EFCC Declares Sujimoto Holdings CEO, Suji Ogundele Wanted for ‘Money Laundering, Diversion of Funds’
The Economic and Financial Crimes Commission (EFCC) has declared the Managing Director of Sujimoto Holdings Limited, Olasijibomi Suji Ogundele wanted over an alleged illegal “diversion of funds and money laundering.”
In wanted notice issued by the EFCC and signed by the agency’s Head of Media and Publicity, Dele Oyewale, the EFCC urged anyone with useful information about the whereabouts of the high-flying property merchant to contact the EFCC in any of their offices nationwide.
Mr. Suji Ogundele has been at several time accused of defrauding his clients under the pretense of delivering cutting-edge properties.
In March 2025, investigative journalism outfit www.fij.ng published a report accusing Sujimoto of fraudulently withholding an investor’s (simply identified with his first name, Isaac) funds amounting to N90 million for over a two-year period without cause.
In November 2024, an Abuja based lawyer, Pelumi Olajengbesi of Law Corridor in a petition to the Deputy Inspector-General of Police in charge criminal investigations (FCID) accused Mr. Ogundele of defrauding a client of $350, 000. The Sujimoto boss did not deny the allegations, but blamed the devaluation of the naira for disrupting his property business.
Earlier in July 2024, Sujimoto had announced that it was developing an ambitious $225 million real estate project tagged, LeonardoBySujimoto situated in the highbrow Banana Island, Ikoyi district of Lagos State,
The Sujimoto boss in a public statement denied being a fraudster and explained that the fall of naira was squarely to blame for the non-delivery the promised projects.
Part of the statement read:
“On November 5, 2024: I arrived at the Force CID office in the capital city of Abuja with a trove of evidence: the title documents of the Leonardo project in Banana Island, approvals from Lagos State, and all pertinent papers proving our utmost commitment to transparency with the audacious LeonardoBySujimoto project.
“We clarified that there was nothing regarding the offences of obtaining money under false pretense, fraudulent misrepresentation, and criminal breach of trust, and the only “offence” we encountered was a delay, which was a result of external economic forces affecting our nation.
“Rising material costs, a plummeting currency, a cascading effect of inflation, and a shifting economic landscape have all conspired to slow down our ambitious endeavour to design and build a landmark property that not only surpasses the iconic 1979 Necom Tower as the tallest and most luxurious project in Nigeria, but also sets a benchmark standard for luxury living across Africa.
“The past few days have been uneasy for me and my business, stemming from a transaction we undertook a couple of years ago involving the sale of an off-plan apartment to one of our valued clients. Despite securing the land and obtaining all necessary approvals, we encountered significant obstacles that have delayed our project delivery.
“After numerous conversations and negotiations, the client in reference demanded a refund for his payment, which was originally made in Naira. At the time of the transaction, the exchange rate was ₦420 to the dollar; today, it has skyrocketed to ₦1,750, creating a staggering deficit of ₦1,330. This poses a critical question: who will absorb this loss? Although the volatility of the exchange rate is neither the client’s fault nor ours, it is a reality that profoundly affects our operational expenses, and capital expenditures, which are largely dollar-denominated.
