Popular Nigerian Pastor, Matthew Ashimolowo Loses $4.8m To Ponzi Scheme

Date: 29-12-2016 10:16 am (4 years ago) | Author: CLARA JANCITA
- at 29-12-2016 10:16 AM (4 years ago)
(f)

Popular Nigerian Pastor and founder of Kingsway International Christian Centre located in the UK, Matthew Ashimolowo, has lost $4.8 million to a Ponzi scheme after members on the board of his church invested the money into the scheme.
The ponzi scheme is owned by former Premier League soccer player, Richard Rufus, who used to be a defender for Charlton Athletic.

Rufus who is a former member on the board of the church, promised investors along with the church a return as high as 55 per cent. 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

Christian Post who shared a report of findings from an inquiry published on December 14th by the Charity Commission for England and Wales, disclosed that the church had a net loss of about $4.8 million (£3.9 million) after its trustees invested over $6.1 million (£5 million).

Kingsway International Christian Centre was the single largest investor in the scheme. The Charity Commission in the report presented after its investigation, stated that the church’s trustees made an initial investment and entered into an agreement in which they were guaranteed that the church’s investment would earn a profit of about 5 percent per month, with the exception of August and December when they were guaranteed profits of about 2.5 percent.

Quote
“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
Quote
“exercise sufficient care when making the decisions to invest £5 million of the charity’s funds through the ex-trustee’s investment scheme.”


Posted: at 29-12-2016 10:16 AM (4 years ago) | Hero
- morolayo at 29-12-2016 10:19 AM (4 years ago)
(f)
No be church? Tithes and offering will cover up later!
Posted: at 29-12-2016 10:19 AM (4 years ago) | Gistmaniac
Reply
- gogoman at 29-12-2016 10:25 AM (4 years ago)
(m)
Quote from: morolayo on 29-12-2016 10:19 AM
No be church? Tithes and offering will cover up later!


you get am right.......
Posted: at 29-12-2016 10:25 AM (4 years ago) | Addicted Hero
Reply
- Raphkomo at 29-12-2016 10:28 AM (4 years ago)
(m)
really he has that kind of money?
Posted: at 29-12-2016 10:28 AM (4 years ago) | Upcoming
Reply
- donsmoki at 29-12-2016 10:47 AM (4 years ago)
(m)
hmm!! I think say na MMM too... I wan laff reach my village nw nw
Posted: at 29-12-2016 10:47 AM (4 years ago) | Upcoming
Reply
- diutopep at 29-12-2016 11:51 AM (4 years ago)
(f)
Mmmm! Pastor Ashimolowo, you too were involved in this ponzi of a thing... Na waa O!
Posted: at 29-12-2016 11:51 AM (4 years ago) | Gistmaniac
Reply
- chukkychukky at 29-12-2016 12:10 PM (4 years ago)
(m)
cut suya, cut suya abi na from cow, i pity d members

Posted: at 29-12-2016 12:10 PM (4 years ago) | Gistmaniac
Reply
- kison at 29-12-2016 03:54 PM (4 years ago)
(m)
 Huh? Huh? Huh? Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Posted: at 29-12-2016 03:54 PM (4 years ago) | Hero
Reply
- treasurelamp at 29-12-2016 04:34 PM (4 years ago)
(f)
Oga pastor even u self   Grin Grin Grin Grin
Posted: at 29-12-2016 04:34 PM (4 years ago) | Upcoming
Reply
- kacylee at 29-12-2016 06:55 PM (4 years ago)
(f)
like seriously? him too do MMM?, i can't laff oooo Cheesy

Posted: at 29-12-2016 06:55 PM (4 years ago) | Addicted Hero
Reply
- kabukabu at 2-01-2017 07:19 AM (4 years ago)
(m)
The money went the way it came. What is the fuss about. A beg, give me one Calabash of palm wine. A wanna urinate.
Posted: at 2-01-2017 07:19 AM (4 years ago) | Gistmaniac
Reply
- tommy70 at 7-01-2017 10:40 PM (4 years ago)
(m)
Quote from: morolayo on 29-12-2016 10:19 AM
No be church? Tithes and offering will cover up later!
Posted: at 7-01-2017 10:40 PM (4 years ago) | Gistmaniac
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. Late Comedienne, Ada Jesus Last Wish Revealed By Human Right Activist, Harrison Gwamnishu

  2. AY’s Wife, Mabel Calls Out DSS Over Security Threats, Says She Is Facing Depression

  3. Photo: American Rapper, Drake Sparks Plastic Surgery Rumours With His Latest Shirtless Selfie

  4. Man Left Stranded in His Car Amid Heavy Flood in Lagos (Video)

  5. I’m Making More Money Now as Solo Artiste - Singer Peter Okoye 'Mr P' Reveals

  6. Tension As Gun-Wielding Cattle Dealers Attack Police, Commuters In Enugu

  7. Nigeria Singer, Davido Becomes Most Followed African Artiste on Instagram

  8. Gunmen Invade UNIBEN Bursar's Residence, Kill Civil Defence Officer

  9. Security Agencies Thwart Attempted Jail Break in Kano Prison

  10. Superstar Singer, Teni Insists We Are Supposed To Be Given Awards For Surviving Nigeria

  11. Police Confirm Death Of 3 Persons Shot Dead During Cult Clash In Rivers

  12. Ghanaian Actress, Akuapem Poloo Still Detained In Police Custody Despite Granted Bail


THIS WEEK
  1. Video: The Moment Ghanaian Female Pastor Using Her Br3ast To Heal Her Church Members

  2. Photos Of Laura Ikeji's Husband Ogbonna Kanu Picking From Dustbin in UK Hit Social Media

  3. Yikes! Ghanaian Female Student Caught Having S3x During Online Lecture Over Zoom (VIDEO)

  4. Nigerians Come For Prophet Odumeje Over Death Of Comedienne, Ada Jesus

  5. Sad! Comedienne Ada Jesus Has Just Died

  6. Woman Begs Court To End Her One Week Marriage Because Her Husband P3nis Is Too Big

  7. 'Pastor Odumeje Should Send His Account Number So We Refund His N1m' - Ada Jesus’s Mother (Vid)

  8. Man Confesses After Impregnating His Mother-in-Law Who Later Gave Birth To Boy

  9. Popular Delta Big Boy, Omale Superior Dies After Ramming Into A Pole While Returning From Club

  10. Popular Bayelsa-Based Baker, George Dokubo Strangled To Death In His House (Photos)


TOP MEMBERS: