Tunde Bakare Raises N4bn to Settle Wema Bank Loan

Tunde Bakare, during a thanksgiving service marking the 37th anniversary of his church, announced that he successfully raised N4 billion to pay off a loan from Wema Bank, which had ballooned to N9 billion due to alleged inability to service the original N4.5 billion loan. Bakare stated that the church had taken out loans from multiple banks, including N1.5 billion from Zenith Bank, N500 million from Fidel Bank, N250 million from UBA, and N100 million from Unity Bank, in addition to the Wema Bank loan.

He emphasized that the church's debt was fully paid as of March and that the funds were raised through the sale of property on Akilo Road, which was sold for exactly N4 billion. Bakare refuted claims that the church took the loan without collateral, asserting that the property served as a guarantee.

He expressed gratitude to church members for their support in completing the church's edifices.