The Kingsway International Christian Centre, KICC has reacted to a recent report in which its Senior Pastor, Pastor Mathew Ashimolowo was alleged to have lost $5 million in a ‘Ponzi Scheme’.

In a statement by two top ranking officers of the church, Messrs Dipo Oluyomi, Chief Executive Officer and James McGlashan, Chief Operating Officer, the church stated that Ashimolowo did not lose N5 million to Ponzi.

It described the article as sensational and deliberately fallacious, totally misleading, libelous and one that has caused damage to Ashimolowo’s reputation as a consequence.

According to them, Ashimolowo did not make the decision to invest and has never been a trustee of KICC.

“As you are aware from the Charities Commission’s report that the decision to invest was solely that of the U.K 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.

“The investment referred to were made by former trustees on behalf of the Charity over seven and a half years ago. They believed they were acting in the best interest of the Charity and they did not and have not benefited personally .Their actions were totally independent and were not influenced in any way by Pastor Matthew Ashimolowo.”