The recent Sujimoto fraud saga has sent shockwaves through Nigeria’s luxury property scene. Olasijibomi Ogundele, the once-celebrated CEO of Sujimoto Construction, is now a wanted man, accused of money laundering, diversion of funds, and allegedly defrauding investors out of millions.

But behind the headlines lies a much bigger lesson: investors, especially Nigerians in the diaspora, must rethink how they approach real estate in Nigeria.

If you’re planning to buy a home, fund a development project, or invest in off-plan property, don’t just fall for glossy brochures and social media hype.

Here’s a detailed, practical guide on how to properly vet any Nigerian real estate developer, and protect your money from going down the drain.

1. Investigate Their Track Record – Not Just Their Instagram

Many developers rent office spaces and project an illusion of success through luxury marketing, celebrity endorsements, and well-curated content. But you can’t build trust with filters.

What to Check:

* Completed Projects: Physically visit or ask for verifiable proof of buildings they’ve completed (not just renderings).
* Project Timelines: Were they delivered on time? If not, how long were delays?
* Past Buyers: Look for testimonials, independent reviews, or even speak with past clients.

Red Flag:

A developer who has multiple ongoing projects but no completed ones is likely funding new builds with money from old ones, a classic Ponzi-style real estate model.

2. Demand Proper Documentation & Approvals

A legitimate developer should have:

* Certificate of Occupancy (C of O) or Governor’s Consent
* Building and Development Permits
* Land Survey Plans
* Approved Architectural Drawings

Don’t accept scanned PDFs or WhatsApp screenshots. Ask for originals or legally certified copies.

You can even verify documents at the Lagos State Land Bureau or other state-level agencies.

Use a trusted property lawyer to verify title documents and land use. Don’t rely on the developer’s in-house legal team, they work for them, not you.

3. Scrutinize Their Financial & Legal History

A developer’s financial ethics are just as important as their construction ability.

How to Dig Deeper:

* Search for EFCC, ICPC, or court case records involving the company or its directors.
* Ask if they use escrow accounts to protect buyer deposits.
* Request a copy of the company’s CAC registration and TIN to confirm they’re a legal entity.

If a developer has a trail of unresolved investor disputes or bounced cheques, don’t walk—run.

4. Avoid Verbal Agreements — Insist on Legal Contracts

You’d be shocked how many Nigerians hand over ₦50 million based on “trust” or phone conversations.

Before Paying a Kobo:

* Sign a formal purchase agreement (with refund clauses)
* Ensure the agreement includes:

* Payment milestones
* Delivery timelines
* Penalties for delays
* Clear refund policies

Have your lawyer review the agreement before signing.

If the developer pressures you to “sign quickly” without time for legal review, it’s likely they don’t want you to see the holes.

5. Understand Their Funding Model

Are they building with bank loans, investor money, or simply cycling new buyer funds?

A responsible developer should have:

* Structured financing
* Transparent cost breakdowns
* Insurance or risk protection plans

Off-plan buyers should ensure:

* An escrow structure is in place (i.e. funds are released in stages based on construction progress)
* Construction has actually started before paying heavily

6. Look Beyond Their Influencer & Celebrity Network

Sujimoto leveraged media buzz and celebrity endorsements to present an image of power, progress, and prestige. Many followed, few asked questions.

Don’t confuse social proof with track record.

A-list clients do not equal A-grade ethics.

7. Join Property Forums & Communities

Before committing to any project, join real estate forums, Telegram/WhatsApp groups, and Facebook communities focused on Nigerian property.

You’ll hear real, unfiltered experiences, the good, the bad, and the ugly.

In Real Estate, Caution Is More Valuable Than Confidence

The Sujimoto saga is a massive lesson for anyone investing in Nigerian real estate: Luxury branding is not proof of integrity. Due diligence is not optional, it’s your lifeline.

If you wouldn’t wire ₦50 million to a stranger for a used car, why would you do it for a 50th-floor penthouse that doesn’t exist yet?