Luxury real estate developer Sujimoto Group has cleared ₦273 million in salary arrears and settled over 80% of its private debts, marking a significant turning point in its 12-year journey in Nigeria's real estate sector.
The company, renowned for ambitious projects like LucreziaBySujimoto in Banana Island, revealed this was the first time it had experienced such severe financial difficulties, having never delayed salaries in its history despite paying over ₦7 billion in wages since inception.
"We faced a financial storm no one prepared us for," said Dr. Sijibomi Ogundele, Founder and CEO of Sujimoto Group. "Clients who once paid with ease couldn't afford to anymore, not because they lost interest, but because the brutal instability of the Naira stripped away any chance of moving forward."
Economic Challenges and Resilience
According to Ogundele, the sharp depreciation of the naira from ₦450 to over ₦1,900 before stabilizing around ₦1,600 triggered a near-complete halt in real estate transactions for over two years. During this challenging period, the company struggled to maintain operations and staff salaries, relying on loans from various sources to stay afloat.
Despite these economic headwinds, Sujimoto continued construction of LucreziaBySujimoto, now standing as the tallest residential building in Banana Island. The 15-storey tower was built using over 400 containers of materials, while the cost of cement reportedly rose from ₦2,600 to over ₦10,000 per bag.
"Over the last three years, we've faced rising material costs, frozen buyer confidence, and delays in refunds. But we stayed true to our values. We refunded clients where necessary and absorbed the shocks in silence," Ogundele stated.
Ambitious Future Projects
Looking ahead, Sujimoto is setting even bigger goals. Construction will soon begin on LeonardoBySujimoto, a 36-floor high-rise in Banana Island poised to become the tallest residential building in Sub-Saharan Africa.
Other upcoming projects include Queen Amina in Northern Nigeria, a $260 million mixed-use luxury development, and the $480 million Sujimoto Twin Towers, described as Africa's first integrated 3-in-1 luxury complex.
The company's Q4 2025 handover of Lucrezia will mark a "moment of triumph," as it plans to unveil each luxury unit, fitted with marble finishes, smart lighting, and top-tier aesthetics, to its earliest investors.
Lessons in Entrepreneurial Resilience
Dr. Ogundele, often regarded as one of Nigeria's boldest real estate entrepreneurs, acknowledged the difficulties many local developers are facing in the current economic climate.
"Resilience is not taught. It is endured," he said. "I didn't learn it at Harvard or within the four corners of a boardroom, I learned it in the silence of 3 a.m., when salaries were due, debts loomed, and the world seemed to forget that builders, too, bleed."
He also reflected on the criticism the company faced during its struggles, including refund delays and regulatory challenges. "We were treated not as entrepreneurs in crisis, but as criminals. Yet, despite everything, we did not fold."
Now with momentum returning and a clearer economic horizon in sight, Sujimoto says it will settle its remaining debt before the end of next year.
"The numbers don't lie. The vision doesn't die," Ogundele said confidently. "Even in a fragile economy, Nigeria still breeds dreamers. And this nation deserves builders who don't wait for perfect conditions to lay the foundation."
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