Firm pays N273m salary arrears, eyes Banana Island’s tallest tower

Luxury real estate developer Sujimoto Group has cleared N273 million in outstanding salary arrears and repaid over 80% of its private debts, marking a critical turnaround after a prolonged financial strain. The company, which has paid more than N7 billion in salaries since its founding 12 years ago, faced severe challenges over the past two […]

Luxury real estate developer Sujimoto Group has cleared N273 million in outstanding salary arrears and repaid over 80% of its private debts, marking a critical turnaround after a prolonged financial strain.

The company, which has paid more than N7 billion in salaries since its founding 12 years ago, faced severe challenges over the past two and a half years due to Nigeria’s currency collapse and economic instability.

With the naira’s sharp devaluation from N450 to over N1,900 and ongoing inflation, property sales stalled completely, halting cash flow and delaying payments to staff. Despite the hardship, Sujimoto maintained operations by borrowing heavily, prioritizing employee salaries, and honoring obligations. Founder and CEO Dr. Sijibomi Ogundele emphasized resilience and integrity, crediting determination and leadership for navigating the crisis.

“In those quiet months, the noise outside grew louder, but we stood our ground. We didn’t just pay salaries—we restored dignity,” Dr. Ogundele said. “Resilience is not taught. It is endured. 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.”

Now, with financial stability improving, Sujimoto is focused on completing LucreziaBySujimoto—a 15-storey luxury residential tower that will become Banana Island’s tallest building. The project overcame soaring construction costs and logistical challenges, including a dramatic increase in material prices and container clearance fees. Sales of Lucrezia units were frozen for over two years, but construction continued uninterrupted.

“Over 400 containers were brought in for this project—at a time when clearing a 40-foot container skyrocketed from N4 million to N24 million. Did it affect us? Yes. Did we stop? Never. This is what it means to dream dangerously and deliver dutifully,” Dr. Ogundele added.

Looking ahead, Sujimoto plans to launch LeonardoBySujimoto, a 36-floor waterfront skyscraper set to become Sub-Saharan Africa’s tallest residential building. Other major projects, such as the Sujimoto Twin Towers and Queen Amina by Sujimoto, are also in development, reflecting the company’s ambition to reshape Nigeria’s architectural landscape despite economic headwinds.

“The journey will stretch you, shake you, and demand more than you think you have—but don’t stop. Keep fighting. Keep building,” Dr. Ogundele urged. “What set great entrepreneurs apart was GRIT—the kind of unshakable belief that sees beyond today’s struggle and into the promise of tomorrow.”

Sujimoto’s story illustrates the challenges and resilience required to thrive in Nigeria’s fluctuating economy, with a renewed commitment to excellence, employee welfare, and visionary building.