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.
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.
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.
