UK authorities have frozen over 100 bank accounts linked to Daniel Olukoya’s Mountain of Fire and Miracles Ministries (MFM), following findings of “serious financial mismanagement” and other related issues.

The UK Charity Commission, in a statement on Tuesday, announced the freezing of the bank accounts after its investigation findings.

“Regulator finds serious financial mismanagement at charity which had more than 100 bank accounts,” the Commission said. “Former and current trustees at Mountain of Fire and Miracles Ministries International lacked oversight and control over charitable funds.”

According to the Commission, the inquiry found that the charity’s trustees could not demonstrate that they had adequate oversight or control over more than 100 bank accounts operated by individual branches of the charity, with charity money at risk across the organisation’s extensive network.

Citing its intervention some six years ago, the Commission said, “As a result of serious concerns regarding the trustees’ ability to carry out their duties effectively, it appointed an interim manager in 2019 to work alongside the remaining trustees to implement essential financial controls.”

The Commission explained that MFM’s financial issues stemmed from its rapid growth within the UK without good governance and proper financial structures, adding that some MFM branches opened bank accounts without proper reporting.

“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 Commission said.

It added, “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 church is to issue a statement regarding the development.

Mr Olukoya’s church becomes another Nigerian ministry facing scrutiny over financial-related issues abroad.

Before now, Tobi Adegboyega’s SPAC Nation was shut down over an alleged £1.87 million fraud.