Emerging report from United Kingdom's Charity Commission reveals that the UK branch of Christian Embassy, a church owned by Nigerian Pastor, Chris Oyakhilome has gone bankrupt and unable to pay its debts. The report said 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 report reads in part
“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."
It is unclear whether the UK branch of the Church is still being managed by the Nigerian pastor. Recall that the pastor, after a messy divorce parted with some assets to the estranged wife, Anita.
In 2014, Anita moved to take over the church in UK after removing her husband as a trustee of the church. She has reportedly been presiding over the seven-man board of trustees of the church valued at N8.2 billion then.
Other members of the board include Obi Chiemeka, Ifeoma Onubogu, Nkem Odiakah, Raymond Okocha, Tony Obi and Uche Onubogu, all pastors believed to be loyal to Mrs. Oyakhilome.
