Sijibomi Ogundele, Managing Director of Sujimoto Holdings, a Nigerian real estate developer, has threatened legal action against businessman Aderemi Lasaki, a board member of First Bank Holdings Plc, over a dispute concerning the Lucrezia project, an ultra-luxury residential development on Banana Island, Ikoyi, Lagos State.
The development is being executed by Sujimoto Group, who serve as the main contractor, with Mr Lasaki acting as the joint venture partner.
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A joint venture partner is an individual or company that enters into a formal partnership with another party to work together on a specific project or business venture.
Sebili Oni & Co., representing Mr Lasaki, issued a “buyer beware” advisory to prospective purchasers, stating that their client would not append his signature to the property.
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Joint venture agreements
The firm noted, however, that all joint venture agreements had been fully complied with by Sujimoto Construction Limited.
“We act on the instructions of our Client who is the JV Partner of the above stated property and the ONLY authorised signatory to all the Deed of Assignment in respect of the 20 Maisonettes and 2 Pent Houses in the said property situated at Plot 16, Zone K, Mixed Development Zone, Federal Government Layout, Banana Island Foreshore Estate, Off Onikoyi Road, Ikoyi, Eti-Osa, Local Government Area of Lagos State.
“Prospective subscribers to the above property are hereby notified and put on notice that the authorised signatory to the said property will not append his signature to any Deed of Assignment to be issued to any/all prospective assignee(s) and will prevent all subscribers from moving into the property until ALL terms and conditions that surrounds the Joint Venture Agreements are fully complied with by Sujimoto Construction Limited”, the buyer beware statement read.
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In response to the “buyer beware” advisory, Mr Ogundele, in a statement sent to PREMIUM TIMES on Monday, alleged that Mr Lasaki sought to distort and misrepresent the facts, misleading the public about a fully completed and contractually protected project.
Opportunism over transparency
He accused Mr Lasaki of prioritising opportunism over transparency. He gave him fourteen days to retract the statement across all media outlets, warning that failure to do so would prompt legal action.
Mr Ogundele noted: “We have, through our Solicitors, demanded that Mr Aderemi Lasaki retract the recent misleading publication and issue a public apology in the same manner and across similar media outlets within 14 days. Failure to comply will result in Sujimoto initiating legal proceedings seeking ₦100 billion in damages for trade libel, unlawful interference, deliberate misrepresentation, obstruction of lawful unit allocation, and attempts to assert unauthorised control in violation of the Joint Venture Agreement.
“We state categorically that the claims issued by Sebili Oni & Co., purporting to represent Mr Aderemi Lasaki — a board member of First Bank Holdings Plc — alleging the referenced party will not append his signature to any Deed of Assignment, are entirely false and without legal merit. Neither Sujimoto nor Mr Lasaki have the title documents.”
Project
Mr Ogundele further explained that he had overcome severe debt pressures, difficult economic conditions, and the formidable challenges associated with delivering a project of this scale.
He noted that he successfully brought the Lucrezia project to fruition, establishing it as one of Nigeria’s premier residential developments.
“As a legal professional who understands the implications of custody and risk, I ensured that all title documents were placed under the guardianship of an independent third party—Stanbic IBTC Trustees Limited—to eliminate any possibility of misrepresentation or unauthorised control. Upon completion, the Trustee is OBLIGATED to release units allocated to Sujimoto and those to the JV partner as stipulated in the Agreement.
“All units in Lucrezia—securely held in trust—remain fully protected and cannot be obstructed or withheld by any party. Any suggestion to the contrary is a deliberate distortion of facts and an attempt to undermine a fully protected contractual process. Every buyer who has purchased a unit will receive their home—without disruption, interference, or delay,” he said.
Furthermore, Mr Ogundele urged stakeholders to disregard the distractions, emphasising that purchasing a home is not comparable to buying a wristwatch or a bicycle.
He stressed that verified documentation, legal titles, and incontrovertible facts govern real estate transactions.
Contradiction
He further described the statement issued by Sebili Oni & Co. on behalf of Mr Lasaki as misleading and in direct contradiction of the framework governing the project.
Mr Ogundele affirmed that Lucrezia will be completed and delivered to its rightful owners, emphasising that dedication, discipline, and integrity will triumph over opportunism, greed, and deception.
He reiterated Sujimoto’s unwavering commitment to upholding the rule of law and stressed that the company will not hesitate to enforce its rights fully and decisively.
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“The Agreement expressly grants Sujimoto exclusive possession of the Lucrezia Project and the unequivocal right to construct till completion, and the full right to sell or transfer its allocated units to third parties—whether before, during, or upon completion—and no individual has discretionary authority to obstruct this process. The project’s cost was initially valued at approximately ₦10 billion; however, Sujimoto ultimately spent an amount estimated to be four to five times that figure.
“As we continue to review final costs, due to recession, soaring construction costs, pandemic disruptions, political turbulence, regulatory uncertainty, and severe market volatility. Despite these pressures, we surpassed all projections—deploying personal capital, assuming extraordinary debt, and overcoming challenges that would have halted even the most experienced developers. Through it all, we upheld both the letter and the spirit of the agreement. Our team of over 474 professionals—architects, engineers, artisans, and site workers—reported to the site every day for five years,” said Mr Ogundele.
He added that the dedication, resilience, and discipline of his team, comprising over 474 professionals, architects, engineers, artisans, and site workers, remain the cornerstone of Lucrezia’s success.
“Looking ahead, LeonardobySujimoto—the tallest and most anticipated luxury residential tower in Sub-Saharan Africa is set to break ground in Q2 2026, underscoring our unwavering commitment to redefining luxury real estate across the continent.”
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