Peter Ololo

Peter Ololo
Born about 1957
Delta State
Nationality Nigerian
Occupation stockbroker

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

Life

Ololo was born in Delta State in about 1957.[1] 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.[2] 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.[2] The other banks involved were Intercontinental, Afribank and Oceanic where Cecilia Ibru had led the bank.[3]

Ololu had been employed by Union Bank but he had left the bank to become a finance expert.[3]

It appears that Ololo had led Falcon Securities Limited which had bought enormous quantities of shares in falling markets. He was able to do this as he was given very large unsecured loans by leading banks. This mechanism allowed the banks to maintain their own share price.[1]

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".[3]

In 2014 Ololo and several previous directors of the Union Bank of Nigeria were taking part in trial of their alleged offences.[4]

References

  1. 1 2 Peter Ololo Biggest Bank Debtor, 31 August 2009, Nairaland.com, Retrieved 24 February 2016
  2. 1 2 CBN sacks 5 Banks Directors, Gabriel Omoh and Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016
  3. 1 2 3 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.
  4. ↑ Money Laundering Court Adjourns Trial, 7 February 2014, PremiumTimesNG.com, Retrieved 24 February 2016
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