Sujimoto Holdings says it has repaid more than N40 billion owed to banks and private lenders and intends to settle all legitimate outstanding obligations by January 1, 2027.
Founder and Group Managing Director Sijibomi Ogundele said the company’s recent financial difficulties had reshaped its approach to borrowing, liquidity and business risk.
He said the luxury property developer endured a prolonged period of weak sales while continuing to meet heavy monthly operating expenses and construction obligations.
According to Ogundele, Sujimoto went close to three years without selling a unit while carrying monthly overheads of about N126 million and wider operational commitments exceeding N500 million.
The company turned to commercial banks, private lenders, friends, family members and other financiers to sustain projects, employees and supplier payments.
Ogundele said some borrowing facilities eventually carried effective costs approaching 100 per cent, worsening the pressure on cash flow.
He argued that borrowing itself was not the central problem but warned that excessive debt could overwhelm even promising businesses when market conditions deteriorated.
Despite the strain, the company said it had already repaid more than N40 billion.
Ogundele acknowledged that some obligations remained and assured legitimate creditors that they would be settled.
He pointed to the completion and handover of the Lucrezia development as evidence that the company continued to fulfil commitments to buyers.
The experience, he said, would influence the financing structure for the proposed 69 storey Leonardo luxury residential project.
Future expansion is expected to rely more on sustainable capital structures, strategic partnerships and stronger financial discipline rather than aggressive borrowing.
Ogundele said Sujimoto’s immediate priorities were rebuilding liquidity, completing ongoing developments and settling creditors systematically.
The company’s stated ambition is to begin 2027 with no outstanding legitimate debt and a more conservative approach to financing growth.
