Pastor Bakare Opens Up On N4.5b Bank Loan, Says He Is Not Indebted To Five Banks
The General Overseer or Citadel Global Community Church, formerly known as Latter Rain Assembly, Pastor Tunde Bakare, a former vice presidential aspirant to President Muhammadu Buhari, has finally spoken on the N4.5b Bank loan taking from a consortium of banks to finance the construction of the Citadel Church.
In a statement on Thursday, Pastor Bakare put a hole in the media reports of heavy indebtedness to Banks to finance the Citadel Church Project and clarified that the project was largely financed by five Nigerian banks without any support from government.
“Citadel was financed by five banks, no Government money, not one dime. The only person in government who gave us money was BUHARI – the N5m I mentioned earlier……”
Pastor Bakare also stated that the loan accessed was channeled directly into the Church project based on the fiduciary arrangement with the Banks without any extraneous intervention by himself or the main Church.
“Even the loans we took, we didn’t take a penny into account, they were paid directly to contractors.,” he said
He also denied reports that he took a total loan of N4.5b without collateral from Wema Bank riding on his relationship with its former Managing Director, Mr. Segun Olekutuyi who has since left the employ of the company.:
“Out of the five banks, we have paid two off. We are on the third one now ie Fidelity Bank. We have paid off Unity bank and UBA.
“We are paying Fidelity now and two other banks have restructured the facility so that instead of two years, it is now five years where we can pay in installments,” he said.
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