Citadel Church Settles N4bn Wema Bank Debt

LAGOS – Pastor Tunde Bakare, the Serving Overseer of the Citadel Global Community Church (CGCC), has announced the successful liquidation of the N4 billion principal loan owed to Wema Bank Plc. The debt was part of the financing secured for the construction of the church’s multi-billion naira edifice, “The Citadel,” located in Lagos.

​Speaking during a thanksgiving service on Sunday to commemorate the church’s 37th anniversary, Bakare disclosed that the payment marks a significant milestone in the church’s financial journey. He noted that while the principal amount has been fully discharged, the church remains in active negotiations with the financial institution regarding accrued interest.

​The Debt Journey

​The announcement comes years after the project faced public scrutiny. In late 2021, reports suggested that the church was under intense pressure from Wema Bank over an alleged failure to service a N4.5 billion loan. Speculation at the time claimed the debt had ballooned to approximately N9 billion due to interest and penalties.

​Addressing these past reports, Bakare clarified the funding structure of the N12.1 billion project. He revealed that while half of the cost was covered by voluntary contributions from members, the remainder was financed through various bank loans.

​Breakdown of Initial Financing:

• ​Wema Bank: N4.5 billion
• ​Zenith Bank: N1.5 billion
• ​Fidelity Bank: N500 million
• ​United Bank for Africa (UBA): N250 million
• ​Unity Bank: N100 million

​Bakare confirmed that obligations to all other banks had been previously settled, leaving only the Wema Bank balance, which has now been cleared.

​Asset Liquidation for Repayment

​The cleric further debunked claims that the loan was unsecured, noting that the debt was backed by prime assets. He revealed that the N4 billion payment was made possible through the sale of a church-owned property on Akilo Road, Ogba.

​The property, initially valued at N4.5 billion, was sold for N4 billion in March to a foreign firm looking to establish an automobile business.

​”No individual sponsored the repayment,” Bakare stated, emphasizing that the transaction was a transparent business decision to ensure the church’s integrity remained intact.

​Integrity in Stewardship

​The Citadel complex, which houses the main church auditorium and the Citadel School of Government, was formerly known as the Latter Rain Assembly before its expansion and rebranding.

ADVERTISEMENT

​Reflecting on the challenges faced during the repayment period, Bakare expressed gratitude to the congregation and supporters. He described the completion of the debt payment as a victory for the church’s reputation.

​”I thank God we did not drown in debt,” Bakare said. “Failure to repay debts reflects a lack of integrity. The completion of this project will end in peace.”