Nigerian real estate mogul Sijibomi Ogundele repays $30 million debt as corruption inquiry continues
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Nigerian luxury property developer Sijibomi Ogundele says his Sujimoto Group has repaid more than N40 billion ($29.8 million) in debt and aims to be debt-free by January 2027, while an EFCC investigation into alleged fund diversion at Enugu's Smart Green Schools project continues.
Sijibomi Ogundele, founder and group managing director of Sujimoto Luxury Construction Limited, announced that his company has repaid more than N40 billion ($29.8 million) to banks and private lenders over the past 14 months, with a target to become fully debt-free by 1 January 2027.
Ogundele attributed the company's earlier financial strain to Lagos's high-end residential market loading up on leverage against buyers whose dollar purchasing power collapsed with the naira. He said Sujimoto sold no units for close to three years while carrying monthly overheads of about N126 million ($94,000) and operational commitments above N500 million ($373,000).
The recovery claim comes amid an unresolved Economic and Financial Crimes Commission investigation. In September 2025 the EFCC declared Ogundele wanted over alleged fund diversion and money laundering connected to 22 Smart Green Schools in Enugu State. The state released N5.7 billion as half the contract sum, and a petition to the EFCC put the value of work completed at about N750 million. On 21 January 2026 the commission handed N1.28 billion recovered from Ogundele to the Enugu government.
Ogundele denies wrongdoing. No charges have been filed against him in court and no findings have been made. Sujimoto was founded in 2013 with Saudi investor Yazeed Alrahji.