Pastor Tunde Bakare Clears Air on N4bn Wema Bank Loan Repayment
- Citadel Global Community Church has repaid its N4 billion loan from Wema Bank, ending all debts tied to its worship complex
- The payment was made in March 2026 using proceeds from the sale of a church property in Akilo
- Pastor Tunde Bakare said earlier claims that the church was overwhelmed by debt were false and misleading
The Citadel Global Community Church has announced the full repayment of a multi-billion naira loan used to finance its worship complex, marking a major financial milestone for the ministry led by Tunde Bakare.
Bakare disclosed during a church service that the N4 billion debt owed to Wema Bank Plc was cleared in March 2026.
Source: Getty Images
In a post on X (formerly Twitter), he explained that proceeds from the sale of a church property in Akilo generated the exact amount used to settle the obligation, bringing closure to the facility’s financing.
Loan repayment ends long-standing obligations
The cleric noted that the payment effectively ends all liabilities tied to the construction of the Citadel building. He also recalled earlier concerns raised about the church’s financial standing, insisting those claims were inaccurate.
“I was devastated and embarrassed with the lies that the church was drowning in debt,” Bakare said.
He maintained that the project was funded through a mix of bank loans and voluntary contributions from members and supporters, without any government funding.
According to him, about half of the estimated N12.1 billion required for the project came from donations, while the rest was sourced from financial institutions.
Breakdown of loans and contributions revealed
Bakare listed several banks that supported the project, noting that loans from other institutions had been settled before the final payment to Wema Bank. He added that the loans were secured with church-owned properties in Lagos, contrary to claims that no collateral was provided.
“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.
“We needed an approximated ₦12. 1 billion to construct the Citadel. About 50 percent of this sum came from free will donations by members and our allies while the other percentage was from banks. Church Gist. It is very sad and unfortunate that mischief makers alleged that the church got the loan without security, which was a huge lie."
He stressed that repaying debts remains a moral obligation and thanked members and supporters who contributed to the project’s completion.
MFM founder Olukoya releases scary prophesies
Earlier, Legit.ng reported that Dr Daniel Olukoya, General Overseer of the Mountain of Fire and Miracles Ministries, has warned that 2026 would unfold as a fast paced and spiritually demanding year, urging nations and individuals to pursue righteousness to avoid disorder and calamity.
The cleric delivered the message on morning of Thursday, January 2, at the church’s Prayer City along the Lagos Ibadan Expressway during the crossover service into the New Year.
Source: Legit.ng
