«Home

Peter Ololo: Biggest Bank Debtor. Nigeria's Madoff?

Apart from the N88.3bn non-performing loan Mr. Ololo’s companies owe the troubled five banks, he also admits owing the following

UBA N12.7billion

Zenith N10billion

Ecobank N3.95billion

GTBank N1.4billion

Bank PHB N8.5billion

Standard Chartered Bank N5billion

Stanbic Bank (Self) N300million

First Bank N7.3billion

FCMB N2.3billion

Source: http://234next.com/csp/cms/sites/Next/Home/5460924-146/story.csp

Avatar
Newbie
39 answers

In 2014 the case in court was held against Peter Ololo, as he was the largest holder of the loans in the banks he owned and he was accused in mass fraud and money laundering. The judge decided that the evidence was enough and it disclosed a cause of action against him.

0
Avatar
Expert

That's how Nigerian stock market became one of the bests in the whole world?! Stocks grew over 200% in a month and people didn't see anything wrong, Madoff-type ponzi scheme re-engineered.

0
Avatar
Newbie

The average and innocent shareholder is supposed to be really peeved by this sad development but I notice in that second picture that it is the president of Nigeria's stockbrokers association that is having a handshake and a broad smile with this manipulator.

We are finished!!!

0
Avatar
Newbie

believe it or not NIGERIA IS A FAILED STATE, it is in the same category as Chad and Niger republic. look at this olodo guy walking out of jail with a smile on his face after all the bad things he's done.

0
Avatar
Newbie

Pls I want to ask, did anyone notice that Ololo is also owing First Bank the sum of N7.3 billion? I wander how my "broda" Sanusi will explain that.

0
Avatar
Newbie

You guys can call it Financial scam but I call it Financial Intelligence. The only thing he did wrong was breaking the 11th Commandment - Don't be caught.

0
Avatar
Newbie

Abeg make una leave man alone.

He didnt force the banks to give him money.

They gave him money to do them a favour.

Blame the greedy CEOs.

Blame the Nigerian economy whose major industries are the capital market, corruption and oil and gas.

Blame urself for blaming the rich for all your troubles. Blame Pro Anti for his/her crazy stand.

0
Avatar
Newbie

if truly this man owes so much, then cbn should also be blamed. it is the duty of cbn to monitor and regulate the commercial banks. the fact that these greedy nigerians were able to collect these billions from the banks means that the banks were not monitored by cbn; pure negligence

0
Avatar
Newbie

ANYONE IDENTIFIED WIH OLOL SHOULD GO AND ANSWER QUESTIONS. WE MUST NOT LEAVE ANYTHING TO CHANCE.

FIGURES INVOLVED AND THYE WHOLE SCENARIO IS NOT SOMETHING THAT THIS WHIZKID CAN SPIN ALONE. THE PATH MUST HAVE BEEN CLEARED , ONE WAY OR THE OTHER BY INFLUENTIAL PERSONS EITHER ON PERSONAL GUARANTEES OR THE WEIGHT OF THEIR OFFICES.

SURELY THIS COULD NOT HAVE BEEN DONE BECAUSE THEY LIKE HIS FACE. IS OR WAS EITHER A WILLING TOO OR A GOOD COORDINATOR.THEREFORE ALL THSE WHO BENEFITTED IN THE PROCESS MUST BE IDENTIFIED. THERE SHOULD BE NO EXCEPTIONS WHATSOEVER.

0
Avatar
Newbie

Pls let OLOLO stop calling the bank CEOs. He enjoyed the profits from this "RUNS" while it lasted. Let him carry his cross alone. He only wants people to go down with Him.

0
Avatar
Newbie

Methinks, another Oputa Panel should be inaugurated immediately.

Let the man (OLOLO) clear the air. Corporate affairs commission should mke available all

registration documents for all indicted companies, beginning with Falcon Securities, Banks should

priovide info on their individual exposures.

This on na village meeting we go hold. Everybody will state his case. We must know the operators,

directors and brains behind these companies. And ultimate-- what did they do with the money? Factories?, Farms ?,

tithes?, Swiss BAnk? , Dubai, South Africa? Ghana? London? Potomac?.

NAME THEM AND SHAME.

All cases must be investigated and prosecuted with judgments within three months. No be say lawyer go begin dey bring stud for court. NA RETIRED GENERALS, PERMSECS, SENATORS , MINISTERS, BIG BIG LAWYERS , JUGGERNAUT POLITICIANS.

THIS TURF I NOT FOR SMALL FISH. OGBEHA AND HIM PADDY FOR SENATE- MARKUS BABA!!! DON BEGIN RING BELL

0
Avatar
Newbie

what a way of life!

he didnt hit the limelight for good but for such an odd stuff anyways he had fun while it lasted!

0
Avatar
Newbie

10 years ke? this ma no steal, he's only a debtor. Tafa stole 17 billion and only got 6 months. Justice a la Nigeria.

0
Avatar
Newbie

Stockbroker and Managing Director of Falcons Securities Limited, Peter Ololo on Friday also regained his freedom after meeting the conditions of the bail granted him by the court.

Several other bank executives are still being held, pending when they will fulfil the bail conditions the Federal High Court in Lagos granted them on Monday and Tuesday.

This Guy Is Something Else,

0
Avatar
Newbie

how can u call that heroism. which kind of hero e be sef

0
Avatar
Newbie

i wud not want to believe that this guy is fronting for somebody anyway. because a lot of guys took loans to buy shares then. but why i want to believe it is that this guy looks so unpertubed. the guy just dey smile because he kno se some big shots de e back sha. abeg this guy get person we de support. no se i tell e name sha, but i fit guess say na,

0
Avatar
Newbie

Our help is in the name of the Lord, Only divine intervention can save my people,

0
Avatar
Newbie

Has anybody approached a bank for loan? They will tell you to get a detailed business plan, which is not going be appproved and you even have a chance of getting your ideas rebranded, modified,repackaged and sold for the likes of oloto and , Collateral security you do not have and documents you can never come up with to obtain a high-intrest loan with some crazy hidden charges. So its true banks dish out loans with No credit history check, No business plan, No collateral, to people who are not into a legitimate business, I still feel its hard to be RICH in this country without doing magomago.

0
Avatar
Newbie

My grudge against him is just that they were manipulating unsuspecting nigerians,

But he is better than those looting the treasury, same ppl branding him a thief, Naija is so funny.

0
Avatar
Newbie

i dont even understand !!!

0
Avatar
Newbie

Na only billion billion i just de hear say e chop, i no hear million at all. Na wa oh

0
Avatar
Newbie

They probably knew about his debt protfolio, but gave him the loans anyway since he always did the job of 'moving the markets' in their favour. So as the banks got greedy, he did too.

0
Avatar
Newbie

what is he smiling about?

0
Avatar
Newbie

poor people should start selling casket

0
Avatar
Newbie

He no theif am now why compare him to Madoff , he's an investor meehn. Please is this how Bill Gate, Warren Buffet, Carlos and co get their money ? too much debt on their neck ? its good to be a good investor make bank dey find you to collect loan , no be small thing ooo

0
Avatar
Newbie

ONLY IN 9JA, AND NA WE GO CHURCH PASS,

0
Avatar
Newbie

with all these billions billions Nigerians talk about one wd have thought d country was close to paradise, why wdn't ASUU and co go on strike

0
Avatar
Newbie

Ololo and his accomplices (bank chiefs) should be taking to the guillotines

0
Avatar
Newbie

This man's debt is enough to set up at least 3 banks. The drama is just unfolding.

0
Avatar
Newbie

Please tell us who he fronts for and please back it up with at least a link

0
Avatar
Newbie

He is a Front. Those who read Sahara Reporters should know who he fronts for.

0
Avatar
Newbie

Wow!!!

That's all I can say.

0
Avatar
Newbie
Your answer
Add image

By posting your answer, you agree to the privacy policy and terms of service.