The evangelical church which was founded by Pastor Tobi Adegboyega was wound up in the public interest in the High Court on Tuesday, June 9, 2022, the U.K government announced on Friday, June 17.
According to a statement posted on the country’s website, the Official Receiver has been appointed as liquidator of the company.
“The court heard that SPAC Nation was incorporated in 2012, a charity set up to advance Christianity. Much of its charitable work was based in London, working particularly with vulnerable people, youth, and offenders.
Initially, the church group received positive reviews and media attention. But by late 2019 SPAC Nation was subject to media scrutiny following allegations by former church members they had been financially exploited by senior church personnel.
Investigators interviewed pastor Dapo Adegboyega and he said that the church group had over 2,000 members and 200 ordained ministers and pastors but failed to provide any supporting information.
Further enquiries found that SPAC Nation either failed to comply or only partially complied with statutory requirements, including providing data to support claimed donations, and accounting records in support of £1.87 million of expenditure.
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 statement reads.
SPAC Nation was shut down after failing to properly account for more than £1.87 million of outgoings and operating with a lack of transparency, the Independent reported on Friday.
UK court concluded the suit against SPAC Nation on 9 June 2022 before Judge Burton, government agency The Insolvency Service announced.
The church known to carry out humanitarian causes had been hit by allegations of financial exploitation and abuses of its members who mainly comprised young Black people from impoverished communities.
“While SPAC Nation claimed it had noble intentions to support vulnerable and young people, our enquiries uncovered a different side of the charity,” Edna Okhiria, chief investigator for the Insolvency Service, said.
“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 expenditures.
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