Sujimoto pays ₦273m salary arrears, eyes constructing tallest tower in Banana Island

Luxury real estate developer, Sujimoto Group, has paid off N273 million in outstanding salary debts and settled over 80 per cent of its private debts, signalling a significant milestone in the company’s 12-year history.

Sujimoto Group, renowned for projects like LucreziaBySujimoto in Banana Island, disclosed that the recent financial struggles were unprecedented, marking the first time the company had delayed salaries despite having paid over N7 billion in wages since its 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.”

According to Ogundele, the sharp depreciation of the naira, from ₦450 to over ₦1,900 before stabilising around ₦1,600, triggered a near-complete halt in real estate transactions for over two years.

He said during this period, the firm struggled to maintain operations and staff salaries, relying on loans from banks, family, and even strangers to keep going.

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Despite economic headwinds, Sujimoto pressed on with the ongoing 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.

He predicted that 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 believers.

Looking ahead, the Founder/CEO said Sujimoto is setting even bigger goals, adding that 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.

He listed other upcoming projects including Queen Amina in Northern Nigeria – a $260 million mixed-use luxury development – and the $480 million Sujimoto Twin Towers, Africa’s first integrated 3-in-1 luxury complex.

Dr. Ogundele, often regarded as one of Nigeria’s boldest real estate entrepreneurs, acknowledged the difficulties many local developers are facing.

“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,” he stated.

Sujimoto’s survival, he insists, is not just a business victory but a moral one. “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.”

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.”