UK Govt Shuts Down Tobi Adegboyega’s SPAC Nation Over £1.9 Million Fraud
SPAC Nation, or Salvation Proclaimer Ministries Limited, was wound up in the public interest at the High Court on June 9, 2022, before Judge Burton. The company’s liquidator has been designated as the Official Receiver.
SPAC Nation, a charity dedicated to advancing Christianity, was founded in 2012, according to the court. Much of its philanthropic work was concentrated on London, with a focus on disadvantaged individuals, youth, and criminals.
The church group first received great feedback and media attention. However, by late 2019, SPAC Nation has come under fire from the media when former church members claimed they had been financially exploited by senior church officials.
After receiving concerns about SPAC Nation, the Insolvency Service launched its own private investigation into the church group’s operations.
Investigators spoke with Adedapo Olugbenga Adegboyega, also known as Dapo Adegboyega or Pastor Dapo, one of the company’s directors. Mr Adegboyega claimed during interviews that the church group had over 2,000 members and 200 ordained ministers and pastors, but he did not present any supporting evidence.
SPAC Nation failed to comply with or only partially complied with statutory requirements, including supplying data to back claimed donations and accounting records to support £1.87 million in expenditure, according to further investigations.
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The company’s financial statements in the two years to 31 December 2019 set out £610,000 of rent expenditure. However, the company did not have a single base of its own and would hire venues across London to hold services, at significant expense.
Salvation Proclaimer Ministries Limited was wound-up after the court concluded the company operated with a lack of transparency, filed suspicious or incorrect accounts, and was insolvent at the time of the hearing.
It was also recognised that the company provided inconsistent information to the Insolvency Service and Charity Commission, and failed to deliver up adequate accounting records.
The company remains subject of a statutory inquiry by the Charity Commission, who are examining financial, governance and safeguarding matters at the charity.
Edna Okhiria, Chief Investigator for the Insolvency Service, said:While SPAC Nation claimed it had noble intentions to support vulnerable and young people, our enquiries uncovered a different side of the charity. There were clear concerns around how the church group managed its affairs and SPAC Nation failed to properly account for income received from donations and other expenditure.
The court recognised the severity of SPAC Nation’s actions and this sends a strong message that proper records and accounts must be maintained, even if you’re a charity.
All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ or piu.or@insolvency.gov.uk.
