Nigeria: Precious Cornerstone Varsity - How I Rejected $25m Loan Deal to Build Varsity - - Bishop Oke

2 March 2018

Ibadan — Presiding Bishop of the Sword of the Spirit Ministries, Bishop Francis Wale Oke, has disclosed how he rejected a loan of $25 million offered him to kick-start the private university, Precious Cornerstone University which was recently given an operating licence to operate.

If he had accepted the offer, he said that would have nailed the coffin of the initiative.

He said this at the thanksgiving service of the church held at old Ife Road, Olaogun area of Ibadan.

Bishop Oke, who is the Promoter of the university, said it was the voice of God that warned him against the loan that let him off the hook.

Giving details of how he was contacted for the loan deal, he noted that it was one of his church members in London who told him that he worked with an organisation that finances projects in Africa.

"The man facilitated a meeting with the leadership of the organisation during which a soft loan of $25 million, was offered to PCU. They advised me that $10 million would be transferred to PCU for development, while the remaining $15 million would be invested with a finance institution in London.

"The company was to pay an interest that would take care of the whole capital and interest over a number of years. The offer looked so good that I immediately commenced the process of collecting the loan. But, when I was about to submit the last signed document, God spoke to me and directed me not to collect the loan."

Obeying God's voice

Continuing, he said: "The decision to obey God in that circumstance was tough for me, but I had to stop. What this means was that PCU would have been forced to repay $25 million with interest. This would definitely have killed the university, even before commencement of operations."

He prayed to God to send people as staff and students to the university.

He said: "A faith-based institution was clearly written on our hearts when we received the idea of this university. We are in this to raise scholars that are sound in academics, morals, research and who are godly. So, PCU is a mission university.

"We don't want to turn out educated crooks who are very brilliant to loot our treasury, but those who are very brilliant to change the society for the better."

VP commends Oke

In his remarks, the Chaplain, Aso Rock Chapel, Pastor Seyi Malomo, who represented Vice-President Yemi Osinbajo at the event, commended Oke for the facilities already built for PCU.

He said he had spent 17 years in Ghana before he was appointed as the Chaplain of the Villa and added that PCU facilities dwarf those of most universities which Nigerians attend in Ghana, spending fortunes on school and other fees.

It's a blessing--Olubadan

The Olubadan of Ibadan, Oba Saliu Adetunji, described the university as a great blessing to Ibadanland saying that asides providing a conducive environment for learning and research, the institution will provide employment for the good people of the city.

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