The Charity Commission for England and Wales has frozen more than 100 bank accounts belonging to the UK branch of the Mountain of Fire and Miracles Ministries International (MFM International), following an extensive investigation into serious financial and governance irregularities.
According to the Commission’s published report, the probe uncovered deep-rooted governance failures, weak internal financial controls, and evidence of poor oversight in the management of church funds.
Trustees were found to have failed in properly monitoring numerous accounts, exposing charitable assets to significant risk.
The investigation revealed that MFM’s 2004 constitution granted Dr. Daniel Olukoya, identified as “Trustee A,” excessive authority to appoint and remove board members, which the Commission said made “independent governance impossible.”
In addition, several trustees were simultaneously employed by the charity an arrangement that breached UK charity regulations and was only rectified in July 2024.
Branches of the ministry were also found to operate independently, opening bank accounts, purchasing properties, and making major financial decisions without the necessary trustee authorisation. One account, containing substantial idle funds, led to a freezing order in February 2022.
Amid ongoing non-compliance, the Commission appointed Dr. Adam Stephens of Evelyn Partners LLP as Interim Manager in 2019 to regain financial control—a process that has cost the charity over £1 million plus VAT.
The Commission criticised the organisation for repeated late financial filings and concluded that its poor financial oversight amounted to “misconduct and/or mismanagement.”
In its most recent accounts for 2023, MFM reported an income of £2.71 million and expenditure of £2.19 million. The Charity Commission confirmed that all assets remain frozen pending governance reforms and warned that any misuse of charitable funds could lead to criminal proceedings.
