Ololade Saromi

Called: 2015, England and Wales; 2026, Nigeria
ololadesaromi@fivepaper.com

Profile

Ololade is a commercial chancery barrister specialising in banking and finance, contentious restructuring and insolvency, civil fraud, asset recovery, and company law. He acts in complex domestic and cross-border disputes, and regularly appears in the Business and Property Courts. He also accepts instructions in international commercial arbitration. Ololade principally acts as sole counsel, while also welcoming instructions to work with leading counsel or as part of a wider legal team.

Known for his careful, analytical, and commercially pragmatic approach, Ololade is particularly experienced in disputes involving secured lending, insolvency, fraud, and the recovery or preservation of assets. He acts for banks, alternative lenders, insolvency officeholders, companies, directors, and private clients.

Called in England and Wales in 2015 and Nigeria in 2026, Ololade has a particular focus on disputes involving the United Kingdom, Nigeria, and the wider African market. His experience with leading Nigerian disputes practices and professional network make him particularly well placed to act in cross-border banking, insolvency, fraud, enforcement, and asset-recovery disputes involving England and Nigeria, including cases requiring coordination between legal teams in both jurisdictions.

Before commencing practice, Ololade worked in a specialist litigation team at an international law firm, giving him a practical understanding of the demands placed on solicitors and commercial clients.

Ololade served as Chair of the British Nigeria Law Forum from 2022 to 2024, becoming the youngest person elected to that position in the organisation’s history. He sits on the Main Committee of the Chancery Bar Association and on the Africa Committee of the Commercial Bar Association.

Expertise

Banking and Finance

Ololade accepts instructions across the full spectrum of banking and finance disputes. He acts for banks, specialist and asset-based lenders, factors, companies, and private individuals in matters involving secured lending, mortgages, invoice finance, payment services, consumer finance, guarantees and indemnities, and the enforcement of security. His experience includes fraud claims, cross-border disputes, digital assets, and regulatory issues arising under the Financial Services and Markets Act 2000.

Recent work:

X v Y [2026]: Advised a bank on enforcing a director’s personal guarantee securing a £3.1 million corporate facility. Issues included undue influence, misrepresentation, non est factum, mistake, collateral contract, estoppel, and waiver.
X v Y [2025]: Advised a factoring company on the validity of a notice of assignment under section 136 of the Law of Property Act 1925. Issues included service by email, an incorrect assignment date, cure by subsequent correspondence, and the standing of an equitable assignee to pursue a second-payment claim.
X v Y [2025]: Advised a commercial lender on a proposed claim against LPA receivers arising from its former solicitors’ erroneous release of security following part repayment. Issues included entitlement to a VAT refund, the receivers’ duties of good faith, the validity and effect of the release, estoppel, payment into court, and injunctive relief.
X v Y [2025]: Advised a mortgage lender on enforcing possession orders against a borrower subject to a restraint order under the Proceeds of Crime Act 2002. Issues included third-party mortgage payments, customer due diligence, anti-money laundering obligations, the treatment of rental income, and the risks of contempt and money laundering liability.
X v Y [2024]: Advised a bank on the effect of a vesting order following forfeiture of a long lease securing a residential mortgage. Issues included the equity of redemption, the bank’s obligations as lessee, regularisation of the substituted leasehold security, recovery of preservation costs, possession, and sale.
Charter Court Financial Services Limited v Coyne and others [2024] (County Court): Acted as sole counsel for the successful lender in a three-day mortgage possession trial before HHJ Parfitt. Defeated defences of breach of trust, forgery, and non est factum advanced by a third party who was joined to the proceedings.
Ultimate Bridging Finance Limited v Francis Charig & Mrs Kyoko Charig [2023]: Acted for an asset-based lender seeking to recover a substantial shortfall arising from an erroneous mortgage redemption statement. Issues included competing contractual terms, the effect of redemption statements, unjust enrichment, and estoppel by representation. The claim settled before a five-day trial.
Elevar Finance SPV Photon LLC v Sabesan Somasundaram [2023] EWHC 151 (Ch): Acted for a US factoring company in a US$550,000 civil fraud claim against the director of its UK client. The claims included fraudulent misrepresentation, procuring breach of contract, and conspiracy to injure.
(1) Robinah Mukasa, (2) Godfrey Mukasa, (3) Brian Paul Mukasa (Trading as JustinCase Uganda) v National Westminster Bank Plc [2019] (Ch): Acted for a major bank before Mann J, successfully resisting an injunction arising from a fraudulently diverted foreign exchange payment and obtaining indemnity costs.
X v Y [2018]: Acted for a bank in a claim brought by a retail customer who had been the victim of a cryptocurrency investment fraud.

Contentious Restructuring and Insolvency

Ololade has a substantial corporate and personal insolvency practice. He regularly advises and represents insolvency practitioners, creditors, financial institutions, companies, and directors in contentious restructurings, administrations, liquidations, bankruptcies, officeholder claims, antecedent transactions, directors’ duties disputes, and the recovery and distribution of assets. He is particularly well placed to advise where insolvency intersects with banking and finance, company law, civil fraud, asset recovery, and cross-border enforcement.

Recent work:

X v Y [2026] (Ch): Advised an African state seeking to recover approximately US$8 million in allegedly misappropriated assets through the winding up of a foreign company in England. Obtained permission to serve the proceedings outside the jurisdiction and by alternative methods before Deputy ICC Judge Parfitt.
X v Y [2026]: Advised liquidators on potential claims arising from a £6 million interim dividend paid shortly before liquidation. Issues included unlawful distribution, directors’ duties, preference, transaction at an undervalue, and transactions defrauding creditors.
X v Y [2026] (Ch): Acted successfully for former directors seeking permission under section 216 of the Insolvency Act 1986 to act in the management of a company using a prohibited name.
X v Y [2026] (Ch): Acted successfully for a director applying to place a company into pre-pack administration.
Henry Shinners and David Bridge (as Joint Trustees in Bankruptcy of Harry Francis Cottam) v Peter Jewell [2025] (County Court): Acted successfully for joint trustees in bankruptcy in setting aside transactions at an undervalue and expunging an admitted proof of debt before DJ Mody.
Re London Resort Company Holdings Ltd [2025] (Ch): Acted for a company opposing a creditor’s attempt to obtain an immediate winding-up order following the withdrawal of an administration application.
X v Y [2024] (Ch): Acted for the joint liquidators of the applicant in a contested application to rescind a winding-up order.
X v Y [2024]: Advised joint fixed charge receivers on distributing £7.5 million in surplus sale proceeds following recognition of foreign bankruptcy proceedings. Issues included the Cross-Border Insolvency Regulations 2006, freezing orders, transfer powers, payment into court, and court-sanctioned distribution.
X v Y [2024]: Advised liquidators on the validity of pension-scheme lending and security granted before a creditors’ voluntary liquidation. Issues included directors’ conflicts, corporate benefit, preferences, the validity of debenture security, and admission of a secured proof of debt.
X v Y [2024]: Advised directors of a company in administration on recovery of unpaid share premium arising from salary-sacrifice share subscriptions. Issues included whether the liability was contractual debt, called-up share capital, or uncalled share capital, and whether it was recoverable in administration or only upon liquidation.
X v Y [2024]: Acted for creditors owed approximately £1.35 million, representing a substantial majority of the debtor’s creditors, in opposing a bankruptcy petition.
X v Y [2023]: Acted for a creditor seeking an insolvency administration order in a dispute concerning jurisdiction between the insolvency court and the probate registry.
X v Y [2023] (Ch): Acted for administrators seeking a court-ordered extension of an administration. The principal issue was whether administrators could use the deemed consent procedure to obtain unsecured creditors’ consent to a first extension.
X v Y [2023]: Successfully resisted an application to set aside a statutory demand and a subsequent application for permission to appeal the resulting costs order.
X v Y [2023]: Advised a housing association on the construction of a legal charge affecting its interest in shared ownership property forming part of a bankrupt’s estate and subject to possession and sale proceedings.

Civil Fraud, Asset Recovery, and Enforcement

Ololade is regularly instructed in disputes involving allegations of fraud, dishonesty, and the misappropriation of assets. His experience spans fraudulent misrepresentation, conspiracy, asset tracing and recovery, transactions defrauding creditors, cross-border enforcement, freezing and restraint order issues, and related insolvency procedures. He acts for financial institutions, insolvency officeholders, companies, governments, and private clients in matters ranging from urgent interim relief to complex multi-jurisdictional disputes.

Recent work:

X v Y [2026] (Ch): Advised an African state seeking to recover approximately US$8 million in allegedly misappropriated assets through the winding up of a foreign company in England. Obtained permission to serve the proceedings outside the jurisdiction and by alternative methods before Deputy ICC Judge Parfitt.
X v Y [2026]: Advised liquidators on potential claims arising from a £6 million interim dividend paid shortly before liquidation. Issues included unlawful distribution, directors’ duties, preference, transaction at an undervalue, and transactions defrauding creditors.
(1) The Lord Chancellor (as successor to The Legal Services Commission), (2) Paul Allen and David Hinrichsen (as Joint Trustees in Bankruptcy of Astrid Halberstadt-Twum), (3) Aaron Twum v (1) Astrid Halberstadt-Twum and (2) Joseph Twum [2024] (Ch): Acted successfully for joint trustees in bankruptcy in a contested application for payment of property sale proceeds held in court. Issues included beneficial ownership, an alleged sham trust, and a transaction defrauding creditors under section 423 of the Insolvency Act 1986. Before Deputy Master Linwood.
X v Y [2025]: Advised on a fraudulent misrepresentation claim arising from alleged non-compliance with mandatory BS EN 1090 and EXC2 steel certification requirements. Issues included dishonesty, reliance, loss, and a director’s personal liability for deceit.
X v Y [2025]: Advised a mortgage lender on enforcing possession orders against a borrower subject to a restraint order under the Proceeds of Crime Act 2002. Issues included third-party mortgage payments, customer due diligence, anti-money laundering obligations, the treatment of rental income, and the risks of contempt and money laundering liability.
Elevar Finance SPV Photon LLC v Sabesan Somasundaram [2023] EWHC 151 (Ch): Acted for a US factoring company in a US$550,000 civil fraud claim against the director of its UK client. The claims included fraudulent misrepresentation, procuring breach of contract, and conspiracy to injure.
X v Y [2023] (Comm): Acted for an Indian manufacturer before Stephen Houseman KC, sitting as a Deputy High Court Judge, and obtained a Norwich Pharmacal order against a major bank following the diversion of a payment by fraudsters. The matter involved an Indian applicant, a Turkish customer, and a UK recipient account.
(1) Robinah Mukasa, (2) Godfrey Mukasa, (3) Brian Paul Mukasa (Trading as JustinCase Uganda) v National Westminster Bank Plc [2019] (Ch): Acted for a major bank before Mann J, successfully resisting an injunction arising from a fraudulently diverted foreign exchange payment and obtaining indemnity costs.

Commercial Litigation and Arbitration

Ololade is instructed across a broad range of commercial disputes. He advises and represents companies, financial institutions, insolvency practitioners, directors, shareholders, and private clients in matters involving contractual disputes, commercial torts, misrepresentation, restitution, shareholder and joint venture disputes, enforcement proceedings, and private international law issues. He accepts instructions in both court proceedings and international arbitrations, and is particularly experienced in disputes with cross-border elements and connections to Nigeria and the wider African market.

Recent work:

Tom Reimer v International Food Services Equipment Limited [2026] (County Court): Acted for the claimant in a one-week trial before DJ Sarah Ellington, seeking approximately £550,000 for damage to a valuable wine collection allegedly caused by defective bespoke wine coolers.
X v Y [2025]: Advised on alleged liabilities arising from a property development joint venture. Issues included whether unsigned, subject-to-contract heads of terms created an enforceable facility agreement, estoppel, unjust enrichment, and the validity and effect of related security.
X v Y [2025]: Advised on liability for unpaid telephone and broadband charges arising from lines omitted from novation agreements following an outsourcing transition. Issues included contractual construction, mistake, estoppel, implied novation, misrepresentation, and contractual indemnities.
X v Y [2024]: Advised and drafted pleadings for the recovery of unpaid invoices for supervised contact services provided after the original contractor entered administration. Issues included the absence of formal novation, assignment, or subcontracting, and restitution for services knowingly accepted.
X v Y [2023]: Advised a technology company on a potential claim exceeding £2 million arising from a global client’s termination of a supply and software development contract. Issues included contractual construction, termination at will, validity of notice, and priority of terms.
X v Y [2023]: Defended a football club against an unpaid invoices claim and pursued a counterclaim arising from the defective installation of a pitch, which required complete replacement and caused substantial consequential loss.
X v Y [2023]: Advised an English metal recycling company on a cross-border hire-purchase dispute involving goods removed from the Netherlands to Spain and sold to a bona fide purchaser. Issues included English and Dutch governing law, contractual construction, breach, transfer of risk, exclusion clauses, and limitation.
X v Y [2023] (Comm): Acted for the Nigerian arm of a Big Four accountancy firm in resisting English proceedings to enforce an award made in a London-seated LCIA arbitration.
X v Y [2023]: Advised a Nigerian logistics technology company on resisting a prospective US$550,000 claim by an English supplier under English-law contracts. Issues included accord and satisfaction, and promissory estoppel.
(1) Kevin Cadogan t/as Ebonycare, (2) Ebonycare Limited, and (3) Ebonycare (A Firm) v London Borough of Haringey [2023]: Acted for the defendant before HHJ Monty KC in a six-day preliminary issue trial concerning 63 unpaid invoices for care services. Obtained dismissal of the claims by two claimants and of claims relating to 31 invoices. Appeal pending. Issues included contractual identity, a partner’s authority to execute a deed, and limitation.
Jennifer Goodman v Stephen King [2022] (Ch): Acted for the claimant in a US$500,000 investment dispute involving undue influence, unconscionable bargain, unjust enrichment, unlawful provision of regulated activity, joint venture arrangements, and rescission. The claim settled at mediation before a seven-day trial.

Company and Partnership

Ololade advises and represents companies, directors, shareholders, insolvency officeholders, partners, and investors in disputes concerning directors’ duties, shareholder and partnership rights, corporate governance, membership, corporate transactions, and the ownership and control of business assets. His work frequently involves the intersection of company law with banking and finance, contentious restructuring and insolvency, civil fraud, and asset recovery.

Recent work:

X v Y [2026]: Advised liquidators on potential claims arising from a £6 million interim dividend paid shortly before liquidation. Issues included unlawful distribution, directors’ duties, preference, transaction at an undervalue, and transactions defrauding creditors.
X v Y [2024]: Advised directors of a company in administration on recovery of unpaid share premium arising from salary-sacrifice share subscriptions. Issues included whether the liability was contractual debt, called-up share capital, or uncalled share capital, and whether it was recoverable in administration or only upon liquidation.
X v Y [2024]: Advised liquidators on the validity of pension-scheme lending and security granted before a creditors’ voluntary liquidation. Issues included directors’ conflicts, corporate benefit, preferences, the validity of debenture security, and admission of a secured proof of debt.
Re Oakley Gardens Manco Limited [2023] (Ch): Acted for prospective members seeking rectification of a company’s register of members, and obtained interim injunctive relief from Deputy ICC Judge Frith requiring their inclusion.
Re Paddington Management Company (Sussex Gardens) Limited [2023] (Ch): Acted for a company resisting a claim to rectify its register of members by adding new members
(1) Kevin Cadogan t/as Ebonycare, (2) Ebonycare Limited, and (3) Ebonycare (A Firm) v London Borough of Haringey [2023]: Acted for the defendant before HHJ Monty KC in a six-day preliminary issue trial concerning 63 unpaid invoices for care services. Obtained dismissal of the claims by two claimants and of claims relating to 31 invoices. Appeal pending. Issues included contractual identity, a partner’s authority to execute a deed, and limitation.

International and Cross-Border

Ololade is frequently instructed in disputes involving international parties, assets, transactions, and enforcement issues. Called in both England and Wales and Nigeria, he has developed a particular focus on disputes involving England and Nigeria and advises on matters involving cross-border insolvency, banking and finance, commercial litigation, civil fraud, and asset recovery. He combines English-law expertise with practical experience of working alongside leading Nigerian disputes practices, enabling him to assist clients in navigating issues that arise across both jurisdictions.

Recent work:

X v Y [2026] (Ch): Advised an African state seeking to recover approximately US$8 million in allegedly misappropriated assets through the winding up of a foreign company in England. Obtained permission to serve the proceedings outside the jurisdiction and by alternative methods before Deputy ICC Judge Parfitt.
X v Y [2024]: Advised joint fixed charge receivers on distributing £7.5 million in surplus sale proceeds following recognition of foreign bankruptcy proceedings. Issues included the Cross-Border Insolvency Regulations 2006, freezing orders, transfer powers, payment into court, and court-sanctioned distribution.
X v Y [2023]: Advised an English metal recycling company on a cross-border hire-purchase dispute involving goods removed from the Netherlands to Spain and sold to a bona fide purchaser. Issues included English and Dutch governing law, contractual construction, breach, transfer of risk, exclusion clauses, and limitation.
X v Y [2023] (Comm): Acted for the Nigerian arm of a Big Four accountancy firm in resisting English proceedings to enforce an award made in a London-seated LCIA arbitration.
X v Y [2023]: Advised a mortgagor on English-law defences arising from mortgage possession proceedings in Bermuda concerning a Bermudian mortgage between Bermudian parties.
X v Y [2023]: Advised a Nigerian logistics technology company on resisting a prospective US$550,000 claim by an English supplier under English-law contracts. Issues included accord and satisfaction, and promissory estoppel.
X v Y [2023] (Comm): Acted for an Indian manufacturer before Stephen Houseman KC, sitting as a Deputy High Court Judge, and obtained a Norwich Pharmacal order against a major bank following the diversion of a payment by fraudsters. The matter involved an Indian applicant, a Turkish customer, and a UK recipient account.
Byron Height Limited v Together Commercial Finance Limited [2023]: Advised a specialist secured lender on the recognition and enforceability in England of remedies, including approximately £12 million in damages, claimed in parallel Nigerian proceedings challenging security enforced in England.
Elevar Finance SPV Photon LLC v Sabesan Somasundaram [2023] EWHC 151 (Ch): Acted for a US factoring company in a US$550,000 civil fraud claim against the director of its UK client. The claims included fraudulent misrepresentation, procuring breach of contract, and conspiracy to injure.

Ololade Saromi

Profile

Expertise

Banking and Finance

Contentious Restructuring and Insolvency

Civil Fraud, Asset Recovery, and Enforcement

Commercial Litigation and Arbitration

Company and Partnership

International and Cross-Border

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