The United Kingdom’s Charity Commission, an agency that regulates charity organisations in the country has declared a branch of Christ Embassy insolvent.
On its website, the Charity Commission flagged Christ Embassy owned by popular Nigerian televangelist, Chris Oyakhilome as “charity insolvent”.
According to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”
The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
“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.