MFM faces a major setback as over 100 bank accounts are frozen after a Charity Commission probe reveals deep-rooted financial misconduct
MFM Church UK is under heavy scrutiny after the Charity Commission for England and Wales froze more than 100 bank accounts linked to the Mountain of Fire and Miracles Ministries International.
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The action follows damning findings of serious financial mismanagement and governance failures within the church’s UK operations.
Investigators revealed extensive weaknesses in oversight, citing “deep-rooted governance failures” and poor financial controls.
Trustees reportedly allowed branches to operate independently, opening multiple bank accounts and acquiring properties without authorisation — practices that left charitable funds exposed to risk.
According to the Commission, MFM Church UK had granted its founder, Dr Daniel Olukoya, excessive powers under its 2004 constitution, undermining trustee independence.
Some trustees were also on the payroll, a breach of charity law only corrected in mid-2024.
An interim manager, Dr Adam Stephens of Evelyn Partners LLP, was appointed in 2019 to restore order. His efforts, costing more than £1 million plus VAT, spanned several years.
Despite these interventions, late financial filings persisted, prompting the Commission to maintain its freeze on assets until full reforms are implemented.
In its latest accounts, MFM Church UK reported £2.71 million in income against £2.19 million in expenditure.
The Commission warned that misuse of funds could lead to criminal charges if irregularities continue.
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This decisive regulatory move marks a powerful warning to other faith-based charities across the UK about the importance of transparency and good governance.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
