# Peter Ololo

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**Peter Ololo** or **Peter Ukuoritsemofe Ololo** (born c. 1957) was a [Nigerian](/source/Nigerian) stockbroker who was implicated in the 2009 Financial crisis in Nigeria.

## 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](/source/Central_Bank_of_Nigeria).[1] [Olufunke Osibodu](/source/Olufunke_Iyabo_Osibodu) was chosen to lead the [Union Bank of Nigeria](/source/Union_Bank_of_Nigeria) replacing [Bartholomew Bassey Ebong](/source/Bartholomew_Bassey_Ebong). Others replaced on the same day included the CEO of [FinBank](/source/FinBank_Nigeria) who was replaced by [Suzanne Iroche](/source/Suzanne_Iroche).[1] The other banks involved were Intercontinental, Afribank and Oceanic where [Cecilia Ibru](/source/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](/source/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](http://www.vanguardngr.com/2009/08/cbn-sacks-5-banks-directors/), Gabriel Omoh and Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016

1. Yomi Makanjuola (8 May 2015). [*Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis*](https://books.google.com/books?id=6Z8MCgAAQBAJ&pg=PA16). Palgrave Macmillan. pp. 16–17 and 42. ISBN 978-1-137-49353-8.

1. [Money Laundering Court Adjourns Trial](http://www.premiumtimesng.com/business/154790-money-laundering-court-adjourns-trial-ex-union-bank-executives-peter-ololo.html) [Archived](https://web.archive.org/web/20160306104517/http://www.premiumtimesng.com/business/154790-money-laundering-court-adjourns-trial-ex-union-bank-executives-peter-ololo.html) 2016-03-06 at the Wayback Machine, 7 February 2014, PremiumTimesNG.com, Retrieved 24 February 2016

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Adapted from the Wikipedia article [Peter Ololo](https://en.wikipedia.org/wiki/Peter_Ololo) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Peter_Ololo?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.