Pastor Tunde Bakare battles Wema Bank #9B debt overhang.
The General Overseer of Citadel Global Community Church formerly known as Latter Rain Assembly is swimming in a debt of 9 billion naira which he is allegedly owed Wema bank.
The lawyer turned clergy collected a loan to build his state of art church auditorium in Oregun, Ikeja and he has not been able to repay the loan.
The clergy collected uncollateralized loan of 4.5 billion naira but his inability to service it ballooned the figure to 9 billion naira.
Tunde Bakare exploited his relationship with the former Managing Director of the bank, Segun Oloketuyi to collect the loan.
He maintained a close relationship with the bank and was always present at almost all the bank’s functions. When Wema bank celebrated it’s 70th anniversary in 2015, he was in attendance and he also maintained the robust relationship with the former Managing Director of the bank, Segun Oloketuyi.
Pastor Bakare had planned to repay his loan once his church is bigger and more populous with robust offering from its members. But the COVID-19 pandemic disrupted his plan as most churches were under lock and key observating COVID-19 protocols. His projection did not materialize and the loan rose to 9 billion naira.
Wema bank has made overtures to the pastor so as to recover the loan but they have not yet made any headway.
Credit; TheWill news Media.