A new generation commercial bank, WEMA is releasing a stinking development involving an unserviceable loan to the tune of N9 billion taken by Pastor Tunde Bakare of the Citadel Global Community Church (formerly known as the Latter Rain Assembly).
According to feelers from the headquarters of the Church, the loan was taken to build the new multi-billion naira auditorium, but payment plan seems to have been obstructed by the COVID-19 pandemic.
Following a decision taken by the WEMA Bank management to retrieve all unserviceable loans, the Senior Pastor of the Citadel Global Community Church, Pastor Tunde Bakare featured prominently that “from 2022 financial year, he should refund the principal and accrued interest of the loan to the tune of N9 billion.”
Bakare’s Church which is located in Oregun, Ikeja Lagos, was built by the uncollatralised loan which its founder, Bakare acquired to the tune of N4.5billion. The source hinted that he got the loan easily as a result of his closeness to the top management of the Bank, but the loan was unserviceable until its interest grew to the tune of N9 billion.
From the proposal to the building of the multi-billion edifice, Pastor Bakare didn’t envisage disruption in the form of COVID-19 as it were, unfortunately, the the Church under his management has fallen short of repayment target due to the COVID-19 even as much revenue was not forthcoming.
Like Bakare, many other popular pastors are also having difficult times managing their financial transactions with many public places and worship centres shut, many churches had to take their services online. Even though offerings were accepted online, the revenue was nowhere near when the church was in full swing.
The source close to the Church also hinted that several letters of reminder have been written by WEMA Bank to Pastor Tunde Bakare without any positive response before the Bank management is begining to weigh in options.
Pastor Bakare’s relationship with the Bank began a long time ago, such that the Bank would always have him as guest in many of their functions.
Moreso, the pastor played a prominent role when the Bank celebrated its 70th anniversary in 2015, even as he maintained close relationship with the bank’s former MD/CEO, Segun Oloketuyi.
In 2016, Pastor Bakare was represented at the launch of a foundation to celebrate the 52nd birthday of the 2nd Vice President of the Nigerian Bar Association (NBA), Monday Onyekachi Ubani, by Oloketuyi. Oloketuyi has since left office and some of his dealings with Bakare are now coming into the open.
Pastor Bakare is a lawyer turned Clergy who founded the Latter Rain Assembly before changing the name to the Citadel Global Community Church.