The Serving Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, on Sunday, revealed that the church has fully settled the N4bn loan it owed Wema Bank Plc for the construction of its Citadel edifice.
Bakare made the announcement during a thanksgiving service held in Lagos to commemorate the church’s 37th anniversary.
The expansive Citadel complex accommodates both the church and the Citadel School of Government.
It would be recall that in December 2021, reports emerged alleging that Wema Bank Plc was putting pressure on Bakare over his alleged failure to service a N4.5bn loan obtained for the construction of the Citadel Church edifice in Lagos, formerly known as the Latter Rain Assembly.
The reports said that the alleged default led to an increase in the debt, with the figure said to have risen to about N9bn.
While addressing the congregation during Easter Sunday service, Bakare confirmed that the principal debt to Wema Bank had been cleared, adding that discussions were ongoing regarding the accrued interest.
“We owed Wema N4bn, and that has now been paid in full. We are currently negotiating the interest, which will also be settled once discussions are concluded,” he said.
He explained that the funding for the project was sourced from multiple financial institutions, noting that loans obtained from other banks had already been repaid.
According to the clergyman, the church secured N1.5bn from Zenith Bank Plc, N500m from Fidelity Bank Plc, N250m from United Bank for Africa, N100m from Unity Bank Plc, and N4.5bn from Wema Bank, alongside an initial deposit of N500m.
Bakare further stated that the total cost of constructing the Citadel stood at approximately N12.1bn, with about half of the amount coming from voluntary contributions by members and supporters, while the remainder was financed through bank loans.
He also dismissed earlier allegations that the Wema loan was unsecured, describing such claims as false and misleading.
“The loan was backed by our properties at No. 4 Akilo Road, Ogba, and No. 30 Kudirat Abiola Way, Oregun, Ikeja,” he said, adding that the reports had caused him distress and embarrassment.
Bakare revealed that the Wema Bank loan was settled in March using proceeds from the sale of the Akilo Road property, which was sold for N4bn.
He said the buyer, a foreign firm planning to establish an automobile business, directly approached two church members and agreed to pay N4bn, despite the property being listed at N4.5bn.
“No individual sponsored the repayment,” he said.
The preacher added that failure to repay debts reflects a lack of integrity, expressing gratitude to members and supporters who stood by the church.
“I thank God we did not drown in debt, and I thank all our members and allies that stood by the Church. The completion of this project will end in peace,” Bakare added.
