Ponzi scheme – Pastor Ashimolowo Debunks his involvement in $5million investment fraud

Popular pastor and founder of the Kingsway International Christian Centre (KICC) Mathew Ashimolowo has debunked rumours circulating in the media that he lost $5million to a Ponzi scheme in the United Kingdom.

According to the popular pastor, he did not make any decision to invest the church money in any capacity because he is not a member of the trustee.

Ashimolowo in a press release signed by Dipo Oluyomi and James McGlashan did not deny that such investment took place; he however claimed that the decision to invest the church’s money was not his.

Recall that Pastor Ashimolowo’s KICC was recently alleged to have invested $4.8million in a ponzi scheme owned by a former football Richard Rufus, who has now been declared bankrupt and also convicted of defrauding the church and others

Read the full statement below

“The attention of Pastor Matthew Ashimolowo and KICC has been drawn to publication in the media with the headline: “Pastor Matthew Ashimolowo loses $5million to Ponzi Scheme.”

“We wish to state that the headline was unfortunate and misleading and has caused damage to the reputation of Pastor Ashimolowo. The sensational headline suggests that Pastor Matthew Ashimolowo lost $5million when INFACT HE DID NOT and did not make the decision to invest.

“Pastor Matthew Ashimolowo is the Senior Pastor of KICC and not her trustee and has never been a trustee of KICC.

“As you are aware from the Charities Commission’s report, the decision to invest was solely that of the U.K trustees without any involvement of Pastor Matthew Ashimolowo. Importantly as the report states, it is the trustees who have the responsibility for investing Charity Funds and NOT PASTOR MATTHEW ASHIMOLOWO.