Ashimolowo Did Not Lose $5m to Ponzi Scheme


The Kingsway International Christian Centre (KICC) has reacted to a recent report in which its Senior Pastor, Pastor Mathew Ashimolowo, was alleged to have lost $5 million in a ‘Ponzi scheme’.

In a statement by two top ranking officers of the church, Messrs Dipo Oluyomi, Chief Executive Officer and James McGlashan, Chief Operating Officer, the church stated categorically that Ashimolowo did not lose N5 million to Ponzi.

It described the article as sensational and deliberately fallacious, totally misleading, libelous and one that has caused damage to Ashimolowo’s reputation as a consequence.

According to them, the sensational headline implies that the pastor lost $5million when in fact he did not and did not make the decision to invest.

Ashimolowo is the Senior Pastor, KiCC and not a trustee and has never been a trustee of KICC.

Oluyomi and McGlashan set the records straight thus: “As you are aware from the Charities commission’s  report that the decision to invest was solely that of the UK trustees  without any involvement  of Ashimolowo. 

“Importantly as the report states, it is the trustees who have the responsibility for investing charity funds and not Ashimolowo.

“The investment referred to were made by former trustees on behalf of the charity over seven and a half years ago. They believed they were acting in the best interest of the charity and they did not and have not benefited personally. Their actions were totally independent and were not influenced in any way by Ashimolowo.”

The KICC officials strongly urged that appropriate corrections be made to set the record straight and remove the misleading headline.

KICC is a charity whose main aim is to advance the Christian religion in the UK and around the world, as well as provide local communities with a great deal of counselling and support including educational, bereavement and prayer support. 

Ashimolowo preaches around the world on behalf of KICC, spreading the word, touching lives, raising champions and the profile of KICC.