According to the agency that regulates charity organisations, Christ Embassy church in the United Kingdom is in debt and has been declared insolvent by the Charity Commission.
The church owned by popular Nigerian pastor, Chris Oyakhilome, was flagged on the Charity Commission website as ‘charity insolvent’. According to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”
Report says the ministry’s annual return for the years 2013 to 2014 indicated that a total of N7.6 billion (£15.1million) was paid to the interim manager. The church still has an outstanding fee of N1.1 billion (£2215,914) to pay the interim manager in 2015.
The Commission explained, “Charities will be flagged as insolvent on our register when we are made aware of an insolvency situation and we are provided with verification from a qualified, independent insolvency practitioner.”
The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
When Independent Newspaper reached representatives of the Church in Nigeria, the church worker who pleaded anonymity said that he is not aware of such happening and cannot confirm it. “If there is something like that, I should know about it,” the source stated.
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