Newsexpress place banner advert Yudala genuine products
Ashimolowo’s church under criminal probe

By News Express on 17/02/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 772

•Pastor Ashimolowo.
•Pastor Ashimolowo.

The City of London police are investigating an alleged fraud involving a former Premier League footballer who lost £3.9 million from a British Church, Kingsway International Christian Centre.

The Church is owned by a popular Nigerian Pastor Matthew Ashimolowo, the Guardian reports.

The footballer lost the money to one of the Britain’s richest evangelical churches in a disastrous investment scheme.

The criminal investigation follows a Charity Commission report into “mismanagement” at the Church, which invested £5 million with the former Charlton Athletic player Richard Rufus.

Rufus was found by a civil court judge in 2015 to have operated a Ponzi-style scheme between 2007 and 2011, losing or spending £8 million from several investors.

Rufus was a leading member of the KICC whose “founder, visionary and senior pastor” a Nigerian evangelist who preaches a “health and wealth” gospel at his “Prayer Palace” in Kent.

The largely African and Caribbean churchgoers are urged to give regular tithes and the church collected £5.8 million from them in 2015, according to the latest accounts.

In 2009 and 2010 the trustees agreed to give Rufus £5 million to invest after he promised them returns of 55 per cent a year at a time when interest rates were less than 1 per cent.

As well as millions in donations from churchgoers – which were boosted by gift aid tax relief – it had recently received £10 million from the London Development Agency, a public body that needed to demolish the Church’s then home in east London to build the Olympic Park.

“Detectives from City of London police’s fraud teams are investigating,” a police spokesman confirmed. There have been no arrests.

In a damning set of conclusions published in December, the Charity Commission said the trustees “did not exercise sufficient care” when they gave Rufus the church’s money.

The regulator said they failed to check if Rufus had any investment qualifications or experience and gave little thought to the extraordinarily high rate of return Rufus was promising.

The church’s senior management team concluded his “personal guarantee makes this as safe an investment as any” and produced a report on the investment that included no checks on Rufus’s past investment performance or any references from clients.

It is the second time the Charity Commission has had to investigate the church.

In 2005, when it was known as the King’s Ministries Trust, the regulator ordered Ashimolowo to repay £200,000 after it emerged he used church assets to buy a £13,000 Florida timeshare and spent £120,000 on his birthday celebrations, including £80,000 on a car.

New trustees were appointed and Ashimolowo was removed from his role as chief executive.

Ashimolowo knew about the investment with Rufus, the church’s chief operating officer James McGlashan told the Guardian, but Ashimolowo denies being any part of the decision to invest the money as he was not a trustee of the KICC. (NAN)

 

Source News Express

Posted 16/02/2017 6:32:30 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
JAMB Registrar vows to reform admission process

Bloody showdown as troops battle Boko Haram in...

Man attacks religious passenger on bus

Buhari lists Dangote, GE, Samsung among most strategic...

IPOB to resume pro-Biafra protests, condemns detention of...

Nembe chiefs inaugurate new EXCO

NIMASA DG orders rescue of crew members abducted...

RIGHTSView: AVOIDING AFGHANISTANIZATION OF NIGERIA

HURIWA faults invitation of Pastor Suleiman by DSS...

Bloodbath as troops battle Boko Haram insurgents

Wealth transfer, witches and wizards, fake gospel and...

National Conference transforms into pressure group, appoints Interim...

 

Latest News Divide Nigeria into 12 Regions, 54 States — Middle Belt Leaders NDDC office sealed off over N336m tax debt Trial begins of nurse suspected of killing up to 60 children Nationwide teachers’ strike looms Dickson seeks special attention for Brass LNG project Experts converge on Abuja June 29 to tackle inflation, recession BNYL set to launch Biafra referendum campaign BBOG renews call for the rescue of 113 Chibok girls, 6 Lagos schoolboys Health stakeholders condemn non-inclusion of vaccine procurement in 2017 Budget Respect court ruling on Otodo-Gbame, CEE-HOPE tells Lagos Govt. Rivers sanitation agency announces cleanup exercise for Saturday (June 24), vows to deal with defaulters Lagos offers free legal services to inmates of Ikoyi prisons

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (257,905 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (236,760 views) Shameless Genevieve Nnaji exposes breasts in public (194,408 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (169,301 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (164,384 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (145,730 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (126,370 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (121,070 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (111,365 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (105,058 views) Lagos plane crash: Journalist releases victims’ names (104,901 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (97,763 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,600) Business Verdict (17) Columnists (701) Complaints & Requests (92) Enterprise & Opportunities (157) Entertainment (333) Features (461) Global Business Monitor (154) International (1,425) Interviews (124) Live Commentary (28) Love Matters (59) News (25,729) Opinion (736) Pidgin (8) Politics (3,741) Religion (559) Sports (1,281) Stock Watch (18) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Thousands of Biafrans gather at Nnamdi Kanu’s father’s palace for address...

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!