KICC pastor loses $4m in Ponzi scheme gone wrong

The largest black church in Britain,

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 to channel more of his energy into building a better Nigeria, so that the people will feel real change.

He advised Mr President to apply the Pareto Principle in leading the country.

Ashimolowo said “President Buhari is a man of great integrity, who wants the best for the country. But if he spends all his time pursuing looters, the majority of us who did not steal will suffer.

“Therefore, he must use the Parento’s Principle to approach governance. If you have your eyes permanently on the rear view mirror, you cannot drive fast. The past deserves just 20 percent attention.”

Punch Newspapers reports that he said this at the 10th edition of the annual widows New Year party in Ode-Omu, Osun State.

The charismatic Pastor reportedly owns a private University- Kings University, in Osun state, Nigeria.

Forbes estimates that Matthew Ashimolowo’s net worth is between $6-10 million.