Nonprofits linked to dodgy pastor shut down
Two nonprofit religious organisations linked to Nigerian mega pastor and televangelist Joshua Iginla have been placed into provisional liquidation as investigators seek to recover funds from a R650m pyramid scheme.
A Fin24 report notes that Champions Royal Assembly NPC and Joshua Iginla Ministries NPC – described in a new court ruling as ‘religious organisations under the direction of Iginla’ – were named in an ongoing investigation into the collapse of Supreme National Stock (SNS) Holdings.
Pietermaritzburg-based SNS collapsed in late 2019, just weeks after its directors tried to assure worried investors of its financial stability, promising it was ‘here to stay’.
Its directors, Sandile and Nomalizo Sibiya, were arrested soon after.
A court later found that SNS was an illegal investment scheme that tricked what it referred to as ‘partners’ into investing in trucks and trailers. The company was placed into final liquidation in July 2020.
Iginla, who boasts more than 3m followers on Facebook, is renowned for his prophecies shared during live church services broadcast to thousands of followers.
The organisations received over R14m in ‘donations’ from SNS Holdings.
The payments were set aside in late 2022, and the two nonprofits were ordered to repay the funds.
After no money was received from either organisation, they were placed into provisional liquidation in March 2023.
This allowed SNS's liquidators to search for and sell off their assets.
As the inquiry continues, SNS's liquidators are seeking out people who received funds from the two nonprofits to compel them to give evidence.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
