Almost Uhuru for Luxury Estate Boss, Sijibomi Ogundele

For luxury real estate entrepreneur and Sujimoto Holdings founder, Dr. Sijibomi Ogundele, the long, bruising road out of a financial storm may finally be nearing its end.

After 14 months of intense financial pressure, Ogundele has disclosed that his company has repaid more than N40 billion owed to banks and private lenders, with a pledge to clear all legitimate outstanding obligations by January 1, 2027.

The disclosure offers a glimpse into a challenging chapter in the life of the flamboyant property entrepreneur, whose business, like many others in Nigeria’s luxury real estate market, has had to contend with inflation, currency volatility, rising construction costs, weak purchasing power and sluggish demand.

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 resorted to borrowing from commercial banks, private lenders, friends and family.

Some of the facilities, he revealed, 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.

Yet, amid the turbulence, the businessman insists that Sujimoto never abandoned its responsibilities. The completion and handover of its Lucrezia development, he said, remains evidence of the company’s determination to honour its commitments to homeowners.

For Ogundele, the crisis has become an expensive but valuable lesson in corporate finance. He now says future expansion will 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 fulfillment of his promise, Ogundele remains optimistic that January 1, 2027, will mark a new beginning for Sujimoto.

Pics: Siji Ogundele.jpg