PASTOR ASHIMOLOWO LOSES $5MILLION TO PONZI SCHEME!

Kingsway International Christian Centre, a 12,000-member megachurch in Britain headed by Nigeria’s Pastor Mathew Ashimolowo, lost $4.8 million to a Ponzi scheme after trustees carelessly invested money in it.

The scam was the brainchild of former Premier League soccer player, Richard Rufus, who used to be a defender for Charlton Athletic. He promised investors along with the church a return as high as 55 per cent.

The Christian Post reporting the findings of an inquiry published 14 December by the Charity Commission for England and Wales revealed that the Kent-based 12,000 members Christian Centre suffered a net loss of about $4.8 million (£3.9 million) after its trustees invested over $6.1 million (£5 million) in four installments between June 2009 and June 2010 . Mr. Rufus was a member and former trustee of the church.

Mr. Rufus had guaranteed that the investments would earn a sizable return totaling about 55 percent in a year.He was last year found guilty of defrauding about 100 investors out of a total of $10,731,159 (£8,682,343) in the £16-million investing scheme.

Kingsway International Christian Centre was the single largest investor in the scheme.

The Charity Commission said in the report that the church’s trustees handed over an initial investment and entered into an agreement in which they were guaranteed that investment would earn a profit of about five percent per month, with the exception of August and December when they were guaranteed profits of about 2.5 percent.

“The inquiry established that in practice, however, the investments resulted in a net loss of £3.9 million to the charity,” the report explains.
The report states that the church’s trustees who handed over the funds were guilty of “mismanagement.”

The commission found that the church’s trustees did not “exercise sufficient care when making the decisions to invest £5 million of the charity’s funds through the ex-trustee’s investment scheme.”

“They did not follow all the principles expected of trustees to ensure they comply with their trustee duties under charity law when making those decisions,” the report said.

The Charity Commission was first alerted to the church’s investment when it found that the church made £3 million of investments with a “qualified independent trader” who was “in a position to provide the services of an investment manager by investing in financial markets.”

After the commission contacted the Financial Services Authority to verify the trustee’s status as a trader, it found that the trustee in question was not, nor had he ever been, licensed to “carry on regulated activities in a personal capacity.”

The commission also found that the investments were paid to the trustee’s personal bank accounts. Additionally, the commission found that the investments “appeared to be speculative and high risk in nature.”

As a result of the commission’s inquiry, an interim manager was appointed to review the trustees’ decisions to invest the £5 million and to decide whether any of the trustees should be held personally liable.

The interim manager found that the trustees did not do enough to investigate whether or not the rate of return they were promised was realistic and put too much trust in the trustee’s good standing with the church and community.

“The interim manager found that conflicts of interest were not managed properly by the decision-making trustees when making the decision to invest.
There was too much reliance on the expertise of the ex‑trustee when he was personally interested and conflicted,” the report states.

“The interim manager found that insufficient consideration was given by the decision-making trustees as to whether the guaranteed rate of return was unrealistically high, or to the potential for fraud.”

After the church entered into an Individual voluntary agreement with the ex-trustee in hopes he could pay back the money lost, the ex-trustee filed for bankruptcy and was declared bankrupt in 2013.

The interim manager also encouraged the church’s current trustees to bring a legal claim against the trustees who decided to invest the money.
Read the full report by the Charity Commission here: Inquiry Report
Read more about Richard’s scam In the Telegraph: Richard Rufu

Source: Pastor Ashimolowo Loses $5million To Ponzi scheme | Sahara Reporters

Advertisements

PASTOR ADEBOYE’S ENDORSEMENT OF GOV. AYO FAYOSE AND ITS CONTRADICTIONS

 On December 24, 2016,  the General Overseer of the Redeemed Christian Church of God (RCCG) Pastor Enoch Adeboye paid a visit to Ekiti State. Since it was supposed to be a religious program the man of God held religious rallies at Ado Ekiti, Ilawe Ekiti, and Ogotun Ekiti. He also called on Governor Ayo Fayose who entertained him and gave him a “gift” on behalf of the government and people of Ekiti State. In appreciation of the gift, Pastor Adeboye prayed for the governor.  The governor later accompanied the Pastor to the palace of Ewi of Ado Ekiti, Oba Rufus Adejugbe. In his brief political remarks at the palace, Pastor Adeboye eulogized Governor Ayo Fayose for his “courage and boldness” and recommended his model of governance to other governors in the country.

Turning to Mr. Fayose the RCCG leader said, “We thank God for your courage, for your boldness. We are grateful to God for your being willing to take risks so that your people can be protected. You have been a governor who knows when to say enough is enough in defense of his people. And I am sure you know what I am talking about and I am sure the world knows. I don’t want to say more than that but be assured that we are praying for you and you will succeed in Jesus name. We wish all other governors who stand for their people, defend their people and know when to say enough is enough and we thank God for their lives.”

In his reply, the obviously elated Governor Fayose thanked the priest for pouring encomiums on him.  The governor was full of praise for Pastor Adeboye. While thanking the man of God for coming to Ekiti state to endorse his governance style Governor Fayose told the priest that “We need prayers that The Lord would make our year 2017 a meaningful one. We believe in God. We believe in you.” The governor had forgotten that he had predicted that 2017 would be a year of agony and disaster for Nigeria.

Since the politico-religious rally was concluded the Ekiti state radio and television stations have been airing the political endorsement of Governor Fayose by Pastor Adeboye. However, many of the workers who have not been paid salaries for six months have questioned Pastor Adeboye for not asking Governor Fayose to protect their interests. They wonder whether Pastor Adeboye is interpreting the insults daily heaped on President Muhammadu Buhari by Governor Fayose as evidence of “courage and boldness.” They also wonder why Pastor Adeboye did not join President Buhari in asking Governor Fayose to use the refund of the London/Paris Club debt to pay the arrears of salaries of workers in Ekiti state.

Instead of paying millions of naira to purchase political endorsement of religious leaders, Governor Fayose should realize that Pastor Adeboye is an inconsistent politician. Even though he supported and prayed in vain for the reelection of  President Goodluck Jonathan he has since switched his alliance and loyalty to President Buhari. After all, he prays for the success of the Buhari regime on the ground that Professor Yemi Osinbajo, the Vice-President is a pastor within the RCCG fold. These days, he goes in and out of the presidential villa at Abuja to pray for President Buhari.

In asking other governors to emulate Governor is Pastor Adeboye asking them to loot the treasury of their states to purchase choice properties in Abuja, Lagos, and Dubai like Governor Fayose? In asking other governors to be “bold and courageous” like Governor Fayose, is Pastor Adeboye asking them to kill their political opponents? Or is Pastor Adeboye not aware that Fayose’s current spokesperson, Lere Olayinka once accused Mr. Fayose of killing the likes of Tunji Omojola, Ayo Daramola, Kehinde Fasuba, etc? Is Pastor Adeboye asking other governors to hire and fund thugs? Is Pastor Adeboye asking other governors to travel to China to execute fake projects like the poultry scam?

Pastor Adeboye should please set out those aspects of Governor Fayose’s governance style that should be copied by other governors. Otherwise, the other governors should ignore Pastor Adeboye and other prosperity pastors who have become defenders of the status quo and criminal politics. Very soon, he will join the likes of Bishop Hassan Kukah had asked President Buhari to stop the war against corruption because President Jonathan conceded victory when he lost the presidential election in 2015. Why are these fortune seeking pastors pretending to be winning souls for Christ when they are selfish  traders who are busy  exploiting the ignorance of worshippers?

Instead of visiting the poor in prisons, our fake pastors visit corrupt politicians who have stolen billions. Instead of identifying with the unemployed and the poor they pay courtesy calls on goverrnors who normally entertain them at public expence. Let the fake pastors go around deceiving the people. Did Pastor Ayo Ortsajefor not adopt President Jonathan as a model  of good governance? Pastor Adeboye’s endorsement of Governor Fayose will not save him when he will stand trial for stealing billions of naira from the office of the National Security Adviser and  the treasury  of Ekiti State.

Source: Pastor Adeboye’s Endorsement Of Gov. Ayo Fayose And Its Contradictions | Sahara Reporters