The Serving Overseer of the Citadel Global Community Church, Tunde Bakare, on Sunday, April 5, 2026, confirmed the full repayment of the N4bn principal owed to Wema Bank Plc for the construction of the church’s Citadel complex in Lagos, with negotiations over accrued interest still ongoing.
Bakare disclosed this during a thanksgiving service marking the church’s 37th anniversary, stating that the principal debt was cleared in March 2026.
The announcement follows reports in December 2021 alleging default on a N4.5bn facility obtained from Wema Bank, with claims the debt had risen to about N9bn due to interest, an assertion Bakare described as misleading.
He said the project, formerly known as the Latter Rain Assembly, was financed through a mix of loans and donations, including N1.5bn from Zenith Bank Plc, N500m from Fidelity Bank Plc, N250m from United Bank for Africa, and N100m from Unity Bank Plc, alongside the N4.5bn Wema facility and an initial N500m contribution.
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Bakare put the total project cost at about N12.1bn, noting that roughly half was funded through voluntary contributions, while the balance came from loans now largely repaid.
He also said the Wema loan was secured with church-owned properties in Ogba and Oregun, Lagos.
According to him, the facility was settled using proceeds from the sale of the Akilo Road property for N4bn to a foreign firm planning an automobile business, adding that no individual financed the repayment.
Bakare thanked members and supporters for their backing, stressing that meeting financial obligations reflects institutional integrity and expressing confidence that the project will conclude without outstanding debt.