Nigerian Pastor’s organizations linked to R650 million pyramid scheme in KZN

Two non-profit religious organizations affiliated with influential Nigerian mega-pastor and televangelist Joshua Iginla have been placed under provisional liquidation as authorities investigate their potential connection to a R650 million pyramid scheme.

Champions Royal Assembly NPC and Joshua Iginla Ministries NPC, both identified in a recent court ruling as “religious organisations under the direction of” Iginla, are now part of an ongoing probe into the collapse of Supreme National Stock (SNS) Holdings.

The Pietermaritzburg-based SNS crumbled in late 2019, shortly after its directors attempted to reassure anxious investors about its financial health, claiming it was “here to stay.”

Directors Sandile and Nomalizo Sibiya were apprehended soon after the company’s demise.

The investigation has expanded to include Iginla’s organizations due to suspicions that they may have received funds diverted from SNS.

The provisional liquidation aims to secure any assets potentially connected to the scheme and prevent further loss of funds.

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