Breaking: Fidelity Bank, Others Syndicate N9bn Loan To Pastor Bakare

By Fola James

Fidelity Bank Plc and four other commercial banks in the country syndicated the N9 billion loan to build the modern church auditorium of the Citadel Global Community Church, owned by popular tele-evangelist Pastor Tunde Bakare.

The fiery man of God made the revelation following the controversy that has trailed the church’s refusal to service the loan owed Wema Bank Plc, one of its creditors. It was initially reported that the whopping loan was secured from Wema Bank.

But speaking for the first time since the controversy broke, the man of God said the funds used to build the church came from President Muhammadu Buhari and loan from five commercial banks in the country.

Pastor Bakare said the church has already cleared part of the loans to two out of the five banks, adding that the church was in the process of clearing what it owed Fidelity Bank Plc.

He further explained that Wema Bank and one other bank have restructured their loans to the church.

Pastor Bakare revealed on Thursday that, “Citadel was financed by 5 banks, no Govt money, not one dime. The only person in government who gave us money was BUHARI – the N5m I mentioned earlier……Even the loans we took, we didn’t take a penny into account, they were paid directly to contractors”

“Out of the 5 banks, we have paid 2 off”, he said.

He added that “we are on the 3rd one now ie Fidelity. We have paid off Unity bank and UBA. We are paying fidelity now….two other banks have restructured the facility so that instead of 2 years, it is now 5 years where we can pay in installments”

The commercial bank at the centre of the loan saga, Wema Bank Plc stated last week that it had no problem with the debtor, and no plan to take over the church as was being speculated.

In a terse statement titled ‘Pastor Tunde Bakare: Wema Bank Denounces False Report’ and signed by the managing director/chief executive officer of the Bank, Ademola Adebise, the Bank said Pastor Bakare has maintained a credible relationship with it as a customer and there was no basis for Wema Bank to contemplate any action to humiliate him.

Adebise, said: “I would want to address the recent news in the public space regarding our customer and in particular the main promoter Pastor Tunde Bakare.

“While we are constrained by the reason of confidentiality to respond in details to this publication, we however want to confirm that the customer has maintained a credible relationship with our bank and there is no basis for us to contemplate any action to humiliate our customer.

“Furthermore, we will like to reassure our shareholders and customers that the bank has and will continue to operate with the highest level of corporate governance, following all rules, policies and procedures.”