Dr. Bisi Onasanya, the former Group Managing Director of FirstBank, has vehemently rejected allegations of his involvement in a commercial loan transaction that occurred 12 years ago at the bank.
In a statement released on Sunday by his communications advisor, Mr. Michael Oshunuyi, Onasanya dismissed the claims as baseless and part of a smear campaign aimed at tarnishing the reputation of the retired banker and chartered accountant.
The Economic and Financial Crimes Commission (EFCC) had filed charges against Onasanya and three other individuals on Thursday, accusing them of fraudulently obtaining a N30 billion loan under false pretenses. The EFCC announced that the defendants would be arraigned on Monday.
The other defendants include former FirstBank chairman, Oba Otudeko; former Honeywell Flour Mills board member, Soji Akintayo; and Anchorage Limited, a company associated with Otudeko.
Refuting the claims, Oshunuyi stated: “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 FirstBank 12 years ago. While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concerns expressed by family, friends, and associates from around the world compel us to address these unfounded claims.”
He pointed out that the issue in question was thoroughly investigated by the EFCC eight years ago, two years after Onasanya retired from FirstBank. “What is baffling is that a commercial transaction that occurred in 2013 and was fully investigated eight years ago, where Dr. Onasanya proved his innocence and non-involvement, has now resurfaced in 2025 in the form of a criminal prosecution. This is beyond his imagination,” the statement continued.
Oshunuyi also emphasized that Onasanya had not been served with any charges, summoned, or formally invited by any court or investigating agency in relation to these allegations. “Onasanya remains fully available to appear in court whenever summoned to defend his reputation and clear his name,” he added.
The statement further highlighted that the allegations appeared to follow a recurring pattern each year, with identical language and content being spread across various media platforms. Oshunuyi urged the media to exercise caution and verify information before publishing, emphasizing the serious consequences of spreading libelous claims.
Onasanya’s statement also clarified that he had no interest in the control or ownership of FirstBank or any other financial institution. Having moved on from banking, he remains committed to making a positive impact in various sectors of the economy.
In a separate statement, Oba Otudeko also rejected the allegations and vowed to defend his reputation. “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,” the statement read.
Otudeko further stated that he had not received any official summons or invitation from relevant authorities. “As he has done in the past, Dr. Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, expecting the highest standards of professionalism,” the statement continued.
Otudeko also reiterated that he had no interest in serving in an executive capacity in any organization in Nigeria or abroad, including a return to the board of FBN Holdings Plc, which he suggested was the focus of the recent allegations.
