Over 100 Mountain of Fire Ministries Bank Accounts Frozen in UK Over Financial Mismanagement

• The UK Charity Commission has frozen over 100 bank accounts and assets belonging to Mountain of Fire and Miracles (MFM) Ministries International, citing “serious financial mismanagement.” The Commission said MFM’s UK trustees failed to oversee more than 100 independently run branch accounts, leading to risks of fund misuse and inaccurate reporting. It added that assets were frozen “to prevent further loss.” MFM’s spokesperson has yet to comment.

Over 100 bank accounts and assets belonging to the Mountain of Fire and Miracles (MFM) Ministries International have been frozen by the United Kingdom’s Charity Commission over alleged financial mismanagement.

The church, founded by Pastor Daniel Olukoya, was accused of “serious financial mismanagement,” according to a report released on Monday. The Commission said it launched a formal inquiry after identifying “financial concerns,” including the alleged misappropriation of charitable funds.

The investigation revealed that trustees of MFM’s UK charity arm “could not demonstrate adequate oversight or control over more than 100 bank accounts operated independently by individual branches.”

“Many of the charity’s financial issues stemmed from its complex structure, which had grown from a handful of branches to over 90 locations nationwide, without the corresponding governance improvements,” the report stated.

It further noted that “branches operated autonomously, opening bank accounts without central oversight and failing to report income in a timely manner. This created substantial risks to charitable funds and resulted in inaccurate financial reporting. Additionally, branch offices were making significant financial decisions, including property purchases and lease agreements, without trustee knowledge or authorisation.”

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

MFM spokesperson Dan Aibangbe did not immediately respond to requests for comment.

The church’s UK branch previously came under scrutiny in 2019 when the Commission appointed an interim manager over “serious administrative weaknesses.” The regulator also took similar action against Christ Embassy’s UK arm following comparable concerns about financial management and accountability.