Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Ashimolowo confirms his church invested $5m in Ponzi scheme

04 January 2017, 08:07

Lagos - The Senior Pastor of Kingsway Internation­al Christian Centre (KICC) in London, Pastor Mat­thew Ashimolowo, has said for­mer trustees of the church and not himself, invested $5 million in a Ponzi scheme.

Ashimolowo, in a state­ment signed on his behalf by his Chief Executive Officer, Dipo Oluyomi and Chief Operating Officer, James McGlashan, con­firmed that the investment was made over seven years ago.

The church said that the trustees of the church made the decision to invest in the scheme, but denied Ashi­molowo had anything to do with it.

The statement read: “Our attention has been drawn to a headline in a publication about the involvement of the church in a 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 in fact he 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 the KICC.

“As you are aware from the Charities Commission’s report, the decision to invest was sole­ly that of the UK 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 Mathew Ashimolowo.”

- News 24


Read more from our Users

Submitted by
Isaac Asabor263
Separating kitchen politics from ...

Like everyone else, I believe that the most popular definition of democracy is “government of the people, by the people and for the people”. Read more...

Submitted by
Bethel Tanifo
Ministry of Niger Delta Affairs, ...

Like NDDC Unlike MONDA. This notion is an intuition that does not portend political participation, affiliation, intrusion or aggression but a submission with the intention of completion of the previous administration's noble vision. Read more...

Submitted by
Bethel Tanifo
Nigerian Constitution versus Corr...

The problems of Nigeria is not in its conventional composition, formation, functionality, constitution or treaty, while the solutions are not disintegrations as promulgated by some faiths fanatics and bigotries.  Read more...

Submitted by
Abdulsalam Jubril
Much Ado about Trump’s Presidency

It was unbelievable when the social and mainstream media all over the world began airing the breaking news of Donald Trump’s victory in the most contentious US Presidential elections in recent years. Read more...

Submitted by
Mike Daemon
Nigerian author highlights gay ch...

A new novel by a prolific young Nigerian author features gay characters, which could help increase the visibility of the gay community and possibly lead to greater understanding of LGBT Nigerians. Read more...

Submitted by
Isaac Asabor263
Your Excellency, I will call you ...

Your Excellency, Governor Adams Oshiomhole, as a leader that pays attention to details, I understand that the odd title of this piece would definitely arouse your curiosity.  Read more...