Connect with us

Society

INVESTOR: “Sujimoto, I want my $100,000 Investment back!”

Published

on

“Sujimoto, I want my money back!”

“I want the $100,000 initial deposit I made back.”

“A lot of people are saying this dream is impossible, and you are too overzealous.”

“No one has achieved such yet, especially not in Nigeria!” Her voice still echoes in my head.

And, I remember responding with, “Aunt, kindly exercise patience; the tenth floor at $1.5M is a great deal.”

She had no idea that I had sold her a $4 million property for $1.5 million.

She continues, “In my 27 years of professional expertise, I don’t believe this dream is achievable!”

These are statements and concerns I received from the chairman of a major insurance company that attended our 5th-anniversary celebration in 2019. Afterwards, she decided to invest in Lucrezia’s off-plan before the commencement of the LucreziaBySujimoto’s foundation. However, she cancelled the transaction and requested a refund. Thankfully, the money was still intact, and I refunded her immediately.

Just recently, she visited the mock apartment and was flabbergasted by the incredible work and speed we’ve achieved on the Lucrezia project. As one of our staff continued to negotiate with her over the price this time, she refused him, saying, “SUJI handed me this property for $1.5 million a few years ago before its foundation started, why are you now telling me to pay three times the price?”

I said to myself, “This is what happens when a pessimistic investor refuses to trust in the vision of tenacious entrepreneurs!”

Unfortunately, she can’t afford it now, as the final unit we have is priced between $2.5 million and $4 million.

The best time to invest in real estate is to find a reliable developer with a wealth of experience and integrity. Then buy into his vision, now!

The best time to buy a property is to find a reliable developer with a wealth of experience and integrity, then buy into the vision now!

I remember vividly when we started Lucrezia —nobody believed us. The only person who believed in our dream and was more than happy to invest in it was the Managing Director of Providus Bank. A visionary leader who, despite all obstacles, sat at our side at every meeting, fighting for us and ensuring that everything we needed to complete the project was supplied.

Yes! Nobody told us it wouldn’t be easy.

Nobody told us containers would spend months in port or foresaw the price of clearing a container, spiking from N4M to N9M.

Nobody warned us of the drastic exchange of the naira to the dollar, from N360 to today’s rate of N750, giving us a deficit of over N5B.

Nobody told us COVID-19 would impact the global economy, which affected this project and shot up our costs by over 200%. Nobody reminded us of all these.

But these are the lessons we learn as energetic and uncommon entrepreneurs, as when we commit to a project, we ensure its successful execution against all odds.

This is one of our company’s trade secrets. We believe in our goals of reinventing luxury living, which is a true motivation for putting our perpetual effort into developing what is now worth more than N50 billion.

Building a duplex is different from building a skyscraper; there are fundamental, technical, but essentially important details you need to know to build a skyscraper.

That’s why all our technical and structural engineers are people with successful experience in the erection of skyscrapers across the globe. To reinforce our zero tolerance for mediocrity, we hired an Italian piling master with 28 years of experience to oversee the work of Nigeria’s proclaimed best-piling company, as we were determined to establish a foundation of unwavering strength.

A total of 17,500 cubic meters of concrete was used to create one of the biggest piles and pile caps in the world, which has a 900 mm pile diameter and goes 45 meters deep with over 140 piles, making Lucrezia’s foundation one of the most formidable foundations ever, one to endure a century and beyond.

 

We raised the building after the pilling from the ground floor to the 15th floor in 4 months, making it the fastest construction of a high-rise building in Nigeria with the use of bonded post-tensioning slabs, which are the only standards in Dubai for the construction of high-rise buildings, making Sujimoto the first indigenous company to use such technology.

To ensure that the facade installations are of the highest quality, we went above and beyond by recruiting the expertise of specialists and companies with proven track records in the fabrication of facades costing more than 1.5 billion naira.

Aside from the spectacular features—the IMAX cinema, the lobby, the virtual golf, a 345 square meter temperature-controlled pool, including a Jacuzzi and kids’ pool, and a spa— A special place the residents and other special members of society can visit to indulge in the ultimate relaxation experience is Lucrezia. We have one of the finest salons for the convenience and comfort of our residents, as well as a creche to nurture future kings and queens. Also, to create ample space for car parking, we raised the ground floor higher to enable double parking racks.

We are hopeful and optimistic LucreziaBySujimoto will be completed by June 2023, and we’d be gazing up at Banana Island’s tallest building. A 15-story ultra-luxury building with magnificent maisonettes and two of Africa’s best penthouses wrapped in a rare façade material known as glass-reinforced concrete.

The $52 million architectural masterpiece towers 65 meters above the ground, with a combined livable space of 18,000 square meters reserved for the vital few and an incredible, mechanically powered, centralized AC system that would outperform any other company in Nigeria.

Our mockup flats are designed to exude and emanate the luxury of the Burj Khalifa in Dubai and the Shard in London. Zaha Hadid Porcelanosa, one of the best Noble prize architects in the world and the producer of the rarest sanitary wares by Porcelanosa, immensely contributed to this project, making us the only developer in Africa with such a level of rarity and class as it only available at 5-star hotels in Dubai and London.

With the proper quality control checks at every level, we made sure that all T’s were crossed and all I’s were dotted, ensuring thorough and rigorous quality control of every material, from the sand to the chandeliers, doors, sanitary wares, and others. Without a doubt, the project has been founded on resilience and determination. one of the most complex but successful projects ever, as everyone that worked on the project paid excessive attention to details.

As we near the end of this record-breaking project, we want to convey our deepest gratitude to Providus Bank for helping us develop one of the greatest condominiums in the African real estate market. And also, to our incredible staff, both local and international, which numbered over 300 people working day and night for the past 792 days to complete one of Africa’s most iconic projects

LucreziaBySujimoto’s penthouse, unquestionably the best penthouse in Africa, with a private golf garden, private elevator, private pool, and private gym, is still available to any audacious and daring individual. We also have one unit of the maisonette available for sale at a reasonable price.

You can contact the general managing director directly for further information or call 0809 124 3555.

Sijibomi Ogundele is the Managing Director of Sujimoto Group, the Czar of luxury real estate development, and the mastermind developer behind the infamous Giuliano. Our other audacious projects, such as the grandiose Sujimoto Twin Towers, the tallest twin towers in Africa, the regal Queen Amina by Sujimoto, a monument to royal affluence, and the magnificent LeonardoBySujimoto, Africa’s most exclusive waterfront high-rise development, have etched an indelible imprint on Nigeria’s skylines, a testament to their unrivalled mastery of luxury.

Furthermore, Sujimoto is dedicated to redefining luxury living with transformative experiences through intricately designed architecture and also searching globally for the world’s most renowned thought leaders in architecture, art, hospitality, and innovation.

 

Society

NDLEA nabs bizwoman, Aishat Ajoke Elediye, for drug trafficking

Published

on

By

A 61-year-old Lagos socialite, Alhaja Aishat Feyisara Ajoke Elediye, has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, for illicit drug trafficking.

A statement by NDLEA spokesperson, Femi Babafemi, on Sunday, said the fabric merchant was arrested on Wednesday 1st January 2025 in her mansion at the Okota area of Lagos following the interception of a truckload illicit drug consignment from her staff same day.

Babafemi said the suspect who is known in the drug underworld as “Iya Ruka”, and Alhaja Ajoke in social circle, has her true identity shrouded in mystery for years while she remained on the wanted list of NDLEA for leading one of the drug cartels operating from Mushin area of Lagos.

“The lid was however blown off her invincibility on Wednesday 1st January 2025 when NDLEA operatives acting on intelligence intercepted a white Izuzu truck carrying 44 jumbo sacks containing 1,540 kilograms of imported cannabis and driven by one of her staff, 41-year-old Abideen Adio. Thereafter, the operatives stormed her hideout at 33 Adebayo Oyewole street, off Ago Palace way, Okota, where they arrested her.

Babafemi stated that on the surface, Alhaja Ajoke is a businesswoman who imports fabrics and shoes from China but beneath is a massive illicit drug trade.

She is also recognized as the Iyalaje of Blessing Sisters, an influential club of society women in Lagos.

Continue Reading

Society

Nollywood filmmaker, Emeka Mbadiwe arrested for drug trafficking

Published

on

By

The National Drug Law Enforcement Agency, NDLEA, has arrested Emeka Mbadiwe (Emeka Emmanuel Mbadiwe) a US-trained Nollywood filmmaker and a notorious drug lord in Lagos.

NDLEA spokesman, Femi Babafemi made the disclosure in a statement on Sunday.

According to the statement, the filmmaker and motivational speaker, was arrested in a hotel in Lekki, Lagos, on December 27, 2024.

The statement added that Mbadiwe’s arrest followed the earlier detention of his associate, Uzoekwe Ugochukwu James, at a warehouse in Ajao Estate, Ikeja.

James was allegedly caught retrieving 33 parcels of Loud, a potent cannabis strain weighing 17.30 kilogrammes after the shipment had arrived at Murtala Muhammed International Airport (MMIA) from the United States on December 24, 2024, concealed in wooden boxes.

Also in Lagos, the NDLEA arrested a queen of drugs, 61-year-old Alhaja Aishat Feyisara Ajoke Elediye, a prominent Lagos socialite known as “Iya Ruka,” at her residence in Okota. Her arrest followed the interception of a truck loaded with 1,540 kilogrammes of imported cannabis.

Despite her public persona as a fabric importer, investigations revealed she led a major drug cartel in Mushin, Lagos.

Continue Reading

Society

Alake of Egbaland resigns as Oando chairman, Ademola Akinrele takes over

Published

on

By

Oando Plc has appointed Ademola Akinrele as its board chairman after Adedotun Gbadebo, the Alake of Egbaland, resigned from the position.

In a statement on Friday, Ayotola Jagun, the company’s secretary, said Gbadebo formally notified the board of his decision to step down as chairman and retire as a board member of Oando.

Gbadebo’s resignation, according to Jagun, took effect immediately after Oando’s annual general meeting (AGM) held on December 17, 2024.

“Oba Gbadebo served with unparalleled distinction for over 18 years on the Board, including 12 years as Chairman,” Jagun said.

“Throughout his tenure, he provided steadfast leadership, wise counsel, and a fatherly presence, guiding the company through significant milestones, including several landmark transactions.

“His steady hand and unwavering commitment were pivotal in steering the company through challenges while ensuring growth and resilience.

“The Board and Management of Oando Plc express their deep appreciation to Oba Gbadebo for his remarkable contributions and leadership over the years. His legacy will forever be an integral part of Oando’s story.”

‘AKINRELE HAS EXTENSIVE EXPERIENCE TO MOVE OANDO FORWARD’

Jagun said Akinrele will drive the company’s strategic vision forward, with his extensive experience, which includes working at Agip Plc, Danos & Curole Marine Contractors.

“Mr. Akinrele brings extensive experience and expertise to this role, having previously served as a Non-Executive Director on the Board and as Chairman of the Governance & Nominations Committee,” she said.

“With decades of distinguished service in the legal profession, he is widely recognised as a leading authority in commercial law, litigation, aviation, and maritime matters.

“Mr. Akinrele holds an LL.B (Hons.) from University College London and an LL.M from the University of Cambridge.

“He has also served on the boards of Agip Plc, Danos & Curole Marine Contractors, and other notable institutions.

“His exceptional leadership abilities and capacity to foster consensus among stakeholders position him well to lead the Board effectively.

“The Board is confident that, under his chairmanship, Oando Plc will build on its legacy of excellence and explore new avenues for growth.”

Jagun also announced the appointment of Cosmas Iwueze as an independent non-executive director, effective December 16, 2024.

“Cosmas Iwueze is a seasoned petroleum engineer and business leader with over three decades of experience in the oil and gas industry,” she said.

“Joining Chevron Nigeria Limited (CNL) in 1990, Cosmas rose through positions of increasing responsibility across Reservoir and Asset Management, Commercial Development, Operations, Project Management, and Business Strategy.

“He also gained international experience working with Chevron in California and Angola. Cosmas previously held leadership roles as Business Services Director for Chevron’s Nigeria/Mid-Africa unit, General Manager of Operations, and General Manager of Asset Development and Exploration.

“Notable achievements include securing third-party financing for JV projects and contributing to national petroleum policy development during a secondment to the Nigerian government.

“Prior to retiring in November 2024, Cosmas served as Director of the NNPC/Chevron Joint Venture (JV), overseeing the JV asset development, major projects, as well as oil and gas production with profit and loss accountability.”

Jagun said Cosmos led strategic initiatives at the joint venture, managed multiple general managers, and acted as managing director when required.

Continue Reading

Trending