BEYOND THE SCAFFOLDING: Years of Pain, Patience, and the Audacity That Built Banana Island’s Tallest Tower, LucreziaBySujimoto
After years marked by economic turbulence, supply chain disruptions, and intense financial scrutiny, Sujimoto Group has announced that its flagship luxury residential tower, Lucrezia, is now nearing completion in Banana Island, Lagos.
The 15-storey development, formally known as Lucrezia by Sujimoto, is expected to be delivered to homeowners in the first quarter of 2026, marking the culmination of a project that faced multiple headwinds, including the COVID-19 pandemic, foreign exchange volatility, and escalating construction costs.
At the center of the development is Dr. Sijibomi Ogundele, founder and Group Managing Director of Sijumoto Holdings . According to the company, Lucrezia was conceived not merely as another luxury address in Banana Island, but as a statement of architectural ambition intended to rival high-end residential towers in global cities.
From Vision to Vertical Reality
Rising above Lagos’ most exclusive residential enclave, Lucrezia stands as Banana Island’s tallest residential tower, introducing design elements inspired by the Italian Renaissance and the aristocratic elegance associated with Lucrezia de' Medici .
Sujimoto says the tower’s sculpted curves and detailed façade were executed using Spanish-engineered Glass Reinforced Concrete (GRC), described by the developer as a first-of-its-kind exterior application at this scale in Nigeria.
Structurally, the building is supported by 112 deep foundation piles and over 11,500 cubic meters of C40 concrete. It also incorporates post-tensioned slab technology—an engineering approach more commonly associated with high-rise developments in the Middle East—designed to enhance durability and structural efficiency.
According to project details released by the company, more than 367 containers of materials were imported during construction, underscoring the scale and complexity of the development.
Pandemic Pressures and Rising Costs
Like many large-scale real estate projects launched before 2020, Lucrezia encountered significant disruptions during the COVID-19 pandemic. Port closures, shipping delays, and supply chain bottlenecks reportedly drove up clearing and logistics costs dramatically, placing additional financial strain on the project.
Despite these setbacks, construction progressed, with the superstructure reportedly rising from the first slab to the 15th floor within 5.5 months—an accelerated timeline for a high-rise of its specification.
Dr. Ogundele maintained that the project was conceived as an iconic structure rather than a conventional block of flats, insisting that compromise on design and materials was never an option.
Investment Returns and Market Positioning
Sujimoto disclosed that early investors have seen significant capital appreciation. One of the first units, initially acquired for $850,000, was later resold for $2.5 million, with projections suggesting a valuation approaching $3 million upon handover in Q1 2026.
The tower comprises 22 ultra-luxury residences, including four-bedroom maisonettes and two penthouses equipped with private elevators and infinity pools. Amenities listed by the developer include a bespoke lobby, 24-hour concierge services, an IMAX cinema, Crestron smart home automation systems, and integrated lifestyle facilities.
Setting the Stage for the Next Skyline Statement
With Lucrezia nearing completion, Sujimoto has also unveiled plans for its next flagship development—Leonardo by Sujimoto, a proposed 36-storey tower positioned as the company’s most ambitious project yet.
The firm says its long-term vision is to elevate Lagos’ luxury real estate profile to compete with global developers such as Emaar Properties in Dubai,Candy & Candy in London, and Zeckendorf Development in New York.
As completion approaches, Lucrezia stands not only as a residential tower but as a test case of endurance within Nigeria’s high-end real estate market—one shaped as much by economic adversity as by architectural ambition.
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