{
  "id": 1613496,
  "title": "Sujimoto Repays N40bn Debt, Targets Zero Liability by 2027",
  "url": "https://urgent.news/2026/08/18/sujimoto-repays-n40bn-debt-targets-zero-liability-by-2027",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-18T02:31:53.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/08/18/sujimoto-repays-n40bn-debt-targets-zero-liability-by-2027/"
  },
  "original_language": "en",
  "account": "Sujimoto Holdings, a luxury real estate developer, has repaid over N40 billion in debt and aims to eliminate all outstanding liabilities by January 1, 2027, according to Dr. Sijibomi Ogundele, the company's founder and Group Managing Director. The firm faced a financial crisis that saw it spending N126 million monthly for three years without selling a single property. The company's repayment comes after a prolonged period of borrowing to sustain operations, employee salaries, and project completion obligations.\n\nOgundele highlighted the dangers of excessive borrowing, which led to monthly overhead costs of N126 million and operational commitments exceeding N500 million. Some loans carried effective costs of up to 100%, exacerbating the company's cash flow challenges. He emphasized that debt was not the problem but rather excessive borrowing, warning entrepreneurs to borrow judiciously.\n\nDespite the hardships, Sujimoto has repaid more than N40 billion to banks and private lenders, with the remaining obligations assured to be settled by the target date. The company's Lucrezia development, which has seen homeowners move into their apartments, stands as proof of its commitment. Ogundele expressed determination to fulfill all commitments, stating, \"We borrowed, we built, we delivered, and we will rise stronger.\"\n\nLooking ahead, Sujimoto plans to adopt stronger financial discipline, sustainable capital structures, and strategic partnerships for future expansions, such as the proposed 69-storey Leonardo residential project. The company's founder acknowledged the past 14 months as the most challenging period of his entrepreneurial career, but emphasized that the experience forced him to reassess his assumptions about debt, liquidity, and business risk.",
  "summary": "• Luxury developer: reckless borrowing nearly destroyed promising businesses •Firm spent N126m monthly overhead for three years without a single sale •Ogundele: some loans carried effective costs of up to",
  "key_points": [
    "Sujimoto Holdings repaid over N40 billion in debt",
    "Company aims to eliminate all liabilities by Jan 1, 2027",
    "Founder emphasizes judicious borrowing and financial discipline"
  ],
  "editors_take": "Sujimoto Holdings' debt repayment signals a shift towards financial discipline and sustainable capital structures, enabling the company to target zero liability and pursue future expansions with a more cautious approach.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}