Pastor Tunde Bakare is swimming in debt of N9bn’s WEMA bank

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Pastor Tunde Bakare

Dec. 27 (THEWILL) – The general overseer of the Citadel World Community Church, formerly known as the Latter Rain Assembly, is swimming in a N9 billion naira debt he owes to Wema Bank.

The lawyer turned clergyman obtained a loan to build his state-of-the-art church auditorium in Oregun, Ikeja and he was unable to repay the loan.

The clergy collected an unsecured loan of 4.5 billion naira, but their inability to manage it pushed the figure to 9 billion naira.

Tunde Bakare exploited his relationship with the former managing director of the bank, Segun Oloketuyi to collect the loan.

He had a close relationship with the bank and was always present at almost every function of the bank. When Wema Bank celebrated its 70th anniversary in 2015, he was there and he also maintained a strong relationship with the former CEO of the bank, Segun Oloketuyi.

Pastor Bakare had planned to repay his loan once his church grows larger and more populated with a solid supply from its members. But the COVID-19 pandemic disrupted his plan as most churches were locked up and observed COVID-19 protocols. Its projection did not materialize and the loan amounted to N9 billion.

The Wema bank approached the pastor to recover the loan, but they have not yet advanced.

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