Wema Bank has stated that it is ready to go to any length to recover the N9bn debt owed by the General Overseer of Citadel Global Community Church formerly known as Latter Rain Assembly, Pastor Tunde Bakare.
It was gathered that the lawyer turned clergy sought a loan to build his state of art church auditorium in Oregun, Ikeja and he has not been able to repay the loan.
The clergy collected uncollateralized loan of 4.5 billion naira but his inability to service it ballooned the figure to 9 billion naira.
According to reports, pastor Tunde Bakare exploited his relationship with the former Managing Director of the bank, Segun Oloketuyi to collect the loan.
He maintained a close relationship with the bank and was always present at almost all the bank’s functions. When Wema bank celebrated it’s 70th anniversary in 2015, he was in attendance and he also maintained the robust relationship with the former Managing Director of the bank, Segun Oloketuyi.
Pastor Bakare had planned to repay his loan once his church is bigger, the more prosperous it would become, But the COVID-19 pandemic disrupted his plan as most churches were under lock and key observating COVID-19 protocols. His projection did not materialize and the loan rose to 9 billion naira
COVID-19 Messed up Repayment Plan
If the feelers coming from the headquarters of Wema Bank are something to be accorded some seriousness,
2022 may start on very interesting note for
Pastor Tunde Bakare with a renewed resolve of the management of the bank to retrieve all huge loans taken by debtors who have not been servicing their loans, the very voluble pastor may be in for interesting times, as the loan taken to build his new church has risen to about nine billion Naira (N9 billion) with interest.
According to information pieced together, the likelihood of Wema Bank’s axe falling on Bakare is high, and when it falls, it is going to cut so deep that even he would question where he went wrong.
Sources close to the bank said overtures have been made to Bakare. The bank is currently weighing its options.