Pastor Matthew Ashimolowo KICC pastor loses $4m in Ponzi scheme gone wrong

Kingsway International Christian Centre led by Pastor Matthew Ashimolowo lost $4m in a Ponzi scheme headed by a former professional footballer.

  • Published: , Refreshed:
Pastor Matthew Ashimolowo reacts to tithing controversy play

Pastor Matthew Ashimolowo

(Pulse)
24/7 Live - Subscribe to the Pulse Newsletter!

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.

Pastor Matthew Ashimolowo play

Pastor Matthew Ashimolowo

 

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.

Richard Rufus in his playing days play

Richard Rufus in his playing days

(Telegraph )

 

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.

Nigerian President Muhammadu Buhari speaks during German President Joachim Gauck's visit to the State House in Abuja play Nigerian President Muhammadu Buhari speaks during German President Joachim Gauck's visit to the State House in Abuja

 

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.

Students of King University play

Students of King University

(Punch )

 

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.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.