The real estate mogul blamed the falling naira and economic downturn in the country for the delay in delivering on the controversial deal that recently led to his arrest and detention last week.
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The petition explained the real estate mogul obtained the sum of $325,000 from one Kabiru Garba Ibrahim on 5 November 2020. The planned 165 meters marvel project, if built, will eclipse the 106 meters dominant NECOM House which currently stands tall as West Africa’s most elevated building. It boasts numerous firsts, including over 48 electric vehicle charging stations, a virtual indoor golf bar, a standard IMAX cinema, and eight private swimming pools.
The smart schools, designed to foster experiential learning and innovation, will be built across Enugu State’s 17 local government areas, with each school costing about N1.6 billion.November 5, 2024: I arrived at the Force CID office in the capital city of Abuja with a trove of evidence: the title documents of the Leonardo project in Banana Island, approvals from Lagos State, and all pertinent papers proving our utmost commitment to transparency with the audacious LeonardoBySujimoto project.
After numerous conversations and negotiations, the client in reference demanded a refund for his payment, which was originally made in Naira. At the time of the transaction, the exchange rate was ₦420 to the dollar; today, it has skyrocketed to ₦1,750, creating a staggering deficit of ₦1,330.
No one prepared us for the staggering devaluation of the naira to the dollar, which has skyrocketed from ₦360 to ₦1,750. Given that 85 percent of our project costs are dollar-denominated; this forex surge has severely strained resources and diminished investor appetite, contributing to project delays.
Despite the challenging economic conditions in Nigeria, which have made several businesses close their doors of operation, we remain resolute and determined to commence construction on the ambitious LeonardoBySujimoto project before the end of November 2024. Today, the land in question is valued at approximately N17 billion, with the entire project worth over N180 billion — no sum of money is enough for us to destroy a project of that magnitude or the value we have built over the years.
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