Serving Overseer of the Citadel Global Community Church (CGCC), Pastor Tunde Bakare, today announced that the church has fully repaid the ₦4 billion principal loan facility extended by Wema Bank Plc for the construction of the iconic Citadel edifice.
The repayment, completed in March 2026, marks a significant milestone in the church’s journey to complete its flagship project, which houses both the Citadel Global Community Church and the Citadel School of Government. The loan proceeds contributed to the overall construction cost of approximately ₦12.1 billion, of which about half was funded through voluntary contributions from church members and supporters, with the balance covered by various bank facilities.
“We owed Wema ₦4 billion, and that has now been paid in full,” Pastor Bakare declared during a thanksgiving service held yesterday to commemorate the church’s 37th anniversary. “We are currently negotiating the interest, which will also be settled once discussions are concluded.”
The principal repayment was made possible through the sale of the church’s property at No. 4 Akilo Road, Ogba, to a foreign firm intending to establish an automobile business. The property was sold directly for ₦4 billion. Pastor Bakare emphasized that no individual sponsored the repayment.
“I thank God we did not drown in debt, and I thank all our members and allies that stood by the Church. The completion of this project will end in peace,” he added.
All other bank loans taken for the project ₦1.5 billion from Zenith Bank Plc, ₦500 million from Fidelity Bank Plc, ₦250 million from United Bank for Africa, and ₦100 million from Unity Bank Plc have long been fully settled. The Wema Bank facility was duly collateralized by the church’s properties at No. 4 Akilo Road, Ogba, and No. 30 Kudirat Abiola Way, Oregun, Ikeja.
Pastor Bakare reiterated the church’s commitment to financial integrity, stating that failure to repay debts reflects a lack of character. The successful clearance of the facility underscores CGCC’s dedication to prudent stewardship and positions the church for greater impact in its mission of nation-building and spiritual transformation.
Citadel Global Community Church (formerly Latter Rain Assembly) is a vibrant, forward-thinking Christian ministry led by Pastor Tunde Bakare. With a strong emphasis on holistic development, leadership training, and societal transformation, the church operates the Citadel School of Government and continues to pursue its vision of raising leaders who will positively influence every sphere of society.