in major financial transactions, including the purchase and leasing of properties, without the knowledge or approval of the main trustees.
These irregularities, the Commission said, resulted in “financial losses that could not be fully accounted for.”
As part of its enforcement action, the Commission ordered the immediate freezing of all MFM’s UK assets to prevent further mismanagement.
“The Commission has acted decisively to protect the charity’s remaining assets while remedial steps are being implemented,” the statement added.
This is not the first time the Charity Commission has intervened in MFM’s affairs. In 2019, the regulator appointed an interim manager to oversee the church’s financial administration after repeated failures to file annual reports and maintain proper accounting records.
