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Tunde Bakare in troubled waters over N9bn debt scandal as Wema Bank set to recover loan

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These are no doubt troubled times for fiery Nigerian Pastor, Tunde Bakare, going by stories making the round about his alleged indebtedness to Wema Bank.

According to reports, Pastor Bakare is currently battling with how to pay back a whoping N9 billion debt he has accrued from a loan he took from Wema Bank.

The Senior Pastor of the Citadel Global Community Church, formerly known as the Latter Rain Assembly, is said to have taken a loan from the old generation bank for the construction of his new church edifice in the Oregun area of Ikeja.

Unfortunately, his inability to service the loan and the interest meant that the debt has ballooned to about nine billion naira.

Now the bank has resolved to retrieve all huge loans taken by debtors including Bakare’s.

There are reports that Bakare allegedly exploited his relationship with the bank to secure an uncollateralised N4.5billion loan. The thinking, according to sources close to the pastor is that the bigger the church became, the more populous and prosperous it would become.

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However, things have not worked out as planned by the pastor, with the COVID-19 cancelling out all plans and projections of even the best business experts around the world. Worship centers were particularly hit by the lockdown, with many public places and worship centres shut. Like every other economy around the globe, Pastor Bakare’s projections did not materialise and now, the loan has reportedly risen to nine billion naira with interests.

Sources close to the bank said overtures have been made to Bakare, but there has not been any headway as per repayment. The bank is currently weighing its options, according to TheCapital.

Until recently, Bakare had maintained a good relationship with the first-generation bank. He was an ever-present figure at almost all the bank’s functions. When the bank celebrated its 70th anniversary in 2015, the lawyer turned fiery clergy was there. He also had a very robust relationship with the bank’s former MD/CEO, Segun Oloketuyi who has since left the bank.

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In 2016, Bakare sent Oloketuyi to represent him 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.

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Ogbomoso pupils, teachers rescue a big relief to Nigeria – Tinubu

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President Bola Tinubu on Friday evening said the rescue of the abducted pupils and teachers from schools in Oriire LGA of Oyo state has brought relief to the entire nation.

The president’s special adviser on information and strategy, Bayo Onanuga, said in a statement that Tinubu “expressed profound joy” over the successful rescue of the victims.

Onanuga said the president commended the military, the Department of State Services (DSS), and the police “for working round the clock in the last 56 days to secure the release of the abducted children and their teachers without any collateral damage and for arresting eight of the abductors and neutralising others.”

Onanuga said Tinubu also expressed regret over the suffering endured by the children, their teachers, their families, and the nation since the abduction.

The president praised the Oyo state government for working closely with the federal government throughout the rescue operation and urged the state to strengthen security around schools.

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“I am profoundly happy that our security forces successfully rescued the abducted pupils and teachers from Orire, Ogbomoso in Oyo State today after a military, police and intelligence-driven operation that neutralised some of the terrorists that perpetrated the evil act and the arrest of eight of them,” the statement reads.

“This successful military operation has ended the siege and standoff of over 50 days and has brought relief to the entire nation and the affected families in particular. 

“On behalf of the country, I express my gratitude to the officers and men of our armed forces, the intelligence agencies and the police for the safe rescue of the children and their teachers.

“My government will get justice for these children and their teachers and for the family of Mr Oyedokun, who the terrorists gruesomely murdered.

“I must commend the government of Oyo State for working cooperatively with us in bringing this unfortunate incident to a successful end.”

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The president also directed emergency agencies to work with the Oyo state government to provide the rescued children and teachers with all necessary medical care and relief support.

According to reports, the pupils and their teachers were rescued during a joint operation involving personnel of the Nigerian Army and the police, backed by intelligence from the DSS.

A security source said at least nine of the bandits were killed during the operation, while eight were arrested and are in the custody of the DSS.

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Makinde thanks Tinubu over rescue of abducted Ogbomoso pupils, teachers, says it’s a big relief

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Governor Seyi Makinde of Oyo state has said that he is overjoyed following the rescue of pupils and teachers abducted in Oriire LGA of the state.

The victims regained their freedom on Friday after spending 56 days in captivity, following a coordinated operation involving the military, the Department of State Services (DSS) and the police.

Speaking with Channels Television shortly after the rescue, Makinde described the development as a huge relief for the state.

He thanked President Bola Tinubu for pushing for their release.

“It is such a big relief for all of us. Just right now, I am overjoyed and can hardly say much,” the governor said.

“I use this opportunity to say a big thank you to all the service commands, the police, DSS, military and, of course, the president for pushing for their release.”

On May 15, gunmen attacked Baptist Nursery and Primary School, Yawota; Community Grammar School, Esiele; and LA Primary School in Ogbomoso, all in Oriire LGA.

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The sad incident prompted the Oyo state government to shut schools in four LGAs as security agencies intensified rescue efforts.

Protests were organised in some parts of the country to demand the rescue of the abducted schoolchildren.

On May 18, Makinde said one of the teachers abducted during the attack was killed in captivity.

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Eight kidnappers arrested, others killed – Presidency

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Following the heart-warming news of the rescue of the pupils and teachers abducted in Orire Local Government Area of Oyo State, the Presidency has confirmed that eight of the kidnappers have been arrested and are now in the custody of the Department of State Services, while some others were neutralised during the operation.

Bayo Onanuga, special adviser to the president on information and strategy, disclosed this in a follow-up post on his verified X handle on Friday after he announced the victims’ release.

Onanuga said no concession was made to the terrorists to secure the freedom of the abducted pupils and teachers.

Onanuga explained that the kingpin whose release the kidnappers had demanded was neither freed nor spared, as he remains under prosecution for offences linked to his terrorist activities.

He wrote, “Updated: in the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised.

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“There was no quid pro quo in the rescue as one of the terrorists, a kingpin, that the kidnappers demanded his release, is being prosecuted for his atrocities. The security agencies will give full account soon.”

He added that security agencies would soon provide a comprehensive account of the operation.

The pupils and teachers had spent weeks in captivity after gunmen stormed three schools in the Esiele and Yawota communities of the local government area on May 15, killing a teacher and later beheading another in a video that sparked national outrage.

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