“In practice there are two separate tests for insolvency and failure of either might be an indication of insolvency: The charity cannot pay its debts as they fall due for payment; The value of its liabilities exceeds its assets.
“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 commission explained.
The church’s present financial problem is another episode in a series of crisis that has plagued the church since 2013.
According to Premium Times, in 2014, Oyakhilome lost a fierce power tussle over the church in the UK with his ex-wife, Anita. Though she, now known as Anita Ebhodaghe Schafer, was the head of the UK branch of the church, Oyakilome presided over the charity’s board of trustee since inception until he was forced to resign in 2014.
After he was kicked out of the church’s board of trustees, the former flamboyant couple went their separate ways in a bitter divorce five months later.
In 2013, the UK government set up an inquiry into possible financial misplacement of the church’s fund between 2008 and 2012. Government-appointed auditors later raised eyebrows over suspicious payments worth N2.14 billion (£4.28 million) made to companies and organisation closely related to the church in 2013. Read Full Story....
In 2013, the UK government set up an inquiry into possible financial misplacement of the church’s fund between 2008 and 2012. Government-appointed auditors later raised eyebrows over suspicious payments worth N2.14 billion (£4.28 million) made to companies and organisation closely related to the church in 2013. Read Full Story....
