A source close to Citadel Global Community Church formerly known as Latter Rain Assembly has confirmed to Church Times that it is true the founder of the church, Pastor Tunde Bakare secured loan facilities to build the church complex.
Money was said to have been raised from some banks to offset the cost of the church complex.
The church according to the source is still indebted to two of the banks. They are Zenith Bank Plc and Wema Bank Plc.
Apart from the bank loan, the source said Pastor Bakare sold some of his properties in the US and UK to raise an additional N4 billion for the project.
The complex which was built by Cappa and D’Alberto Ltd is located at Oregun, Lagos. It cost the church about N12 billion according to sources.
The complex was handed to Pastor Bakare in a quiet ceremony on Friday, September 4, 2020. It was supposed to have been dedicated by the end of the year 2020.
But Church Times gathered that Pastor Bakare insisted that until the loan from the banks is fully paid the church complex would not be dedicated.
About the church complex
The CGCC has a 5,500-seater auditorium for church service while the remaining space of the complex has many other money-generating and social infrastructures.
Within the complex are a shopping mall, banking halls, and a 40-classroom facility for creche, nursery, and primary school.
The complex also has a school of governance facility. The facility is equipped to train government officials and politicians in the art of governance.
It has a 2000-seating capacity event centre, a swimming pool, and a free e-library.
The complex also has a total of 250 toilet facilities and a parking space for over 500 cars. It has a pharmacy and a hospital too.
Outstanding loan insignificant
The source could not give the exact amount owed to the banks. But he said the money would be paid before April 1, 2022, which he said is the new dedication date of the church complex.
The source said, “What is left of the money to be paid to the banks is not something so significant. By the way, the event centre at the complex and some of the facilities are already generating money for the church. You can be sure that the loan would be paid up before the date agreed by the bank. The church has not violated the agreement with the banks on payment terms. The news making the round about N9 billion loan from Wema bank is politically motivated to discredit Pastor Bakare and rubbish his name. It is grossly exaggerated. ”