Ogundele says over N40bn repaid to lenders, targets debt-free status by 2027

The founder and Group Managing Director of Sujimoto Holdings, Sijibomi Ogundele, has said the company has repaid more than N40 billion owed to banks and private lenders.
Ogundele disclosed this while reflecting on the financial difficulties faced by the company amid rising inflation, construction costs, currency volatility and declining purchasing power.
“Debt is not the problem; stupid borrowing is. Over the last 14 months, I have learnt the hard way that reckless borrowing can destroy even the most promising businesses,” Ogundele said.
He said the company had struggled for almost three years without selling a unit while maintaining monthly overheads and other operational commitmen...