Serving overseer of Citadel Global Community Church Tunde Bakare has announced that the church has cleared the N4 billion loan it owed Wema Bank for the construction of its Citadel complex.
Pastor Bakare announced on Sunday during a thanksgiving service in Lagos to mark the church’s 37th anniversary.
He said the principal debt had been paid in full, adding that discussions on the interest were ongoing.
“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.
Bakare said the loan was part of funds raised from several banks for the construction project.
According to him, the church also obtained loans from Zenith Bank, Fidelity Bank, United Bank for Africa (UBA) and Unity Bank, which have been repaid.
He said the total cost of the project was about N12.1 billion, with part of the funding coming from contributions by members and supporters, while the rest came from loans.
Bakare also addressed reports that the Wema Bank loan was not secured.
He said the loan was backed by properties located at Akilo Road, Ogba and Kudirat Abiola Way, Oregun, Ikeja.
“The loan was backed by our properties at No. 4 Akilo Road, Ogba, and No. 30 Kudirat Abiola Way, Oregun, Ikeja,” he said.
He added that the loan was cleared in March through proceeds from the sale of the Akilo Road property.
According to him, the property was sold for N4 billion to a company planning to set up an automobile business.
“No individual sponsored the repayment,” he said.
Bakare said the Citadel complex houses the church and the Citadel School of Government.
He thanked members and supporters for their support and said the project would be completed.
