By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Pastor Matthew Ashimolowo of KICC Loses $4.8million To Ponzi Scheme
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Pastor Matthew Ashimolowo of KICC Loses $4.8million To Ponzi Scheme

Farouk Mohammed
By Farouk Mohammed
Published: December 29, 2016
Share
2 Min Read
SHARE

Pastor Mathew Ashimolowo of the Kingsway International Christian Centre has lost $4.8 million to a Ponzi scheme after trustees carelessly invested money in it, according to The Christian Post, a United Kingdom based website.

 

Pastor Matthew Ashimolowo


 

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.

- Advertisement -

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 instalments 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 sizeable return totalling 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 said to be the single largest investor in the scheme.

The church has a 12,000-member megachurch in Britain.

- Advertisement -

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.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Pastor AshimolowoPastor Matthew AshimolowoPonzi Scheme
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article So Quick: Rihanna Unfollows Jennifer Lopez on Instagram
Next Article Actress Debbie Reynolds Is Dead

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,535.00
Sell₦1,545.00
GBP
Buy₦2,128.00
Sell₦2,160.00
EUR
Buy₦1,760.00
Sell₦1,810.00

Updated: 4 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Air Peace
Lagos LG Elections: Air Peace Announces 12-Hour Flight Suspension
News
Nigeria’s Super Eagles Slip to 44th in FIFA Rankings Despite Point Gain
Sport
Senator Natasha Akpoti-Uduaghan
Natasha Akpoti-Uduaghan Replaced as Senate Diaspora Committee Chair Amid Ongoing Suspension
News Top stories
IPOB Condemns Governor Soludo’s Allegations Linking Igbo Youths to Kidnapping Surge
News
Monday Okpebholo
Supreme Court Affirms Okpebholo’s Election as Edo Governor
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Eze Ndigbo Mourns Passing of Olubadan, Highlights Ibadan’s Unique Royal Succession System

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 10, 2025
News

Empowering the Vulnerable: Ogun First Lady Champions Free Medical Surgeries

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 10, 2025
News

Lagos Police Enforce Comprehensive Movement Ban to Secure July 12 LG Elections 

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 10, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?