- The UK charity commission says Christ Embassy Limited valued with a net asset of more than N1 billion entered into liquidation from November 1, 2016
- The agency states that a charity is considered as being insolvent when it is unable to pay its debts
- El Rufai calls on Christians to pray for peace of Nigeria
The United Kingdom branch of Christ Embassy, owned by popular Nigerian pastor, Chris Oyakhilome, has been declared insolvent by the UK charity commission over the inability of the church to pay its debts.
Citing the church’s 2015 financial statement (the church’s last annual return, which it published in 2017), the commission stated 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, Premium Times reports.
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The agency on its website noted that a charity is considered as being insolvent when it is “unable to pay its debts.
“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.
Meanwhile, the governor of Kaduna state, Mallam Nasir El-Rufai on Wednesday, February 14, called on Christians across Nigeria to pray for the peace and unity of the country as they embark on the Lenten season.
According to a statement issued in Kaduna, Mallam El Rufai said with peace, every part will witness development and progress.
The statement signed by the Senior Special Assistant to the governor on Media and Publicity, Samuel Aruwan, quoted the governor as saying that Christians must imbibe the lessons of the season for the unity of the country.
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