Pastor Tunde Bakare, Serving Overseer of the Citadel Global Community Church, has announced that the church has fully repaid the outstanding N4 billion debt owed to Wema Bank Plc for the construction of its Citadel edifice.
Bakare made this known during a thanksgiving service held in Lagos to celebrate the church’s 37th anniversary. The event also highlighted the completion and financial milestones of the massive Citadel complex, which houses both the church and the Citadel School of Government.
The announcement brings closure to a long-standing issue that once drew public attention. In December 2021, reports had circulated claiming that Wema Bank was pressuring Bakare over an alleged failure to repay a N4.5 billion loan used for constructing the church building, formerly known as Latter Rain Assembly. Some claims even suggested that the debt had increased significantly over time.
Addressing the congregation, Bakare clarified the situation, stating that “the church owed Wema N4 billion and that it had been fully paid.”
He further explained that discussions are ongoing regarding the interest on the loan. According to him, “We are currently negotiating the interest on the loan which will also be fully paid once the negotiations are concluded.”
Bakare also revealed that the church’s borrowing was not limited to Wema Bank alone. Funds were sourced from several financial institutions, all of which, except Wema, had already been settled. He said, “We took N1.5 billion from Zenith Bank, N500 million from Fidelity Bank, N250 million from UBA, N100 million from Unity Bank and N4.5 billion from WEMA, with an initial deposit of N500 million to WEMA.”
He added that the total cost of constructing the Citadel building was approximately N12.1 billion. According to him, about half of the funds came from voluntary contributions by church members and supporters, while the remaining portion was financed through loans.
Bakare dismissed earlier claims that the loan obtained from Wema Bank was unsecured, describing such reports as false and misleading. He explained that the loan was backed by church-owned properties. In his words, ” The loan was guaranteed by our property that houses the church at no.4 Akilo road, Ogba, and another property at no 30 Kudirat Abiola way, Oregun, Ikeja.”
Reflecting on the controversy, Bakare expressed disappointment over the allegations, stating, “I was devastated and embarrassed with the lies that the church was drowning in debt.”
He disclosed that the N4 billion repayment was made in March through the sale of one of the church’s properties located in Akilo. The property was sold to a foreign company interested in establishing an automobile business.
Providing more details, he said, “Nobody sponsored the repayment. The building at Akilo attracted a foreign company interested in setting up an automobile business.”
He added that the transaction came unexpectedly, as the buyers reached out directly to church members rather than going through the appointed agent. According to him, “The sale did not come through the agent we gave the property to but the foreign firm contacted two of our members directly and insisted on paying N4 billion instead of the N4.5 billion the property was listed for.”
Bakare emphasized the importance of financial responsibility, noting that failing to repay debts reflects poorly on one’s character. He said he believes it is both a moral and ethical obligation to meet financial commitments.
Expressing gratitude, he concluded, “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 the edifice shall end in peace.”
