How CAC (WOSEM) Lost 3 Storey Building To Bridging Loan Company – Maureen Badejo

2 mins read

GIOTV Show host Maureen Badejo has exposed how late Prophet Timothy Obadare’s Christ Apostolic World Soul Winning and Evangelistic Ministry, WOSEM, registered with the Charity Commission on 2 November 1992 in the United Kingdom lost three storey building to a loan company.

Our investigations shows that the loan was taken out for the purpose of refurbishing the charity’s church and as a result of the bridging loan and subsequent litigation, that the total amount due to the bridging loan company (“the loan company”) was £1,533,144.

On 19 February 2015, an inquiry was opened to investigate
whether or not the former trustees/current trustees of the charity have discharged/are discharging their duties and responsibilities as charity trustees. whether or not and to what extent, there has been mismanagement and/or misconduct on the part of those acting in the administration and management of the charity
the possible misappropriation or misapplication of the charity’s funds.

The future governance of the charity given the potential inability of the current trustees to manage and administer the charity in accordance with its governing document.

The inquiry found that the former trustees entered into a six-month bridging loan agreement in June 2010, but the charity only received £35,000 of the £250,000 funds drawn down and these trustees failed to take adequate steps to locate and recover the remainder.

The loan matured on 17 December 2010, but the former trustees defaulted on repayment and on 14 April 2011, the property was taken into the possession of the loan company. The former trustees challenged the action of the loan company.

On 8 March 2012, whilst the ownership of the property was being disputed by the former trustees, a fire completely destroyed the building. The inquiry has seen no evidence of a buildings insurance policy having been in place for the property and as a result of the fire all the charity’s records inside were destroyed. The property was not rebuilt and the land was sold by the loan company on 1 October 2013.

The legal action taken by the former trustees in 2011, which continued until at least 2014, increased the charity’s liability with the loan company. As a result, when the loan company sold the charity’s land in October 2013 for £1.2 million, they said the charity was not entitled to any of the proceeds.

Maureen further said all these pastors have turned churches to business centers no wonder they put their children and wives into juicy departments.

Funny enough the church that they turned to their family properties was built by the members and the elders in the church who are too cool and can’t complain because daddy and mummy in the Lord will be angry.

She said her followers shouldn’t allow all this pastors to use spirituality to brainwash them. They are using God’s name to scam.

Maureen asked how many private jets did Jesus Christ have?.

A word is enough for the wise.