Dr. Bisi Onasanya, former Group Managing Director of FirstBank, has strongly refuted allegations suggesting his involvement in a N30 billion loan transaction carried out 12 years ago. In a statement released on Sunday through his communication advisor, Mr. Michael Oshunuyi, Onasanya dismissed the claims as unfounded, attributing them to a deliberate attempt to damage his reputation.
The allegations came to light after the Economic and Financial Crimes Commission (EFCC) filed charges against Onasanya and three other individuals at the Federal High Court in Lagos. The charges, which allege the fraudulent acquisition of the loan, are set to be addressed in court on Monday.
The other individuals named in the charges include Oba Otudeko, former chairman of FirstBank; Soji Akintayo, former board member of Honeywell Flour Mills; and Anchorage Limited, a company linked to Otudeko.
In his statement, Oshunuyi clarified that the commercial loan in question, which occurred in 2013, had been thoroughly investigated by the EFCC eight years ago, after Onasanya retired from the bank. The investigation, according to Oshunuyi, cleared Onasanya of any wrongdoing.
“What is perplexing is that a matter which was fully investigated in 2017, where Dr. Onasanya was exonerated, has resurfaced in 2025 with criminal charges,” the statement read. Oshunuyi further emphasized that, to date, Onasanya has neither been served with any charges nor summoned by any court or investigative agency regarding the matter. Onasanya, he stated, is fully available to clear his name in court.
Oshunuyi also expressed concern over the recurring nature of these allegations, which he claimed resurface every year with identical language across various media platforms. He urged media outlets to verify the information before publishing, warning of the potential legal consequences of libel.
In addition, Oshunuyi reaffirmed that Onasanya has no interest in the control or ownership of FirstBank or any other financial institution, noting that he has since moved on from the banking sector and remains focused on making a positive impact in other areas of the economy.
Similarly, Otudeko, in a separate statement, vehemently denied the allegations, pledging to defend his reputation. He stated that he had not received any official summons or invitation from relevant authorities and expressed his willingness to cooperate with government agencies in the future. Otudeko further clarified that he has no intention of returning to any executive or non-executive role in any organization, including FBN Holdings.
Both Onasanya and Otudeko continue to assert their innocence and remain committed to defending their reputations in light of these renewed allegations.
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