Mr. Fatoyinbo revealed this in a statement on his official Instagram page on Monday morning.
The pastor’s latest decision came amid public outcry which called on him to step down and address the rape allegations levelled against him by Busola, wife of popular singer, Timi Dakolo, on Friday.
In the statement, Mr. Fatoyinbo said he took the decision after consulting with several spiritual leaders around the world and the leadership of COZA.
He wrote, ”This step enables me to submit to the concerns of my spiritual mentors as they consider all the issues that have been raised against me.
”Though I do not understand all that is happening, I trust the lord to guide and lead me one step at a time. Kindly pray for me and the congregation as we seek the face of the lord at these turbulent times.”
The controversial pastor has held Nigerian headlines since Thursday morning when the interview of one of his alleged victims was made public.
Mrs Dakolo, a former member of COZA, told YNaija in the emotional interview that she was 16 when Mr Fatoyinbo raped her in Ilorin, Kwara State.
The allegations prompted condemnation of the preacher, who has faced previous allegations of sexual misconduct from two women.
Meanwhile, Mr. Dakolo, has announced the mobilisation of a seven-day protest to demand justice for his wife, Busola.
The singer revealed this in a statement on Sunday and added that the protest will also help seek justice for other women who have been allegedly raped by the COZA pastor and other pastors.
The protest will take place at COZA (Lagos and Abuja), Ministry of Justice and the Police Headquarters from July 1 to July 7.