Prophet Israel Ogundipe of the Celestial Church of Christ has alleged that banks are extending substantial loans to churches to facilitate their global expansion, with the intention of enabling these churches to extract more funds from their congregations. Ogundipe, in an Instagram Live session with popular Nigerian On-Air Personality Ifedayo Olarinde (Daddy Freeze) on August 27, 2024, revealed that some churches have received loans ranging from ₦3 billion to ₦4 billion.
Ogundipe shared that a bank had offered him a ₦1 billion loan to help expand his ministry. According to him, the bank justified the loan by citing the practice of other churches that have secured similar financing. The repayment of these loans is reportedly expected to be sourced from revenue generated through church events such as revivals and crusades.
The pastor’s revelations came alongside his own past legal troubles; in 2020, Ogundipe was convicted for defrauding a London-based architect and sentenced to prison. He was found guilty of stealing, unlawful conversion of property, forgery, and fraudulently obtaining significant sums from his victim.