Nigerian
Nigerians or the Nigerian people are citizens of Nigeria or people with ancestry from Nigeria. The name Nigeria was taken from the Niger River running through the country. This name was allegedly coined in the late 19th century by British jour ...
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
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
.
Olufunke Iyabo Osibodu
Olufunke Iyabo Osibodu or Funke Osibodu is a Nigerian banker who led Ecobank Nigeria and the Union Bank of Nigeria.
Life
Funke Osibodu was born in January 1959. She attended the University of Ife and the Harvard Business School. ...
was chosen to lead the
Union Bank of Nigeria
Union Bank of Nigeria Plc is a commercial bank in Nigeria. It has been operating in Nigeria since 1917.
Overview
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and orga ...
Suzanne Iroche Suzanne Olufunke Iroche or Suzanne Olufunke Soboyejo-Iroche is a Nigerian banker who leads FinBank.
Life
Iroche attended the Queen's College, the University of Lagos and the Kellogg School of Management in Illinois.CBN sacks 5 Banks Directors Gabriel Omoh and Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016 The other banks involved were Intercontinental, Afribank and Oceanic where
Cecilia Ibru
Cecilia Ibru (born 22 March 1946) is the former managing director and chief executive officer of Oceanic Bank.Online Nigeria"Cecilia Ibru" ''Online Nigeria'', Accessed December 9, 2012. Ibru began her work at the Ibru Organization. In 2009, she w ...
had led the bank.
Ololu had been employed by Union Bank but he had left the bank to become a finance expert.
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
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' as the stockbroker who "made the market" as the one who was now taking the "big fall".
In 2014 Ololo and several previous directors of the Union Bank of Nigeria were taking part in trial of their alleged offences.Money Laundering Court Adjourns Trial , 7 February 2014, PremiumTimesNG.com, Retrieved 24 February 2016