Pastor Tunde Bakare Announces Full Settlement of N4 Billion Wema Bank Loan for Citadel Church
In a significant financial development, the Citadel Global Community Church has officially confirmed the complete repayment of a substantial multi-billion naira loan that was utilized to finance its worship complex. This announcement marks a pivotal milestone for the ministry under the leadership of Pastor Tunde Bakare, effectively concluding all outstanding financial obligations associated with the construction project.
Loan Repayment Details and Timeline
During a recent church service, Pastor Tunde Bakare publicly disclosed that the N4 billion debt owed to Wema Bank Plc was fully cleared in March 2026. The repayment was executed using proceeds generated from the sale of a church-owned property located in Akilo, which provided the exact amount required to settle the financial obligation. This strategic transaction brings definitive closure to the financing arrangements for the Citadel building, eliminating all remaining liabilities tied to its construction.
Bakare emphasized that earlier claims suggesting the church was overwhelmed by debt were entirely false and misleading. "I was devastated and embarrassed with the lies that the church was drowning in debt," the cleric stated, addressing previous concerns about the ministry's financial standing. He maintained that the project was funded through a combination of bank loans and voluntary contributions from dedicated members and supporters, with absolutely no government funding involved in the financing structure.
Comprehensive Breakdown of Project Financing
According to detailed explanations provided by Pastor Bakare, approximately half of the estimated N12.1 billion required for the Citadel construction project came from free will donations contributed by church members and allies. The remaining percentage was sourced through loans obtained from various financial institutions. The pastor specifically outlined the breakdown of banking support received for the project:
- N1.5 billion loan from Zenith Bank
- N500 million loan from Fidelity Bank
- N250 million loan from United Bank for Africa (UBA)
- N100 million loan from Unity Bank
- N4.5 billion loan from Wema Bank, with an initial deposit of N500 million
Bakare clarified that loans from other supporting institutions had been settled prior to the final payment made to Wema Bank. He further addressed circulating misinformation by confirming that all loans were properly secured with church-owned properties located in Lagos, directly contradicting claims that no collateral had been provided for the financial arrangements.
Moral Obligation and Gratitude Expressed
The prominent cleric stressed that repaying debts remains a fundamental moral obligation for both individuals and organizations. He expressed profound gratitude toward church members and supporters whose generous contributions made the project's completion possible. Bakare's detailed financial transparency serves to counter previous narratives while highlighting the church's commitment to responsible financial management and ethical stewardship of resources.
This development represents not only a financial achievement but also reinforces the church's dedication to maintaining integrity in its operations and public communications regarding substantial projects undertaken by religious institutions in Nigeria.
