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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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Good morning! Nigerian Newspapers  Headlines: Oyo abduction: Inside terrorists’ plot to stall rescue

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1. Boko Haram terrorists who abducted pupils and teachers from three schools in Oriire Local Government Area of Oyo State have been trapped inside the Oyo National Park, 36 days after the May 15 attacks, Saturday PUNCH has learnt.

It was gathered that the terrorists, who are members of Jama’atu Ahlis-Sunna Lidda’Awati Wal-Jihad, which is the formal name of Boko Haram, have intensified efforts to frustrate the rescue operation by planting Improvised Explosive Devices and frequently changing locations within the forest

2. The Indigenous People of Biafra on Friday threatened disciplinary action against members it accused of undermining the authority of its detained leader, Nnamdi Kanu, amid efforts to resolve a growing leadership dispute within the organisation. In a statement issued by its Spokesperson, Emma Powerful, the group warned that any member or faction acting contrary to Kanu’s directives or the organisation’s Code of Conduct would face sanctions.

3. The Federal Government is considering a new initiative that would allow journalists to accompany military personnel during selected operations. This was said to be in a bid to improve security reporting and give the public greater insight into the realities of counterinsurgency and other internal security efforts. The Minister of Defence, Gen. Christopher Musa, disclosed the plan at an event in Abuja.

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4. The Commissioner of Police, Federal Capital Territory Command, CP Ahmed Sanusi, has directed all 17 Divisional Police Officers under the Metro Area Command to end robbery and related criminal activities within the city centre within two weeks. Sanusi gave the directive on Friday during a meeting with the DPOs convened to review the prevailing security situation and strengthen operational strategies across the command.

5. President Bola Ahmed Tinubu on Friday granted a six-month tenure extension to the Comptroller General of Customs, Adewale Adeniyi. Bayo Onanuga, Special Adviser to the President on Information and Strategy, who disclosed this in a statement, said the 6 – month extension is the final for Adeniyi.

6. A Federal High Court in Abuja has sentenced two women linked to slain terrorist kingpin, Kachallah Ibrahim Battujo, to 20 years imprisonment each for terrorism-related offences. The convicts, Safiya Salihu and Halima Abdullahi, are the mother and sister, respectively, of Battujo, who was killed by Nigerian security forces on June 10, 2026, during an operation near Iluke in Kabba/Bunu Local Government Area of Kogi State.

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7. The military has announced that troops operating across multiple theatres of operation nationwide in the past one week neutralised 15 terrorists, arrested 28 suspects and rescued 25 kidnapped victims in coordinated counter-terrorism and anti-crime operations. The Director, Defence Media Operations, Maj.-Gen. Michael Onoja, disclosed this on Friday while giving an update on ongoing military operations across the country.

8. President Bola Ahmed Tinubu has ordered the immediate and permanent reinforcement of security at the National Institute for Policy and Strategic Studies, Kuru, Plateau State, following a recent bandit attack on the institution’s perimeter that claimed the lives of two soldiers and a police officer. The President conveyed the directive through Vice President Kashim Shettima during a visit to participants of the Senior Executive Course, SEC, 48 at the institute on Friday.

9. The All Progressives Congress (APC), African Democratic Congress (ADC),Peoples Democratic  Party (PDP)  and 12 other parties are expectant of a massive turnout today in the Ekiti State off-cycle governorship election in what observers see as a dress rehearsal  for  next year’s polls. Over one million voters are registered   to participate in the election across the 177 wards and 2,445 polling units in  the state to  elect their governor  for  the next four years

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10. A Federal High Court sitting in Kano has convicted and sentenced a woman, Raya Haruna, to ten years imprisonment for transporting arms and ammunition to bandits operating in some part of Northern Nigeria.
The Presiding Judge, Justice Simon Amobeda, delivered the judgment on Friday after finding the defendant guilty on a three-count charges bordering on the unlawful transportation of firearms and the provision of logistical support to criminal elements

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Nigeria’s foreign reserves hit $51.03bn — highest since January 2009

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Nigeria’s foreign exchange (FX) reserves have risen to $51.03 billion, highest level since January 20, 2009, according to data obtained from the Central Bank of Nigeria (CBN).

The figure also represents the highest since the beginning of the year and under Olayemi Cardoso,  governor of CBN’s administration.

On January 20, 2009, the FX reserves was $51.07 billion.

The data showed that the foreign reserves increased steadily by 3.76 percent or $1.85 billion, from $49.18 billion reported on April 1, the start of the second quarter (Q2), to $51.03 billion on June 18.

Prior to this, Nigeria’s external reserves crossed the $50 billion threshold on March 10, when it stood at $50.01 billion, and continued to rise in subsequent months, reaching $50.11 billion on June 5 before climbing above $51 billion

The increase followed a review in payment method of the international money transfer operators (IMTOs) in March.

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CBN directed all IMTOs to open naira settlement accounts and route all remittance transactions through them, resulting in recipients of diaspora remittances receiving payments in the local currency from May.

The directive ended decades of dollar payments to Nigerians when relatives abroad send money home.

CBN said the directive is part of ongoing efforts to strengthen the remittance framework introduced in its revised guidelines for international money transfer services issued in January 2024.

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Mother, sister of killed terrorist Kachallah bag 20-year jail term for aiding terrorism

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A federal high court in Abuja, the federal capital territory (FCT) has sentenced two relatives of Kachallah Ibrahim Battujo,  bandit leader killed by security forces, to 20 years imprisonment each for aiding terrorism and concealing information about his activities.

Justice Hauwa Yilwa, presiding judge, handed down the sentences on Friday after the defendants, Safiya Salihu and Halima Abdullahi, pleaded guilty to terrorism-related charges filed against them by the office of the attorney-general of the federation (AGF).

The Department of State Services (DSS) arrested the women following investigations into the activities of Battujo, who was killed by security forces on June 10 during an operation in a forest near Iluke in Kabba/Bunu LGA of Kogi state.

The convicts are Battujo’s mother and sister.

During the proceedings, Rotimi Oyedepo, director of public prosecutions of the federation, applied to withdraw two of the five counts against the defendants.

The charges alleged that the women received N490,300 from Battujo despite knowing the money was linked to terrorism.

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The duo were also accused of accepting sponsorship from him for the hajj pilgrimage using funds suspected to be proceeds of terrorist activities.

The prosecution asked the court to strike out the counts and convict the defendants on the remaining charges to which they had pleaded guilty.

One of the charges stated that the women aided and abetted the activities of Battujo by passing information to him through telephone conversations.

The court also found them guilty of concealing information that could have assisted security agencies in apprehending the bandit leader.

According to the prosecution, one of the women failed to report knowledge of Battujo’s activities to law enforcement authorities, while the other withheld information after visiting his forest camp and seeing him in possession of firearms.

Justice Yilwa sentenced each defendant to 20 years imprisonment on the counts to which they pleaded guilty.

The judge ordered that the sentences run concurrently and directed that the convicts undergo rehabilitation after serving their prison terms.

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Battujo was among the bandit leaders operating across parts of north-west and north-central Nigeria before he was killed in a military operation earlier this month.

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