UK Freezes MFM’s Bank Accounts: 5 Facts You Need to Know

On Tuesday, October 21, 2025, the United Kingdom’s Charity Commission froze the assets of the church, Mountain of Fire and Miracles (MFM) Ministries International, founded by Dr Daniel Kolawole Olukoya, over financial transparency concerns.

The commission released a report revealing serious mismanagement in the finances of the UK branch of the Nigerian church. Following the report, over 100 bank accounts linked to MFM UK were frozen to protect funds and force reforms.

Here are five key facts about what led to this dramatic action:

1) Over 100 Bank Accounts Were Operated by Individual Branches, With No Central Control

Each branch of MFM UK had its own bank account. The Charity Commission found that trustees could not demonstrate that they had adequate oversight or control over these multiple bank accounts.

This system of little or no accountability allowed the local branches to make decisions independently, sometimes to the point of making major financial decisions without approval from the major trustees.

2) Rapid Church Expansion Without Proper Financial Oversight

According to the commission, many of MFM’s financial troubles originated from its fast growth. What started as a small network of branches grew into over 90 locations across the UK, but the church reportedly failed to improve its financial management and governance systems to match that growth.

This lack of proper oversight resulted in financial issues within the organisation.

3) Branches Made Property Deals, Leases, and Loans Decisions Without the Trustee’s Knowledge

The report found that many branches were operating autonomously. Entering into lease agreements, property purchases, or closing contracts independently, without any approval, the central trustees’ consent and accurate financial reporting. These autonomous moves placed charity funds at risk.

4) Consistent Failure to Submit Accounts and Inadequate Reporting

MFM UK repeatedly failed to file timely and complete financial statements and annual reports. This poor record-keeping and lack of transparency gave room for significant losses and raised concerns about how the charitable money was handled.

5) Freezing the Accounts to Prevent Further Loss & Appointing an Interim Manager

To protect MFM’s charity assets, the UK Commission froze the accounts. In 2019, an Interim Manager was appointed to operate alongside the trustees, help restore order, enforce financial controls, and reform governance.

Going Forward, What Does This Mean for Churches?

There’s a dire need for churches to be transparent and accountable in their activities. Donors of charitable funds have a right to demand accountability, meaning the church’s charitable contributions should be traceable, properly documented, and managed for effective impact.

Freezing of bank accounts isn’t a punitive measure; it’s a way to protect funds from being misused and mismanaged.

MFM’s UK branches will now have to follow stricter rules, tender clear financial reports, and have proper oversight from trustees. This should be a call for other churches, especially the Nigerian churches, to follow in this same pattern.