Sujimoto's Ogundele Says N40bn Repaid, Targets Full Debt Clearance by 2027
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Luxury developer Sujimoto Holdings says it has repaid more than N40 billion to banks and private lenders after 14 months of financial pressure, with a pledge to clear all legitimate obligations by January 1, 2027.
Sujimoto Holdings founder Dr Sijibomi Ogundele says his luxury real estate company has repaid more than N40 billion owed to banks and private lenders after 14 months of intense financial pressure, and has pledged to clear all legitimate outstanding obligations by January 1, 2027.
According to Ogundele, Sujimoto went almost three years without selling a single unit while carrying monthly overheads of about N126 million and operational commitments exceeding N500 million. To keep its projects alive, retain workers and meet obligations to suppliers and clients, the company borrowed from commercial banks, private lenders, friends and family.
Some of those facilities eventually carried effective costs of up to 100 per cent, worsening the company's liquidity crisis. Ogundele described the period as one of the most difficult seasons of his entrepreneurial journey, with the business contending with inflation, currency volatility, rising construction costs, weak purchasing power and sluggish demand.
He insists Sujimoto never abandoned its responsibilities, citing the completion and handover of its Lucrezia development as evidence of the company's determination to honour its commitments to homeowners. The crisis has become an expensive but valuable lesson in corporate finance, he said, with future expansion to be driven by stronger liquidity management, sustainable capital structures and strategic partnerships rather than aggressive borrowing.
The lesson will reportedly shape the financing model for the proposed 69-storey Leonardo luxury residential development. As creditors await the fulfilment of his promise, Ogundele remains optimistic that January 1, 2027, will mark a new beginning for Sujimoto.