Popular London-based Nigerian pastor, Mathew Ashimolowo, has been under close investigation by UK authorities.
A report published by the Charity Commission for England and Wales has revealed that Ashimolowo’s church, KICC lost £4.8 million.
The money was lost after trustees carelessly invested in a Ponzi scheme headed by a former Premier League soccer player.
According to the report, the church trustee paid over £5 million to the Ponzi scheme in four installments.
The former trustee had guaranteed that the investments would earn a comfortable return of about 55%.
The Telegraph reports that the person who the church trustees handed the money to was Richard Rufus.
Richard was a former defender for the Charlton Athletic Football Club. He was also a minister in KICC.
Rufus has been convicted for conning over investors of more than £8.5 million pounds or
According to the commission’s report, “The inquiry established that the investments resulted in a net loss of £3.9 million.
“The church’s trustees did not exercise sufficient care when investing £5 million of the charity’s funds through the ex- trustee’s investment scheme.”
“They did not follow all the principles expected of trustees.
“They did not comply with their trustee duties under charity law when making those decisions,” the report concludes.
The commission then appointed an interim manager to manage Ashimolowo’s church monies, pending investigation.
“The interim manager found that conflicts of interest were not managed properly by the church when made the investment.
“There was too much reliance on the expertise of the ex‑trustee when he was personally interested and conflicted.
The church hoped the Ponzi scheme owner would pay back the slush funds.
It an Individual voluntary agreement with the ex-trustee, who is the Ponzi scheme owner.
The con man filed for bankruptcy and was declared bankrupt in 2013. That was how Ashimolowo’s church lost the money.