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

@recognise
Wetin be this naa,  you for just give excerpts/summary or snopsis and point us to a link or the source. You will obviously let a good article lose it's content by this lengthy post. I struggled to keep concentration till the end. Good information all the same.

But u mean say life still dey sweet this debtor of man?. I no fit owe that kind money and still dey alive. I for don commit,

What is he using all these money for?

He was fronting for the banks. He was useful to the banks.

You can actually say that he was 419'd by the banks because they achieved their objectives (200% rise in share price).

The bank directors then offloaded their own shares unto the market making massive killings.

Meanwhile, Mr Ololo would be under obligation not to offload the mopped up shares until the directors have finished their 'business'.

So here's Mr Ololo stuck with these massive debts and over-priced stock, hoping to cook up some magic with these ingredients;  , perhaps sell at some point in the future (with that amount of volume, only a marginal increase is needed)?;  , perhaps collaterize the debts and move them on?;  ,  or perhaps just wait for the loans to be written off as bad debts leaving him stock rich (I understand Nigeria has some interesting laws regarding unserviced debts)?

However when time was called, guess who was left with his pants down?

This was most definately no Madoff or Buffet ting!

It was market manipulation of the most extreme kind, coupled with blatant insider trading!!!!!

what crime has this man committed? rendering a service or for owing.
being a debtor is not a criminal offence worst case charge him with bankrupcy.
you all should let Ololo be. he simply took a business risk which has backfired i believe that is bad enough.

he cannot be compared with manddof anyday.
QED