Reality behind the allegations against LeonardoBySujimoto project

 

“I arrived at the Force CID office in the capital city of Abuja with a trove of evidence: the title documents of the Leonardo project in Banana Island, approvals from Lagos State, and all pertinent papers proving our utmost commitment to transparency with the audacious LeonardoBySujimoto project.”

In the world of luxury real estate, trust is paramount. Sujimoto Group, Nigeria’s premier high-end property developer, recently addressed an intense spotlight of allegations surrounding its flagship LeonardoBySujimoto project. Accusations of misrepresentation and breach of trust surfaced, but the Group’s founder, Dr. Sijibomi Ogundele, LLB, didn’t hesitate to set the record straight. Meeting with Nigeria’s Force Criminal Investigation Department (FCID), Dr. Ogundele and his team laid out a transparent timeline, full documentation, and regulatory clearances, validating their adherence to both legal and ethical standards. Following an extensive review, FCID findings confirmed that project delays resulted from the country’s challenging economic climate, not from any form of corporate misconduct.

He clarified that that there was nothing regarding the offences of obtaining money under false pretense, fraudulent misrepresentation, and criminal breach of trust, and the ONLY "offence" the company encountered was a delay, which was a result of external economic forces affecting our nation. Rising material costs, a plummeting currency, a cascading effect of inflation, and a shifting economic landscape have all conspired to slow down the ambitious endeavour to design and build a landmark property that not only surpasses the iconic 1979 Necom Tower as the tallest and most luxurious project in Nigeria, but also sets a benchmark standard for luxury living across Africa.

At the time of the transaction, the exchange rate was ₦420 to the dollar; today, it has skyrocketed to ₦1,750, creating a staggering deficit of ₦1,330. 

This poses a critical question: who will absorb this loss? Although the volatility of the exchange rate is neither the client's fault nor ours, it is a reality that profoundly affects our operational expenses, and capital expenditures, which are largely dollar-denominated.

Given these circumstances, it was very important to clarify the company’s position with the authorities at the FCID regarding allegations of obtaining money under false pretense, fraudulent misrepresentation, and criminal breach of trust. This was a false allegation; The company provided comprehensive documentation to demonstrate that these claims are unfounded, as the evidence provided to the FCID authorities gave true insights into the transaction conducted.

According to a statement by Dr Sijibomi Ogundele “There is no gain in saying that the major pressing challenge for every business owner in Nigeria today is how to navigate the relentless rise in material costs. To put things into perspective, when we started this journey two years ago, the price of cement was around ₦2,000; today, it has skyrocketed to about ₦9,000. Steel prices have surged from ₦480,000 but today priced at to ₦1.3 million. Additionally, the costs associated with clearing containers—a significant hurdle for entrepreneurs engaged in import and export—have skyrocketed, with the clearance of a 40-foot container now exceeding ₦22 million, up from ₦4 million. No one prepared us for the staggering devaluation of the naira to the dollar, which has skyrocketed from ₦360 to ₦1,750.”

Given that 85 percent of our project costs are dollar-denominated, this forex surge has severely strained resources and diminished investor appetite, contributing to project delays. Today, the land in question is valued at approximately N17 billion, with the entire project worth over N180 billion.

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. Our other audacious projects, such as the most sophisticated building in Banana Island, LucreziaBySujimoto, the grandiose Sujimoto Twin Tower, the tallest twin towers in Africa; the regal Queen Amina by Sujimoto, a monument to royal affluence; the magnificent high-rise LeonardoBySujimoto; the Sujimoto Farm; an advanced farm estate system that incorporates housing, farm hospitals, hotels, and markets within an ecosystem, creating opportunities for agro-tourism and affordable housing., among other projects that have etched an indelible imprint on Nigeria’s skylines, a testament to Sujimoto’s unrivalled mastery of modern-day engineering.