The former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has denied allegations of his involvement in a commercial loan transaction that occurred 12 years ago at the bank.
In a statement signed by his communication advisor on Sunday, Mr. Michael Oshunuyi, Onasanya described the claims as unfounded and as part of an effort to damage his reputation.
On Thursday, the Economic and Financial Crimes Commission filed charges against Onasanya and three other individuals at the Federal High Court in Lagos.
The charges allege that they obtained a N30 billion loan under false pretenses.
The EFCC announced that the defendants, including Onasanya, would be arraigned in court on Monday.
The three other defendants are Oba Otudeko, a former chairman of FirstBank of Nigeria; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company 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 stated that the matter in question was thoroughly investigated by the EFCC eight years ago, two years after his retirement from FirstBank.
“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 clarified that Onasanya has not been served any charges, summoned, or formally invited by any court or investigative agency in connection with the claims.
He highlighted that the matter had already been investigated and resolved eight years ago.
Oshunuyi also stated that Onasanya is ready to appear in court whenever required to defend his reputation and clear his name.
He further pointed out that the allegations seem to follow a recurring pattern each year, with identical language and content being spread across various media platforms.
He urged the media to exercise caution and thoroughly verify information before publishing, emphasizing the serious consequences of libel.
The statement also clarified that Onasanya has never shown any interest in who controls or owns First Bank or any other financial institution. Instead, it emphasized that he has moved on from banking and is focused on making a positive impact in people’s lives and contributing to other sectors of the economy.
Similarly, Otudeko, in a statement, dismissed the allegations against him, vowing to defend his reputation.
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 also stated that he has no desire to serve in an executive role in any organization, either in Nigeria or internationally, nor is he interested in joining any board in a non-executive capacity, aside from the ones he currently serves on.
