Pastor Tunde Bakare Sells Off Property To Pay Off His N4 Billion Debt to Wema Bank

The General Overseer of Citadel Global Community Church, formerly known as the Latter Rain Assembly, Pastor Tunde Bakare, has finally settled the outstanding balance on the loan he obtained from Wema Bank which was part of a broader financing structure towards the building of Citadel Church. He confirmed that his church cleared the N4 billion principal loan owed to the bank, adding that other loans tied to the project had already been repaid.

About four years ago, Wema Bank has put pressure on Bakare to return the loan as it was taking forever for him to service it. The delay or refusal allegedly caused the loan to balloon to N9 billion. Bakare, a former presidential aspirant on the platform of All Progressives Congress, allegedly exploited his robust relationship with the then bank’s managing director, CEO, Segun Oloketuyi to secure the loan.

Unfortunately, COVID-19 interfered with his repayment plans after he received the loan. The fortunes of his church via offerings and donations suffered as his and many other churches had to be shut down due to the pandemic.

WEMA Bank had attempted to debunk putting pressure on him to repay the loan but in a curious twist, Bakare revealed that his church project was financed by five banks. He said that of the five, loans gotten from Unity Bank and UBA have been paid off while loan from the third bank, Fidelity Bank, was being serviced at that time. The remaining two banks which he didn’t mention restructured the payment plan for the loan he got from them, so that instead of paying back in two years, he will now pay back in installments lasting five years. He also pointed to specific properties used as collateral. The final repayment came through the sale of one of those assets.

To be clear, the project's overall cost was estimated to be around N12.1 billion. Roughly half came from contributions, while the rest came from multiple banks. The key issue is not the announcement but the method. The debt was not written off, nor was it transferred. Rather, it was settled through asset liquidation and structured financing. That distinction is important because it separates repayment from influence. Bakare who has built a public reputation around accountability, often criticising governance failures and corruption. He also has a political history, including a vice-presidential run. That background makes this moment more than a church update. It becomes a test of whether personal conduct aligns with public messaging.

An unresolved portion remains. Interest payments are still up for discussion. This indicates that there is still work to be done. The major commitment, which was the most risky, has been settled, nevertheless.