The Mountain of Fire and Miracles Ministries has denied they bought the Ikorodu-based club side from its founder
MFM recently took over the Nigeria National League side and have since started sponsoring the team to its League matches.
"I've heard stories that I sold Bolowotan to Mountain of Fire for N10m. This is not only ridiculous but a calculated attempt to tarnish my reputation which I've built over the years," Gafaar said.
A very livid Gafaar urged anyone in doubt to verify his claim from the Nigeria National League in Abuja and the Lagos State Football Association.
"God is my witness, I didn't collect one kobo from MFM for Bolowotan. In taking the decision to give up my dear club, I thought of an organisation that had a track record in football and MFM came to mind.
"I had a meeting with MFM Sport Director Mr Godwin Enakhena and some pastors, I told them that I was giving the club to them for free.
"The records are there with the Nigeria National League and The Lagos State Football Association."
Gafaar further revealed that his decision to let go of Bolowotan was personal.
"There is no one in the football circle who is not aware of my love for Bolowotan, I gave my all to keep the club going but there came a time that I had to take a very difficult decision to let go.
"That was why by divine instruction, I handed over everything to MFM without collecting a kobo."
Meanwhile, MFM FC will travell to Umuahia for a week 9 game against Abia Warriors on Sunday after defeating Crown of Ogbomosho 1-0 at the Agege Stadium last Tuesday.