The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
On its website, the Charity Commission flagged Christ Embassy as “charity insolvent”. According to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”
“In practice there are two separate tests for insolvency and failure of either might be an indication of insolvency: The charity cannot pay its debts as they fall due for payment; The value of its liabilities exceeds its assets.
Charities will be flagged as insolvent on our register when we are made aware of an insolvency situation and we are provided with verification from a qualified, independent insolvency practitioner.” the commission explained.
The church’s present financial problem is another episode in a series of crisis that has plagued the church since 2013. In 2014, Mr. Oyakhilome lost a fierce power tussle over the church in the UK with his ex-wife, Anita.
Though she was the head of the UK branch of the church, Mr. Oyakilome presided over the charity’s board of trustee since inception until he was forced to resign in 2014.
After he was kicked out of the church’s board of trustee, the couple went their separate ways in a bitter divorce, five months later. In 2013, the UK government set up an inquiry into possible financial misplacement of the church’s fund between 2008 and 2012.
Government-appointed auditors later raised eyebrows over suspicious payments worth N2.14 billion (£4.28 million) made to companies and organisation closely related to the church in 2013.
via Sandra Spicy
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