KICC pastor loses $4m to a Ponzi scheme

KICC pastor

The largest black church in Britain,
Kingsway International Christian Centre led by Pastor Matthew Ashimolowo lost $4m to a Ponzi scheme headed by
Richard Rufus.
According to Sahara Reporters , trustees of the 12,000 strong church invested in the Ponzi scheme led by Rufus who was once a defender for Charlton Athletic. Rufus promised investors including the trustees of KICC that they will get returns as high as 55%.
The Christian Post reported an inquiry by the Charity Commission for England and Wales on Wednesday, December 14, 2016, which showed that KICC had a net loss of approximately $4.8m.
The findings showed that the trustees invested over $6m from June 2009 and June 2010.
Richard Rufus who was found guilty of defrauding his investors (100 in number) of $10m was a former member and trustee of the Pastor Ashimolowo church. In the Ponzi scheme, KICC was the largest investor.
In January 2016, Matthew Ashimolowo
advised President Buhari » to channel more of his energy into building a better Nigeria, so that the people will feel real change.
He advised Mr President to apply the Pareto Principle in leading the country.
Ashimolowo said “ President Buhari is a man of great integrity, who wants the best for the country. But if he spends all his time pursuing looters, the majority of us who did not steal will suffer .
“ Therefore, he must use the Parento’s Principle to approach governance. If you have your eyes permanently on the rear view mirror, you cannot drive fast. The past deserves just 20 percent attention. ”


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