It is often said that a man’s action today will determine his experiences tomorrow. Sijibomi Ogundele – a rose that grew from concrete, the quintessential luxury real estate magnate, who single-handedly built an
estimated $400 million dollar company; has not only raised the standard for luxury real estate in Africa, but also, the young and astute Entrepreneur has become the standard for luxury and excellence in an industry that is widely dominated by top-grade mediocrity and profit maximization over value creation.
Considering his landslide achievements within such a short while, very few under 40s or 50s can stand toe-to-toe with this epitome of hard work and innovation addict. While other businesses are grinding to a halt in a very tough year as 2021, with the rising forex and the economic effect of the COVID-19 on businesses, Sujimoto could not be stopped as they have almost completed their 15-storey Banana Island project – LucreziaBySujimoto; made progress on the Leonardo project and started the design for the Sujimoto Smart city, and Dubai Sujimoto Tower, amongst many other projects. According to Mr. Ogundele, “We were faced with two options; either to give up and give excuses or press on and find opportunities. We went for the later. We converted our fears into fortunes
and challenged ourselves to keep building the Lucrezia higher – the most sophisticated residential building in Banana Island! Today, we are way ahead of our timeline.
Speaking about the company’s plan for 2022, in Mr. Ogundele’s word:
“By January 2022, we shall be breaking ground on our 256 piles of 25-Floor Leonardo Tower – a waterfront high rise Development with many FIRSTS! 1st building in Nigeria with the Porcelanosa KRION Facade in Nigeria; Exclusive Boat Club membership, Virtual Indoor Golf Bar; IMAX cinema; 1st building with 14 Private Swimming Pools and many other FIRST!
By Q2 2022, we shall be celebrating the grand opening of the most sophisticated high-rise in Banana Island –the prestigious LucreziaBySujimoto. We also have the Sujimoto Smart City – first-of-its-kind in Nigeria, a project designed to create a mini Dubai city in Abuja and Lagos, with over 1200 subscription already and
still counting. A smart community with unparalleled amenities, perfect for Polo lovers and Golf connoisseurs; a 21st century community where you can live, work and play.
We are also taking Abuja by storm in 2022 with the magnificent Queen AminaBySujimoto Project – a luxury twin tower, mixed-used development that combines 16th century northern royalty with 21st-century architecture, detailing the beauty, sophistication and outstanding exploits of the great Zazzau warrior –Queen Amina. That is not all, we are also building the JumeriahBySujimoto – a palatial abode where we intend to build 100 luxury Villas.
We are also looking at other international projects including Sujimoto Tower in Johannesburg, Cape Town and Dubai. We believe that our influence as a brand has gone beyond the shores of Nigeria as a result of the constant calls and emails we receive from people across the continent; from Rwanda to Tanzania, asking us to come and replicate the Sujimoto touch in their country, making it necessary for us to go global.”
Sijibomi Ogundele is an inspiration not only to young entrepreneurs but also to young people in our generation, always reminding people that anyone can come from Ikorodu and become a house owner in Ikoyi. If the late Chief MKO Abiola can come from selling coal in Abeokuta to becoming a national icon, then Nigeria has something for any uncommon, hardworking and diligent entrepreneur who has dreams beyond the challenges of our environment. Even in the middle of the COVID-19 pandemic when businesses were slowing down, Sujimoto could not be stopped. The company was able to raise funds from Providus Bank – a future-thinking bank, who saw beyond the current state of the business environment and invested in the dream of a young and audacious man.
Greatness comes from the consistency of doing the little things right. About 3 decades ago, the great industrialist – Alhaji Aliko Dangote of Dangote Group – which is one of the largest private-sector employers in Nigeria and Africa, borrowed $3000 from his Uncle to start his business which he eventually turned into a multi-billion dollar corporation. Today Alhaji Dangote is not stopping but even during the pandemic, he continues expanding his empire, finalizing the construction of a 19 billion dollar refinery.
According to Mr. Ogundele, “For us at Sujimoto, we study the icons of our generation – the Aliko Dangotes, the Abdulsamad Rabius, the Adenugas, the Innosons and many other uncommon entrepreneurs. We always look for what we can learn from their strengths and weaknesses. We realized that many extraordinary people see opportunities where others see calamities, and the recession of a nation is the best time to redefine, re-strategize and open your eyes for the next opportunity lurking in the corner.”
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UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown
The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson.
HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday.
The affirmation followed the collapse of Terra which saw algorithmic stablecoin terrausd (UST) lose its peg to the U.S. dollar and terra (LUNA) fall to near zero.
A HM Treasury spokesman said:
“This will create the conditions for issuers and service providers to operate and grow in the UK, whilst ensuring financial stability and high regulatory standards so that these new technologies can be used reliably and safely,” the spokesperson added.
Prince Charles delivered the Queen’s Speech last week, outlining the British government’s legislative agenda for the next parliamentary year. Two of the bills put forward specifically mention crypto assets.
The U.K. government unveiled a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by summer.
Rishi Sunak, the British chancellor of the exchequer, has said the plan will “ensure the UK financial services industry is always at the forefront of technology and innovation.”
However, the Treasury does not plan to include algorithmic stablecoins in the legislation, saying they do not guarantee stability. Terrausd (UST) is an example of an algorithmic stablecoin.
The HM Treasury spokesperson further detailed:
“We will continue to monitor the wider crypto asset market and stand ready to take further regulatory action if required,” the spokesperson included.
U.S. lawmakers also called for the urgent regulation of stablecoins last week following the fall of Terra. However, Treasury Secretary Janet Yellen believes that stablecoins are currently not a real threat to U.S. financial stability.
What do you think about the U.K. government’s commitment to regulate stablecoins? Let us know in the comments section below.
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Veteran Investor Bill Miller Remains Bullish on Bitcoin — Confirms He Has a Lot of BTC
Famed value investor and fund manager Bill Miller says he has “a lot” of bitcoin and has not sold any despite the recent crypto sell-off. He insisted that investors should put some of their liquid net worth in the cryptocurrency.
Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasn’t sold any.
Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.
He explained that if bitcoin goes down to half its current price, he wouldn’t be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said.
Miller was asked, “Are you selling any [bitcoin], have you sold any?” He replied:
However, he clarified that he sometimes sells “stuff” to meet margin calls. “I’ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically.
At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost 25% in the past 30 days.
Commenting on investors losing money amid crypto sell-offs last week, Miller said: “If people have lost a lot of money in crypto, they have been speculating on the stuff they don’t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.”
There are currently almost 20,000 cryptocurrencies, according to Coinmarketcap. Miller said: “All except for bitcoin, including ethereum, have competition.” He noted that he does not have the expertise to evaluate all crypto projects but is “comfortable with bitcoin.”
Miller was also asked if he thinks bitcoin is a buy at $29,000. He replied:
He added that it is especially true if you lived in countries like Venezuela, Argentina, Lebanon, Turkey, Nigeria, Iraq, Ukraine, and Russia. The famed investor noted: “Russia lost 50% of their reserves when the U.S. decided it was going to sanction them.” He said in March that this is “very bullish for bitcoin.” Miller previously called BTC an “insurance against financial catastrophe.”
What do you think about Bill Miller’s comments? Let us know in the comments section below.
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