Dr. Bisi Onasanya, a former Group Managing Director of FirstBank, has denied any involvement in a commercial loan deal that occurred 12 years ago at the company.
Onasanya disputed the allegation in a statement signed by his communication advisor, Mr. Michael Oshunuyi, on Sunday, calling the claims unfounded and an attempt to damage the former banker and chartered accountant’s name.
On Thursday, the Economic and Financial Crimes Commission charged Onasanya and three individuals at the Federal High Court in Lagos with receiving a N30 billion loan under false pretences. According to the anti-graft agency, the accused will be arraigned on Monday.
The three other defendants are Oba Otudeko, a former chairman of the First Bank of Nigeria; Soji Akintayo, a former board member of Honeywell Flour Mills plc; and Anchorage Limited, a firm associated with Otudeko.
Dismissing the claims, Oshunuyi said, “Our attention has been drawn to allegations and a charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago. While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.”
He maintained that the matter in question was investigated eight years ago by the EFCC, two years after Onasanya retired from the bank.
“What is baffling is that a commercial transaction that occurred in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya established his innocence and non-involvement in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination,” part of the statement read,” he added.
Oshunuyi also stated that Onasanya has not been charged, summoned, or formally invited by any court or investigating agency regarding these claims since the matter was investigated and resolved eight years ago, and that Onasanya is willing to appear in court whenever summoned to defend his reputation and clear his name.
He went on to say that the charges appear to follow a premeditated pattern year after year, with the same language and content being spread across different media channels. He advised the media to be cautious and verify material before publication, emphasising the terrible consequences of libel.
The statement further stated that Onasanya has never exhibited an interest in determining who controls or owns First Bank or any other financial organisation for that matter. Instead, he has moved on from banking and is still committed to making a positive difference in people’s lives and other areas of the economy.
In a statement, Otudeko denied the claims against him and promised to defend his name.
A statement issued in the wake of the allegations partly read, “In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation.
“As of this moment, he has received no official summons, nor has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr. Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.”
He further stated that he is not interested in functioning as an executive in any organisation in Nigeria or elsewhere, nor in serving as a non-executive on any board other than those on which he presently serves.
“This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage,” he maintained.
