London-Based Church, Spac Nation Owned by Flamboyant Nigerian Pastor Tobi Adegboyega Closed Down by Uk Government over Fraud Allegations

The UK government has demanded the closure of SPAC Nation, a London-based church owned by prominent Nigerian Pastor Tobi Adegboyega, due to allegations of fraudulent activities. The church, which was incorporated in 2012, failed to account for over £1.87m of outgoings and was found to operate without transparency.

A High Court ruling on 9 June 2022 resulted in the winding up of SPAC Nation, as announced by The Insolvency Service on Friday June 17. The investigation revealed that the church did not comply with statutory requirements and could not provide necessary data and accounting records to support its expenditures.

Furthermore, the company’s financial statements indicated £610,000 of rent despite not having a permanent base and instead renting venues for its services across London. The court’s conclusions highlighted the lack of transparency, suspicious accounting practices, and insolvency of SPAC Nation at the time of the hearing.

In response to the situation, Edna Okhiria, chief investigator for the Insolvency Service, expressed concerns about the charity’s management and its failure to accurately account for income and expenditure. The rebranding of SPAC Nation as Nxtion Family in June 2020, following Pastor Tobi Adeboyega’s announcement of stepping down as leader, reflects the possibility of organizations reappearing under different names.

While SPAC Nation may cease to exist under its current name on the Companies House register, the organization can continue under a different identity.