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Nigerian church GO pledges to repay N5b interest on bank loan
Pastor Tunde Bakare, the General Overseer of the Citadel Global Community Church, on Sunday, disclosed that the church has fully settled the N4bn loan it owed Wema Bank Plc for the construction of its Citadel edifice.
He also said that discussions are on to repay N5b interest on the loan which has accrued over the years.
Bakare made the announcement during a thanksgiving service held in Lagos to commemorate the church’s 37th anniversary.
The expansive Citadel complex accommodates both the church and the Citadel School of Government.
In December 2021, reports circulated widely alleging that Wema Bank Plc was mounting pressure on Bakare over his alleged failure to service a N4.5bn loan obtained for the construction of the Citadel Church edifice in Lagos, formerly known as the Latter Rain Assembly.
The reports further claimed that the alleged default led to an increase in the debt, with the figure said to have risen to about N9bn.
Addressing the congregation, Bakare confirmed that the principal debt to Wema Bank had been cleared, adding that discussions were ongoing regarding the accrued interest.
“We owed Wema N4bn, and that has now been paid in full. We are currently negotiating the interest, which will also be settled once discussions are concluded,” he said.
He explained that the funding for the project was sourced from multiple financial institutions, noting that loans obtained from other banks had already been repaid.
According to him, the church secured N1.5bn from Zenith Bank Plc, N500m from Fidelity Bank Plc, N250m from United Bank for Africa, N100m from Unity Bank Plc, and N4.5bn from Wema Bank, alongside an initial deposit of N500m.
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Breaking: Court of Appeal rules in favour of Turaki -led PDP candidate for Osun governorship election
The Court of Appeal, Abuja Division, on Thursday, ruled that the Peoples Democratic Party, PDP Gubernatorial Candidate in Osun State was validly nominated by the Tanimu Turaki-led National Working Committee.
The court also ordered INEC to list the PDP logo on the ballot ahead of Saturday’s gubernatorial election.
The Court held that access code is neither a creation of the Constitution nor the Electoral Act; rather, a creation of INEC’s guidelines and cannot, in any way, override the provisions of the Constitution.
Section 288 of the Constitution does not specify the method for nominating candidates; it only states that the names of candidates should be forwarded to the Commission.
The court further held that the defendant (INEC) should take steps to include the name of the appellant on the ballot paper.
Additionally, the court ruled that the primary election conducted by the Tanimu Turaki-led National Working Committee (NWC) of the PDP was a valid primary election in law.
The three-man panel of justices—Justice Mahmud, Justice Jaro, and Justice Ankawere, was unanimous in its judgment.
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Breaking: NHRC sets up situation room to monitor and document hate speech, intimidation, threat to life ahead 2027
The national Human Rights Commission, NHRC, has set up a situation room to monitor and document all incidences of hate speech, intimidation and threat to life by politicians and other actors ahead of the 2027 general election.
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
The Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, revealed this on Thursday in Abuja at a press conference.
He said the situation room would enable the Commission harvest data, analysis and document persons, agencies and others involved in the negative statements in order to ensure they are properly tracked and brought to book by relevant agencies.
Ojukwu also took journalists on a tour of the newly set up situation room.
Details later…..
News
Breaking: NHRC expresses concern over rising incidences of hate speech, threat to life ahead 2027 elections
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
At a press conference in Abuja Thursday, the Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, recalled statements credited to Senator Francis Fadahunsi and Sheikh Yahya Jingir and described the das dangerous with capacity to set the nation ablaze.
He called on politicians, religious and traditional rulers, among other stakeholders to call their supporters and faithful to orders.
He urged government to act before rhetorics turn to violence, saying the forthcoming election in Osun State should serve as example of Nigeria’s capacity to conduct political contest in compliance with international best practices.
Details later…..
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