Kingsway International Christian Centre led by Pastor Matthew Ashimolowo lost $4m in a Ponzi scheme headed by a former professional footballer.
The largest black church in Britain, Kingsway International Christian Centre led by Pastor Matthew Ashimolowo lost $4m to a Ponzi scheme headed by Richard Rufus.
According to Sahara Reporters, trustees of the 12,000 strong church invested in the Ponzi scheme led by Rufus who was once a defender for Charlton Athletic. Rufus promised investors including the trustees of KICC that they will get returns as high as 55%.
The Christian Post reported an inquiry by the Charity Commission for England and Wales on Wednesday, December 14, 2016, which showed that KICC had a net loss of approximately $4.8m.
The findings showed that the trustees invested over $6m from June 2009 and June 2010.
Richard Rufus who was found guilty of defrauding his investors (100 in number) of $10m was a former member and trustee of the Pastor Ashimolowo church. In the Ponzi scheme, KICC was the largest investor.
In January 2016, Matthew Ashimolowo advised President Buhari to channel more of his energy into building a better Nigeria, so that the people will feel real change.
Source: Nigeria Today