Dr Sijibomi Ogundele
We have repaid over ₦40 billion to banks and private lenders; we have completed and handed over the Lucrezia project, and homeowners are now taking possession and furnishing their apartments. We are also redesigning our next project—the 69-storey Leonardo, envisioned to become Africa’s tallest residential building. But over the last 14 months, I have learnt the hard way that reckless borrowing can destroy even the most promising businesses.
Dr Sijibomi Ogundele speaks candidly about borrowing, survival and sustaining Sujimoto through one of Nigeria’s most difficult economic periods.
For almost three years, we did not sell a single unit, despite carrying approximately ₦126 million in monthly overheads and over ₦500 million in operational commitments.
To sustain salaries, suppliers and construction, we borrowed from banks, friends, family and individuals who trusted our vision—believing that sales would return and every obligation would be repaid. Some facilities attracted punishing interest rates of up to 100%, demonstrating the devastating consequences of reckless borrowing.
This message is not only for those we have repaid. More importantly, it is also for every lender, partner and individual whose money remains outstanding: we acknowledge our obligations, we appreciate your patience, and we remain unequivocally committed to paying every legitimate debt.
“By the grace of God, we will repay every outstanding debt and obligation. We borrowed. We built. We delivered. And we will rise stronger.”
Pain is a gift.
