Pastor Tunde Bakare Reveals How He Cleared N4bn Loan to Wema Bank

Pastor Tunde Bakare, the Serving Overseer of the Citadel Global Community Church (CGCC), informed churchgoers on Sunday that the outstanding debt of N4 billion owed to Wema Bank Plc for the construction of their church building has been entirely settled.

Bakare shared this news during a thanksgiving service in Lagos to commemorate the church's 37th anniversary.

According to reports from the News Agency of Nigeria (NAN), the impressive Citadel structure accommodates both the CGCC and the Citadel School of Government.

NAN also recalled that in December 2021, various media outlets reported allegations that Wema Bank was pursuing Bakare over his purported inability to service an uncollateralized loan of N4.5 billion taken to build the church, originally known as the Latter Rain Assembly in Lagos.

Further allegations emerged that Bakare's failure to repay the loan caused it to escalate to N9 billion.

During the announcement, Bakare reassured members, stating, "the church owed Wema N4 billion and that amount has been fully paid."

He further revealed, "We are presently negotiating the interest on the loan, which will also be fully paid once discussions conclude."

The pastor mentioned that the debt was not solely owed to Wema Bank but included loans from four other banks that have since been settled. He detailed the loans as follows: N1.5 billion from Zenith Bank, N500 million from Fidelity Bank, N250 million from UBA, N100 million from Unity Bank, and the N4.5 billion from Wema Bank, with an initial deposit of N500 million made to Wema.

Bakare indicated that an estimated N12.1 billion was needed for the construction of the Citadel edifice, with about half obtained through voluntary donations from congregation members and allies, while the remainder was sourced from various banks.

He expressed disappointment over allegations that the church secured the loan without appropriate security, which he asserted was false. "The loan was backed by our property located at No.4 Akilo Road, Ogba, and another at No. 30 Kudirat Abiola Way, Oregun, Ikeja," he stated.

Bakare expressed his distress over the false rumors claiming the church was burdened by debt. He confirmed that the Wema debt was cleared in March, funded by the sale of a property at Akilo, which was sold for exactly N4 billion.

This sale was spearheaded by a foreign firm interested in establishing an automobile business, bypassing the agent originally commissioned for the sale. The firm directly approached two church members and proposed a payment of N4 billion instead of the listed N4.5 billion.

Bakare stressed the importance of honoring financial obligations, stating that failing to do so reflects a lack of integrity.

He concluded by thanking God for the church’s financial stability and expressed gratitude to the members and allies who supported the church throughout its challenges. He emphasized the importance of completing the church's building project peacefully.