Pastor Tunde Bakare has said that the Citadel Global Community Church has fully cleared the N4bn loan it owed Wema Bank Plc for its Citadel building project.
He made the disclosure on Sunday during a Thanksgiving service in Lagos marking the church’s 37th anniversary.
The Citadel complex serves as the church headquarters and also accommodates the Citadel School of Government.
Bakare’s statement follows earlier reports in 2021 which claimed that the bank was mounting pressure over an alleged default on a N4.5bn facility, with the debt reportedly rising to about N9bn.
He told the congregation that while the principal had been fully repaid, talks were ongoing to settle the interest.
“We owed Wema N4bn, and that has now been paid in full. We are currently negotiating the interest, which will also be settled once discussions are concluded,” he said.
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Bakare disclosed that the project was financed through loans from several banks, including Zenith Bank Plc, Fidelity Bank Plc, United Bank for Africa, and Unity Bank Plc, all of which have now been settled.
He put the total cost of the project at N12.1bn, stating that contributions from members covered about half, while loans accounted for the rest.
The cleric also rejected claims that the Wema loan lacked collateral, stating that church properties in Ogba and Oregun were used to secure the facility.
“The loan was backed by our properties at No. 4 Akilo Road, Ogba, and No. 30 Kudirat Abiola Way, Oregun, Ikeja,” he said.
Bakare added that the Wema loan was repaid in March through the sale of the Akilo Road property to a foreign firm planning an automobile business.
“No individual sponsored the repayment,” he said.
He maintained that debt repayment reflects integrity and thanked members and supporters for their backing.
“I thank God we did not drown in debt, and I thank all our members and allies that stood by the Church. The completion of this project will end in peace,” Bakare added.