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

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“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.

 

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Revolutionizing Education: Brook International School Meets the Future at Tingo AI Radio

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In a groundbreaking collaboration, Brook International School students stepped into the future at Tingo AI Radio, Africa’s first and only AI-powered radio station. The event, a first of its kind, explored the transformative role of Artificial Intelligence (AI) in education, automation, and everyday life.
From interactive learning experiences to cutting-edge AI-driven automation, the event showcased how AI is reshaping education. Brook International School’s curriculum seamlessly integrates AI-powered tools, including adaptive learning systems, intelligent tutoring, and automated grading, equipping students and teachers with innovative solutions for a smarter future.
Beyond education, Tingo AI Radio demonstrated how AI enhances institutional efficiency by streamlining administrative tasks. With chatbots, predictive analytics, and automation, schools can optimize operations, allowing educators to focus on creativity and student engagement.
The event also unveiled AI’s impact on daily life, featuring demonstrations on virtual assistants, smart homes, and entertainment applications. Attendees gained first-hand experience of how AI can enhance productivity and connectivity in today’s fast-paced world.
“I’m so excited about the possibilities of AI in education!” said Ikeoluwa, a student at Brook International School. “This event showed me how AI can make learning more fun and interactive. I can’t wait to explore more AI-powered tools in my studies!”
As the pioneering AI radio station in Africa, Tingo AI Radio remains committed to promoting AI awareness, education, and adoption across the continent. Through collaborations like this, the station continues to empower the next generation, fostering innovation and preparing students for a tech-driven world.

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BainesCredit Micro Finance Bank’s MD In Trouble, Allegedly Detained Over N100M Fraud

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The Economic & Financial Crimes Commission has arrested one Ayobami Adegoke, the Managing Director of BainesCredit Microfinance Bank based in Ikoyi following a criminal complaint by Dr Segun Oyebolu, the Managing Director of QuickAir Networks Limited who had alleged that the bank committed the fraud between April and August of 2022.

The allegation is based on fraudulent manipulation of customer accounts, resulting in the stealing of well over N100M Naira from the customer’s account between April and August 2022.

According to the complainant, the bank manipulated his accounts and posted false overdraft payments in his account between the periods, which unfortunately led to the sudden collapse of the enterprise.

According to the allegation, Ayobami Adegoke, BainesCredit MD and a host of others including one Mr Williams who has since left the country perpetrated this fraud by posting fictitious loan deductions in his account between the periods causing it to lose continued capacity to service its numerous travel~agent customer’s around the country.

The bank simply started posting fictitious, inexistent overdraft payments into our account, affecting us from being able to service our customers. It was really sad that this same bank took us to court in 2023, claiming we were owing on a phantom loan that was never taken from them.

It is really sad that a Bank like BainesCredit MFB Limited will prosecute one of its biggest customers on a fake loan. The matter was subsequently dismissed by the same court as the bank failed completely to bring any proof of the existence of such a loan to the company.

Representatives of Quickair Networks Limited has vowed to pursue the matter to its logical conclusion as the significant fraud has tainted its name and the name of its promoters aside causing it huge financial losses in the travel industry which they service.

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Alleged N76Billion, $31.5Million Fraud: EFCC Presents Second Witness Against Ex-AMCON MD Kuru, Four Others In Lagos Court

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The Economic and Financial Crimes Commission (EFCC) on Wednesday presented its second prosecution witness, Austine Obegwe, a retired Group Executive Director in charge of Corporate and International Banking at Union Bank, in the trial of former Assets Management Corporation of Nigeria (AMCON) Managing Director Ahmed Kuru and four others.

Kuru and the other defendants are accused of defrauding Arik Airline of ₦76 billion and $31.5 million. The case is being heard before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos.

The other defendants include Kamilu Omokide, a former Receiver Manager of Arik Airline Ltd.; Capt. Roy Ilegbodu, the airline’s Chief Executive Officer; Super Bravo Ltd.; and Union Bank Plc.

They face a six-count charge of theft, abuse of office, and dishonest appropriation of property.

Count one reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Assets Management Corporation of Nigeria (AMCON), regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71, 000,000,000.00 (Seventy-One Billion Naira) to AMCON.”

Count two reads: “That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabout, in Lagos, within the jurisdiction of this honourable court, fraudulently converted to the use of NG Eagle Limited the total sum of N4,900,000,000.00 (Four Billion Nine Hundred Million Naira only), property of Arik Air Limited”.

The defendants, however, pleaded “not guilty” to all six charges when they were read out to them.

At the resumed trial on Wednesday, Obegwe informed the court that he worked with Union Bank from 1980 until his retirement in August 2009.

Led in evidence by the prosecution counsel, Wahaab Shittu (SAN), Obegwe testified that he handled the transaction with Arik Air and the US EXIM Bank for the purchase of three aircraft, for which Union Bank provided a guarantee.

He said, “I was a board member. I handled the transaction with Arik Air, for which Union Bank provided a guarantee. We had a second transaction for two wide-body aircraft, body-long hub A340500, and chemist of HSBC Germany Coface of the UK. Three of them are also shareholders.

“The credit financed the two Boeing (planes) agreed and there was no payment by Union Bank. He did not pay any money or communicate any money for the guarantee of 85%.

“In two wide-body aircraft, the hub was the major success that preceded the commendation from President Yar’Adua. This aircraft, one was fly to London and the other was fly direct to New York.

“The major focus of this airline finance is that Union Bank were able to provide pending of a loan up to 85% until I left the bank in August 2009. All facilities extended to Arik were performing, meaning that there was no default because of the way Arik was structured. But for Arik, he has two repayments every time.

“In return of providing falters of the aircraft, we make collection of credit card. Everything was cash. I’m also aware that there was no default of money for the first bank to apply to CBN and pay to HSBC in dollars, the bank representing all the foreign lenders.”

The prosecution counsel, Wahaab Shittu (SAN), sought to tender some documents relating to the transaction, which were satisfied by the EFCC.

All the defence counsel objected to this application on the grounds that the witness was not an author and there was no evidence of stratification payment. They urged the court to refuse this application.

In a short ruling, Justice Dada rejected the documents: “The witness in the box is not a member of the investigation team, he is not a member of AMCON, and the documents cannot be tender.”

The witness said further that “any bank can sell facilities if they want to sell or buy, and there was no request to sell any facilities when I was there”.

The counsel cross-examined the witness for the first and third defendants, Taiwo Osipitan, SAN, and Olasupo Shasore, SAN, counsel for the second defendant, Kuru, where they tendered several documents which the court admitted as exhibits.

Justice Dada adjourned the matter till May 19 and 28, 2025, for continuation of trial.

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