Auditors appointed by the United Kingdom’s Charity Commission to review the accounts of the UK branch of the popular Christ Embassy, have raised eyebrows over suspicious payments worth N2.14 billion (£4.28 million) made to companies and organisation closely related to the church in 2013.
This came as Anita, the former wife of the founder of the mega-church, Chris Oyakhilome, dispelled rumours of a reconciliation with the televangelist.
UK authorities have previously raised concerns over controversial expenditures made by the church.
On 11 August 2014, the Charity Commission, which is the regulator of charities in England and Wales, side-lined the church’s board of trustees and appointed an interim manager, Rod Weston of the international audit and accounting firm, Mazars, to take over the management of the church.
The decision to suspend the church’s board of trustees follows the discovery of controversial payments worth N1.8 billion (£3.6 million) to overseas entities between 2008 and 2012.
At the time, the Charity Commission, issued a statement that it had opened a statutory inquiry to investigate Christ Embassy over “a number of serious concerns relating to the use of charitable funds, in particular large connected party payments and the potential misapplication of grant funding”
The commission said it was not convinced that the church had been prudent in managing its finances.
Subsequently, the UK tax authority, HM Revenue and Customs, withheld N711.4 million (£2.7 million) due to the church in donation between 2008 and 2012 until the conclusion is resolved.
But details of the 2013 financial statement, which was approved on 22 January, 2016 and released recently, show that the church aggravated payments similar to those the Charity Commission had flagged as suspicious.
According to Jacob Cavenagh and Skeet, the independent auditors, the church made a total income of £14.1 million in 2013 but had an expenditure of £15.9 million. Part of the expenditure was made to companies and organisations with close relation to the church.
The auditors particularly flagged the N1.33 billion (£2,679,980) paid to Loveworld Limited for transmission of the church’s broadcast. Interestingly, a trustee of the church, Obioma Chiemeka, is the director and sole shareholder of Loveworld Limited. Mr Chiemeke, a pastor, however resigned as a trustee on 15 October, 2015.
Also, purchases worth N22.46 million (£44,925) were made from Ventaja Ltd for decorating and the construction of a stage. A pastor of the church, Tony Obi, is the sole shareholder of the Ventaja and his wife Georgine Obi, an employee of Christ Embassy, is a director of the company. Mr Obi, however, resigned as a trustee of the church on 6 November 2015.
The auditors were also not convinced about the grant of N500.48 million (£1,000,973) given to Healing School, Canada, a trustee of the UK branch of the Church. Ray Okocha, a reverend, is also a trustee of Healing School Canada.
Healing School is the branch of the church in charge of faith healings and miracles sessions. It regularly hosts events in Johannesburg South Africa, and Toronto, Canada.
The auditors said they could not obtain “complete and accurate” information on the transactions because the church could not provide explanations and information they requested during the audit.

http://www.premiumtimesng.com/news/headlines/204204-british-auditors-query-n2-1-billion-incestuous-transactions-christ-embassys-accounts.html

Dear Lord where is thy face... When did church start yielding this much in returns, we need explanations

Lalaasticlala day don break oh.........for Ochanja Main market

1. See the cost of building stage
2. See the details of healing school

Anyway, I feel that Shareholders are mopping up their stake in the business. Those payments may just be one of such ways.

For Anita, who she help sef

I suspect that their marriage was Contractual in the first place.

Keneking:
Lalaasticlala day don break oh.........for Ochanja Main market

1. See the cost of building stage
2. See the details of healing school

Anyway, I feel that Shareholders are mopping up their stake in the business. Those payments may just be one of such ways.

For Anita, who she help sef

I suspect that their marriage was Contractual in the first place.

abi...oooooo