Dr. Bisi Onasanya, the former Group Managing Director of FirstBank, has strongly refuted claims of his involvement in a fraudulent commercial loan transaction carried out 12 years ago. The retired banker and chartered accountant dismissed the allegations as baseless and aimed at tarnishing his reputation.
The Economic and Financial Crimes Commission (EFCC) filed charges against Onasanya and three other individuals on Thursday, accusing them of obtaining a N30 billion loan under false pretenses. The anti-graft agency has announced that the defendants will be arraigned in court on Monday. The other defendants include former First Bank chairman Oba Otudeko, ex-board member of Honeywell Flour Mills Soji Akintayo, and Anchorage Limited, a company linked to Otudeko.
In a statement issued on Sunday by Onasanya’s communication advisor, Mr. Michael Oshunuyi, the former banker strongly denied any wrongdoing. “We have consistently ignored such baseless attacks for over ten years, but the concerns raised by family, friends, and associates have prompted us to address these unfounded claims,” Oshunuyi said.
Onasanya’s defense centers on the fact that the alleged transaction was investigated eight years ago by the EFCC, two years after his retirement from the bank. He pointed out that the matter was resolved at the time, and no charges were brought against him. Oshunuyi expressed confusion at the re-emergence of the issue in 2025, stating that the commercial loan case had already been thoroughly investigated, with Onasanya clearing his name.
Onasanya’s team further emphasized that, despite the new allegations, the former banker had not been formally charged or summoned by any court or investigation agency. They stressed his willingness to defend his reputation in court if necessary.
The statement also suggested that the allegations appeared to resurface annually, noting identical language and content in reports across various media platforms. Onasanya urged the media to be cautious and verify information before publication to avoid the serious implications of libel.
In addition, Onasanya clarified that he had no interest in the control or ownership of First Bank or any other financial institution, as he had long moved on from the banking sector. He remains committed to making a positive impact in other sectors of the economy.
Meanwhile, Dr. Oba Otudeko, who also faces similar allegations, issued his own statement denying any involvement in the matter. Otudeko vowed to vigorously defend his reputation and clarified that he had received no official summons or invitation from relevant authorities. He expressed his readiness to cooperate with government agencies while maintaining that he had no intention of returning to any executive role within First Bank or elsewhere.
The ongoing case has drawn significant public attention as Onasanya and Otudeko work to clear their names and defend their long-standing reputations in the Nigerian business community.
