Peter Ololo

Peter Ololo or Peter Ukuoritsemofe Ololo was a Nigerian stockbroker who was implicated in the 2009 Financial crisis in Nigeria.

Peter Ololo
Bornabout 1957
Delta State
NationalityNigerian
Occupationstockbroker

Life

He came to notice when five bank CEOs were sacked from five of the leading Nigerian banks on 13 August 2009 and five replacements were named by the Central Bank of Nigeria.[1] Olufunke Iyabo Osibodu was chosen to lead the Union Bank of Nigeria replacing Bartholomew Bassey Ebong. Others replaced on the same day included the CEO of FinBank who was replaced by Suzanne Iroche.[1] The other banks involved were Intercontinental, Afribank and Oceanic where Cecilia Ibru had led the bank.[2]

Ololu had been employed by Union Bank but he had left the bank to become a finance expert.[2]

It was estimated that Ololo's companies had borrowed more than $700m from the five banks. On the 10 December 2009 as was named by the Wall Street Journal as the stockbroker who "made the market" as the one who was now taking the "big fall".[2]

In 2014 Ololo and several previous directors of the Union Bank of Nigeria were taking part in trial of their alleged offences.[3]

References
  1. CBN sacks 5 Banks Directors, Gabriel Omoh and Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016
  2. Yomi Makanjuola (8 May 2015). Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis. Palgrave Macmillan. pp. 16–17 and 42. ISBN 978-1-137-49353-8.
  3. Money Laundering Court Adjourns Trial Archived 2016-03-06 at the Wayback Machine, 7 February 2014, PremiumTimesNG.com, Retrieved 24 February 2016
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.