… sets sights on Banana Island’s tallest building— Lucrezia by Sujimoto

By Sijibomi Ogundele

Last month, we paid ₦273 million salary arrears, and cleared more than 80% of our private debts, marking a pivotal moment in Sujimoto’s 12-year journey. For a company that has paid over ₦7 billion in salaries since inception, this was the first time in our history, we faced a financial bottleneck of such magnitude that left us owing salaries for two to three months. 

For more than two and a half years, not a single unit of our properties has been sold—notbecause we lowered our standards or lacked effort, but because the naira collapsed from ₦450 to over ₦1,900, before modestly retracting to ₦1,600. That sharp devaluation shattered the confidence of even our most loyal buyers, bringing transactions to a standstill. Clients who once paid with ease suddenly couldn’t afford to. Those who signed in good faith couldn’t continue, not due to lost interest, but because the brutal instability of the Naira stripped away any chance of moving forward. About six of our customers, caught in the financial storm, requested refunds, and as the market froze, our cash flow took a devastating hit that rippled across our entire operation.

We weren’t just dealing with delayed payments; we were navigating an economic storm no one prepared us for—one that tested our resilience, stretched our leadership, and forced us to confront difficult choices. 

In the depth of those nights, while the world slept, I found myself searching for answers, for encouragement, for the strength to keep building. I began reading stories of great men who had walked this road. People who had tasted defeat, danced with debt, and still rose again. From Donald Trump, who filed for bankruptcy and came back stronger, to industrial titans like Aliko Dangote and Femi Otedola who, at different points, stood on the edge of financial ruin, yet rebounded with greater clarity and sharper resilience. Today, they are counted among the richest and most respected names in business, not because they never fell, but because they never stayed down.

But in choosing to honour our obligations despite the odds, we reaffirmed a core Sujimoto principle: even in the harshest climate, we must do right. After all, we didn’t build Sujimoto from nothing to over ₦100 billion in assets, only to falter over debts of less than ₦3 billion. 

Despite not recording a single sale in over two years, we kept operations running and paid salaries by borrowing not only from institutions, but from family, friends, and strangers. One of our hardest lessons was taking loans at punishing interest rates, not out of recklessness, but because there was no other option. What kept us going was hope — the hope that sales would return, that trust would be restored, and that surviving today would guarantee tomorrow.

In those quiet months, the noise outside grew louder. Critics and cynics took advantage of our silence, spinning narratives to suit their own conclusions. But we hold no bitterness. No one warned us how quickly the economy would nosedive. No one predicted the financial whiplash that would shake both businesses and buyers to their core. Yet despite it all, we give thanks—because we pulled through. Not only did we meet obligations that seemed impossible months ago, but we did so with our values intact.

Over the last 12 years, Sujimoto has paid out more than ₦7 billion in salaries. And behind every paycheck is not just an employee, but a family—a household whose dignity depends on our commitment. At some point, we had about 900 staff, that is, 900 families, all relying on us to keep going, even when the storm seemed endless. While many firms folded or froze their operations, we chose the harder road: the road of responsibility, resilience, and reinvention. Now, with stability gradually restored, our focus is fixed on the future—on completing what will be Banana Island’s tallest residential tower.

“I never had a rich uncle or a powerful aunty pulling strings behind closed doors. No one handed me a manual on cash flow or debt management. What I had was GRIT, resilience, and an insatiable hunger for excellence.”

Those weren’t just words—they were a window into the soul of a man who had walked through fire and refused to burn. Dr. Sijibomi Ogundele, Founder and CEO of Sujimoto Group, delivered them not from a place of pride, but from pain refined into purpose. In that moment of rare honesty, echoed the unspoken truth of countless Nigerian entrepreneurs: builders without blueprints, dreamers without safety nets, and visionaries forging ahead despite the odds. These are the people who rise each day to build in uncertainty, who carry the weight of payrolls and promises, and who—like Sujimoto—refuse to let circumstance define their story.

And yet, even in the thick of the storm, Sujimoto achieved what many believed was impossible: ₦273 million in outstanding salary arrears paid, the majority of its private debt cleared—driven not by pressure, but by an unshakable commitment to its people, a deep belief in its promise, and a relentless pursuit of a vision that refuses to fold under adversity.

It’s not all over yet. We still have a small debt to clear — but with the same relentless drive that got us here, we’re confident every outstanding obligation will be fully settled before the end of next year.

The last three years have stretched the limits of even the most resilient businesses. The naira’s decline triggered a ripple effect—construction materials like cement, steel, and finishing components soared by over 300%. Projects that once took six months now drag into years. Clients became cautious, partnerships paused, and investor confidence wavered. Across the board, businesses were forced to confront a new reality: survival required more than strategy—it demanded sacrifice, adaptation, and an unwavering belief in the vision.

“Resilience is not taught. It is endured. 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.” Dr. Ogundele reflected

“It’s not the fault of our staff that the economy is broken. Yet, they bore the brunt of our financial strain. Today, we right that wrong—not just with words, but with payments, with gratitude, and with vision.”

Despite Nigeria’s persistent economic turbulence, marked by a fluctuating forex market and inflationary pressures, this has not been enough to stop Sujimoto’s vision or stall our monumental projects. Against all odds, Sujimoto has consistently proven its resilience.

From the Medici Residences in Ikoyi to LucreziaBySujimoto—an audacious 15-storey landmark rising in the heart of Banana Island—each project goes beyond architecture. These are not just buildings; they are declarations. A manifesto carved in marble, framed in glass, and built on bold vision. Lucrezia isn’t just another tower. It is the boldest expression of luxury living in Nigeria: a collection of exclusive 4-bedroom Maisonettes, where every unit is a skybound sanctuary fusing elegance with cutting-edge functionality.

Constructed on 112 deep foundation piles and completed in defiance of runaway inflation and forex volatility, Lucrezia now stands as the tallest building in Banana Island—and the most exquisite Maisonettes across Nigeria.

“Over 400 containers were brought in for this project—at a time when clearing a 40-foot container skyrocketed from ₦4 million to ₦24 million. Did it affect us? Yes. Did we stop? Never. This is what it means to dream dangerously and deliver dutifully.” Dr. Ogundele added.

The cost of cement alone soared from ₦2,600 to over ₦10,000 per bag, and yet construction never halted. While many others paused or abandoned their projects, Sujimoto pressed on, absorbing the economic shocks in silence.

What made this more daunting was that for two and a half years, not a single unit of Lucreziawas sold. In an industry where liquidity is tied directly to off-plan sales, this was a brutal blow. Cash flow thinned. Overhead ballooned. Most developers would have buckled—but Sujimoto remained resilient.

Yet, as we struggled to stay afloat, the backlash came swiftly. The moment we delayed a refund, we were met with threats, summoned by different law enforcement agencies, and treated not as entrepreneurs in crisis, but as criminals — judged not by our track record, but by a temporary storm.

“We rely heavily on sales to fund our operations. So when the economy forced four of our clients to pull out, we refunded them—immediately without delay,” Dr. Ogundele shared. “Two others simply couldn’t continue. We didn’t blame them. This is the reality of our market today. But in that same reality, we stood our ground and chose the high road.”

Q4 2025 has been set—not just as a date of handover, but as a moment of triumph. That day, Lucrezia opens its doors. From its GRC façade to its intelligent lighting, from marble finishes to its breathtaking interiors—every detail will finally come to life. And those who believed in the dream from the beginning will, at last, take hold of what they rightfully own.

This November, we also begin a new chapter with one of our most exciting projects yet: LeonardoBySujimoto—a landmark development years in the making, now fully approved by the Lagos State Government. Rising from 4,000 square metres of prime waterfront land in Banana Island, Leonardo will soar 36 floors high, surpassing the iconic NECOM House to become the tallest residential building in Sub-Saharan Africa—A bold and audacious response to global icons like Marina Bay Sands and the Burj Khalifa.

The Numbers Don’t Lie. The Vision Doesn’t Die.

It will be nice never to forget that in 2020, one of our earliest investors bought a unit at GiulianoBySujimoto for ₦285 million; five years later, she sold it for ₦2.2 billion. That’s not a forecast—it’s a fact. An over 800% return, born not of hype, but of hard-earned trust, architectural excellence, and an unwavering commitment to quality. This isn’t an isolated win—it reflects the Sujimoto standard: a consistent trajectory of value appreciation across every project, past and present. 

Critics will always exist. But a voice without experience is just noise. And over the years, we’ve heard many. Yet, while the doubters debate and the cynics speculate, we build. We stay the course. Unshaken by opinion. Unmoved by applause. That is why, despite the odds, we are completing Lucrezia—the tallest residential tower in Banana Island and the most sophisticated building in Sub-Saharan Africa.

We know what it feels like to owe. To struggle. To rise, fall, and rise again. But that journey has taught us something greater than survival—it taught us belief. Belief that even in a fragile economy, Nigeria still breeds dreamers. That in the midst of inflation and uncertainty, excellence is still within reach. That dignity is not a luxury, but a right. And that greatness is not a myth—it is a mission.

To our loyal staff, visionary investors, and every Nigerian who chose to believe when it would have been easier to walk away—we say thank you. Your faith was not misplaced. Because behind every name on our payroll is a story: a father, a mother, a breadwinner, a family. And we have always understood that when businesses fail, it is the most vulnerable who carry the heaviest burden. That is why, even in the storm, we stood tall. We didn’t just pay salaries—we restored dignity, and as we move forward, we hope to do even more to uplift the lives of our staff members and build the future with those who never stopped believing.

From Banana Island to the banks of Nile, we shall continue building. We shall raise Queen Amina, — a $260 million architectural marvel named after the legendary warrior queen of Zazzau, a fearless symbol of strength, elegance, and boundless potential of Arewa. Rising as the tallest tower in Northern Nigeria, Queen Amina will be a mixed-use masterpiece—embellished with ultra-luxurious residences, a five-star hotel, and commercial spaces designed to redefine the Northern hospitality.

We will also bring to life the Sujimoto Twin Towers, a $480 million legacy project and Africa’s first true 3-in-1 luxury development, combining world-class residences, five-star hospitality, and premium retail into one breathtaking landmark. From uncertain delays to glorious displays, we rise. Not for applause. Not for headlines. But because this nation deserves builders who don’t wait for perfect conditions to lay the foundation. 

And to every young entrepreneur navigating the storms of doubt, debt, or delay—let this be your reminder: these are not setbacks, they are the tests that forge true entrepreneurship. The journey will stretch you, shake you, and demand more than you think you have — but don’t stop. Keep fighting. Keep building. Even the Dangotes and the Femi Otedolas of this world have known failure, faced debt, and walked through fire. What set them apart was GRIT — the kind of unshakable belief that sees beyond today’s struggle and into the promise of tomorrow. Remember, every obstacle is not a wall. It is a stepping stone to your goal.

Thank you, Nigeria. Thank you to everyone who believed in Sujimoto. (Pain is a Gift)

Dr. Sijibomi Ogundele is the Group Managing Director of Sujimoto Holdings, the Czar of Luxury Real Estate Development, and the mastermind developer behind the renowned Giuliano. His other audacious projects—such as LucreziaBySujimoto, the grandiose Sujimoto Twin Towers, the regal Queen Amina by Sujimoto, the magnificent LeonardoBySujimoto, and Sujimoto Farm (an advanced estate system integrating housing, farm hospitals, hotels, and markets)—have etched an indelible imprint on Nigeria’s skylines, a testament to Sujimoto’s unrivalled mastery of modern engineering.