By Editor Drealomalicha Emmanuella
The General Overseer of the Citadel Global Community Church, Pastor Tunde Bakare, has announced that the church has fully repaid the ₦4 billion loan it owed Wema Bank Plc for the construction of its Citadel complex in Lagos.
Speaking during a thanksgiving service on Sunday to mark the church’s 37th anniversary, Bakare shared the news with a sense of relief, bringing closure to years of public speculation surrounding the project’s financing.
The Citadel, an expansive facility that houses both the church and its School of Government, stands as one of the ministry’s most ambitious undertakings.
Addressing the congregation, Bakare confirmed that while the principal loan has been cleared, discussions are ongoing with the bank regarding the accrued interest.
“We owed Wema Bank ₦4 billion, and that has now been fully paid,” he said. “We are currently negotiating the interest, which will also be settled once those discussions are concluded.”
The announcement follows reports that surfaced in December 2021, alleging that the church had defaulted on a ₦4.5 billion loan and that the debt had ballooned to as much as ₦9 billion due to mounting interest. At the time, the claims drew widespread attention and raised questions about the project’s financial management.
Providing clarity, Bakare explained that the Citadel project was financed through a combination of bank loans and voluntary contributions from members and supporters. According to him, the total cost of the development stood at approximately ₦12.1 billion, with nearly half funded through donations.
He detailed that the church secured ₦1.5 billion from Zenith Bank Plc, ₦500 million from Fidelity Bank Plc, ₦250 million from United Bank for Africa, and ₦100 million from Unity Bank Plc, in addition to the ₦4.5 billion facility from Wema Bank and an initial deposit of ₦500 million. He added that all loans from other financial institutions had already been repaid.
Bakare also addressed claims that the Wema Bank loan was unsecured, firmly dismissing them as inaccurate.
“The loan was backed by our properties at No. 4 Akilo Road, Ogba, and No. 30 Kudirat Abiola Way, Oregun, Ikeja,” he said, noting that the earlier reports had caused him considerable distress and embarrassment.
He revealed that the outstanding Wema Bank loan was settled in March through proceeds from the sale of the Akilo Road property, which was purchased for ₦4 billion by a foreign company planning to establish an automobile business.
According to him, the buyer approached members of the church directly and agreed on the purchase, despite the property being listed at a higher price.
“No individual sponsored the repayment,” Bakare clarified.
Reflecting on the experience, the cleric emphasised the importance of financial responsibility and integrity, noting that the church remained committed to meeting its obligations.
“I thank God we did not drown in debt,” he said. “I am grateful to all our members and supporters who stood by the church. We believe the completion of this project will end in peace.”
For many within the congregation, the announcement marked not just the end of a financial burden, but a moment of reassurance after years of uncertainty surrounding the landmark project.
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