Dr. Bisi Onasanya, a former Group Managing Director of FirstBank, has denied alleged involvement in a commercial loan deal that took place at the bank twelve years ago.
In a statement signed by Mr. Michael Oshunuyi, his communication advisor, Onasanya denied the accusation on Sunday, calling it unfounded and an effort to damage the former banker and chartered accountant’s image.
Onasanya and three other people were charged by the Economic and Financial Crimes Commission on Thursday at the Federal High Court in Lagos for allegedly using deception to acquire a N30 billion loan. The accused will be arraigned on Monday, according to the anti-graft agency.
The other three defendants are Anchorage Limited, a business connected to Otudeko; Soji Akintayo, a former board member of Honeywell Flour Mills plc; and Oba Otudeko, a former chairman of the First Bank of Nigeria.
Rejecting the allegations, 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 asserted that the EFCC had looked into the issue eight years prior, two years after Onasanya’s retirement 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.
Since the matter was looked into and resolved eight years ago, Onasanya has not yet been served with any charges, summoned, or formally invited by any court or investigating agency in relation to these claims, Oshunuyi added.
Onasanya is also available to appear in court whenever he is called upon to clear his name and defend his reputation.
He added that the accusations seem to follow a purposeful pattern each year, with the same wording and material appearing on various media outlets.
He underlined the grave consequences of libel and asked the media to be cautious and confirm information before publishing.
Additionally, the statement made clear that Onasanya has never shown any interest in determining which individual or group of individuals controls or owns First Bank, or any other financial institution for that matter. He has instead moved on from banking and is still dedicated to improving people’s lives and other economic sectors.
In keeping with this, Otudeko promised to protect his name while dismissing the accusations against him in a statement.
“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,” said a statement released in response to the allegations.
“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.”
In addition, he stated that he had no interest in holding an executive position in any Nigerian or foreign organization, nor in holding a non-executive position on any board other than the ones he already serves on now.
“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 claimed.