How Controversial Magnate, Peter Ololo Allegedly Lost Billions of Naira To Daughter & Mom

MICHAEL AKINOLA

The controversial Nigerian entrepreneur, Peter Ukuoritsemofe Ololo is back in the news. And once again, in his usual tendentious style. 

The magnate, who is the founder of popular Oritsetimeyin Logistics Limited, has been going in and out of court for various reasons. But this time around, he has dragged his erstwhile Company accountant, Ms. Omafume Augustina Ayinuola, and her mother, Madam Lydia Abosede Ehrievuyere, to court for allegedly defrauding him billions of naira and dollar.

P.M.EXPRESS gathered that Ololo has dragged Omafume and her mother before a Federal High Court, Lagos, where both have been arraigned over allegation of conspiracy and money laundering to the tune of N1,072,254,411 and $975,102.58.

The duo was arraigned along with their company, Patridia Resources Limited, before Justice Nicholas Oweibo by the Force Criminal Investigation Department (FCID) Annex, Alagbon, Ikoyi, Lagos.

They were arraigned on 15-count charge for offences bordering on conspiracy, unlawful conversion of funds and money laundering.

The prosecuting counsel, Morufu Animashaun, told the court that defendants committed the alleged offences between 2017 and 2021, at Trailer Park, Agbara, Lagos.

Animashaun said that the defendants committed the alleged fraud against some companies, which included: Oritsetimeyin Logistics Limited, PUO Assets Limited, Resolution Capital Limited, Pine Petosan Limited, Grace Capital Ltd, RsL International Limited, RsL Ventures Capital Limited, Grace & Mercy Capital Limited, Grace Assets Limited and Peter Ukuoritsemofe Ololo, himself.

The Prosecutor further told the court that the funds allegedly stolen by the defendants, were meant for the purchase and supplies of consumables for the office of the companies listed above.

The prosecutor told the court that the first defendant (Ayinuola) while working with the companies, used her position to illegally convert N1.07billion and $975,102.58 to her personal use.

He also told the court that the second defendant and her company, Ehrievuyere and Patridia Resources Limited, concealed the origin of the funds, which they received from the first defendant.

According to him, the second defendant used parts of the alleged illicit funds to purchase and develop her family house located at 14, Irawodidia Street, Obadore, Off LASU Road, Igando, Lagos.

He said their offences were contrary to the provision of Sections 8(a); 7 (1) (b)(i); 1 (3) of the Advance Fee Fraud and Other Related Offences Act 2006 and punishable under Sections 1 (3) and 7 (2)(b) of the same Act.

The defendants pleaded not guilty to all the counts.

He also prayed the court for trial dates. But counsel to the defendants, J. O. Oladeji, told the court that he had filed bail applications and the same had been electronically served on the prosecutor earlier.

The counsel pleaded with the court to allow him move the application and admit his clients to bail.

In opposition, Animashaun said he needed time to respond to some issues raised in the applications.

After hearing from counsels, Justice Oweibo adjourned to August 23, for hearing of the bail applications.

He ordered that the defendants be remanded at the Kirikiri facility of the NCoS pending the hearing of the bail applications.

Meanwhile, those in the knowing said the main issue between the suspects and Ololo has been that of close relationship gone sour.

According to a source, Omafume used to be Ololo’s friend and account officer at one of the banks some years ago but later joined the businessman as his Company’s Accountant.

“When things became rosy for the man, he took care of the lady and even bought her a house where she stays with her mom. But things took a turn negatively when Ololo got a wind that the lady had allegedly been defrauding him and living a plush lifestyle.

“The man ran his own investigation, asked for the audit of the company’s account, and with the reports thereafter froze the lady’s accounts, picked her up alongside her mother and then straight to court,” the source told P.M.EXPRESS.

Ololo, himself, shut into the limelight during the 2009 financial meltdown in Nigeria when he was involved in an incident that led to the dismissal of the chief executive officers of five Nigerian banks.

The Delta State-born unassuming businessman —who attracted an headline by the well-respected Wall Street Journal: ‘Nigerian Broker Who Made Market Takes Big Fall’— was alleged to have committed serious financial crimes to become the biggest debtor to Nigerian banks.

Ololo was said to have accessed loans worth more than $700 million from the five banks which he used to start his own business as a financial expert. This, in turn, resulted in bad loans to the Nigerian banking sector.

With the ascension of Mallam Lamido Sanusi in early June 2009 as the governor of the Central Bank of Nigeria, Ololo’s loan default to the five banks was made general to the public.

Ololo, a former employee of Union Bank and Accounting graduate from Ahmadu Bello University had the Anti-graft authorities raided his cluttered ninth-floor office in New Africa House in Lagos’s financial district twice, seeking evidence against him.

The businessman allegedly owed the total sum of N88.3 billion in non-performing loans asides others bad debt he allegedly owned up to.

Now, Ololo has an uphill task to convince and get the court to deal with an ex-staff and her mother who have allegedly collaborated to fleece him of billions of Naira.