Receivers and managers have run the charity for more than two-and-a-half years since the Charity Commission found evidence of "serious misconduct and mismanagement" at the charity in 2002.
The commission's investigation found that KICC spent £120,000 celebrating Ashimolowo's birthday and that he used the charity's Visa card to buy a timeshare apartment in Florida.
Trustees also received salaries or payments from the charity for their work as pastors. Ashimolowo has signed an employment contract with KICC, a condition of which is that he will repay £200,000 to it.
In its report, the commission said trustees "should avoid situations in which their personal interests may be seen to conflict with their duties as trustees".