The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Ogundele, the Chief Executive Officer of Sujimoto Luxury Construction Limited, wanted for alleged money laundering and diversion of funds. This high-profile announcement, made public on September 5, 2025, has attracted widespread media attention and public interest in Nigeria. The case highlights ongoing regulatory scrutiny over financial crimes in the real estate sector and the complex interplay between business and government contracts in Nigeria.
EFCC’s Wanted Notice and Allegations
The EFCC’s declaration was officially made through a public notice signed by Dele Oyewale, the EFCC Head of Media and Publicity, and disseminated via the agency’s official social media channels. The notice described Ogundele as wanted in connection with alleged diversion of funds and money laundering offenses. It provided the public with Ogundele’s last known address at G29, Banana Island, Ikoyi, Lagos State, and urged anyone with information on his whereabouts to contact any EFCC office across Nigeria or other security agencies. The EFCC’s response signals a deepening investigation into financial irregularities linked to the luxury construction company.
Ogundele, aged 44, is originally from Ori-Ade Local Government Area of Osun State. Through Sujimoto Luxury Construction Limited, he has been a prominent figure in Nigeria’s luxury real estate market, especially known for lavish developments in affluent Lagos neighborhoods like Ikoyi and Banana Island. While the EFCC notice did not specify the exact financial sums involved, earlier investigations from October 2024 had uncovered allegations related to the receipt of $325,000 under suspicious circumstances involving fraudulent real estate transactions.
Background of the Fraud Allegations
The origin of the probe can be traced to an October 2024 incident when the Force Criminal Investigation Department (FCID) in Abuja briefly detained Ogundele following accusations from a client named Kabiru Garba Ibrahim. Ibrahim alleged that he had paid $325,000 as a partial payment for a three-bedroom flat allegedly marketed by Sujimoto, but no such project exists. The case was triggered by a petition from prominent human rights lawyer Pelumi Olajengbesi, alleging fraud, breach of contract, and false pretenses against Ogundele.
The FCID and EFCC investigations explored whether Ogundele and his company unlawfully diverted client funds and engaged in money laundering activities. After being released on bail, Ogundele became subject to further scrutiny, culminating in the EFCC’s wanted notice issued in September 2025. This development points to continued challenges within Nigeria’s luxury real estate sector regarding financial transparency and regulatory compliance.
Sujimoto CEO’s Response and Defense
Following the EFCC declaration, Ogundele publicly denied all accusations of criminal conduct. In a tearful video statement widely circulated across media platforms, Ogundele insisted he is neither a thief nor a fugitive. He declared his intention to voluntarily report to the EFCC to clear his name and called the allegations unfounded.
Ogundele linked the controversy to a “deal gone sour” involving a government contract from Enugu State. He explained that Sujimoto was contracted by Enugu State Government to build infrastructure projects, including a high-profile plan for the tallest building in Nigeria, a 69-storey skyscraper. He claimed that inflation and the rising costs of building materials caused delays and complications, which were the root of the dispute. According to him, legal proceedings had ensued after disagreements emerged, but he asserts that these issues were business challenges rather than criminal acts.
Impact on Sujimoto Brand and Real Estate Industry
The EFCC’s declaration of Ogundele as wanted represents a significant blow to Sujimoto Luxury Construction’s reputation. The firm was previously celebrated as a leader in Nigeria’s luxury property development, commanding attention for its ambitious architectural projects and affluent clientele. The protracted legal troubles and negative publicity surrounding alleged fraud and money laundering cast a long shadow over the company’s future prospects.
The case also underscores systemic risks in Nigeria’s nascent but fast-growing real estate sector, where regulatory oversight and transparency remain inconsistent. Wealthy developers operating complex projects face increasing scrutiny from law enforcement agencies amid rising public demand for financial integrity and corporate accountability.
Calls for Public Cooperation and EFCC’s Position
The EFCC has appealed to the public to assist in locating Ogundele to facilitate due process in the ongoing investigation. Contacts for reporting information include EFCC offices in major Nigerian cities such as Lagos, Abuja, Ibadan, Enugu, and Port Harcourt, as well as direct phone lines and an official email address.
This action by the EFCC reinforces the agency’s mandate to combat financial crimes and enhance investor confidence in Nigeria’s economy by holding influential individuals accountable. The case remains under active investigation, with the EFCC warning stakeholders that the fight against economic and financial crimes will continue without favor or prejudice.
AML Editor’s article was originally published in tgnews on September 5, 2025