During a recent appearance on a show hosted by popular Nigerian On-Air Personality (OAP) Daddy Freeze, Prophet Israel Ogundipe, the founder of Genesis Global Ministry, made a startling revelation about a bank offering him a N1 billion loan.
The well-known Celestial Church of Christ leader explained that the loan was intended to help him expand his ministry and reach more members globally.
Ogundipe, who opted not to disclose the name of the bank, stated that the institution had shown him a list of other churches that had received similar loans. According to him, the amounts borrowed by these churches ranged from N3 billion to N4 billion.
“A bank called me two months ago and said they wish to loan me N1 billion. They offered me the loan, and I asked them what for. They replied that they know churches are getting it (loan), and I would be able to pay it back because they know my church is big,” Ogundipe recounted.
He further explained that the bank suggested that the loan could be repaid through proceeds from church events such as revivals, crusades, and conferences. Ogundipe expressed his concerns about the repayment plan, asking how they expected him to pay back such a large sum. The bank representatives reportedly explained that other churches repay their loans by consistently organizing revenue-generating events.
This revelation comes after Ogundipe’s controversial past, including his 2020 conviction and sentencing to jail for defrauding a London-based architect and unlawfully converting her property for personal use. The pastor faced a seven-count charge, including stealing, unlawful conversion of property, forgery, and fraud, with the amounts involved totaling N14 million and £12,000, collected between 2002 and 2005.
Ogundipe’s latest disclosure raises questions about the financial dealings between banks and religious institutions in Nigeria, particularly regarding the implications of such large-scale loans.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
