ADVERTISEMENT

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.

Pastor Matthew Ashimolowo says tithing is important

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.

ADVERTISEMENT

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.”

ADVERTISEMENT

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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT