Pastor Tunde Bakare Settles N4 Billion Wema Bank Debt
• This Day • Business
Pastor Tunde Bakare has retired a debt of N4 billion owed to Wema Bank, which was part of a broader financial structure aimed at constructing a citadel complex in Lagos. The total project cost was reported to be N12.1 billion, with Wema Bank being a significant contributor alongside other banks. Bakare rejected claims that the debt had risen or was unsecured, clarifying that proper properties were used as collateral for the final repayment, which involved the sale of assets. The method of debt settlement was not disclosed, and it was noted that the debt was neither written off nor transferred but settled through a liquid asset structure. While the principal obligation has been fulfilled, negotiations regarding unresolved interest payments are still in progress, indicating that the process is not fully complete. This development is significant as it reflects Bakare's public image and the scrutiny surrounding his financial dealings, especially given his history of criticizing government corruption.
Topics: Banking, Religion