A former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has dismissed allegations linking him to an N30 billion commercial loan transaction that took place 12 years ago.
In a statement issued by his communication advisor, Michael Oshunuyi, on Sunday, Onasanya described the allegations as baseless and aimed at damaging his reputation.
The Economic and Financial Crimes Commission recently filed charges against Onasanya and three others, including former FirstBank Chairman Dr. Oba Otudeko, former Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, a company linked to Otudeko. The EFCC alleged that the accused obtained a N30 billion loan under false pretenses, with their arraignment scheduled for Monday.
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 ignored such baseless attacks for years, we are now compelled to address these unfounded claims due to growing concern from family and friends.”
He noted that the matter was investigated by the EFCC eight years ago, two years after Onasanya retired, and his innocence was established. “It is beyond comprehension that a matter thoroughly investigated eight years ago has now resurfaced in 2025 as a criminal prosecution,” Oshunuyi added.
Oshunuyi further clarified that Onasanya has not been served with any charges, summoned, or formally invited by any agency since the initial investigation. He affirmed Onasanya’s willingness to appear in court if summoned, to defend his reputation.
In a similar vein, Dr. Oba Otudeko also dismissed the allegations against him, vowing to defend his reputation.
In a statement, Otudeko said, “Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation. As of now, neither he nor his legal team has received any summons or official invitation from relevant authorities.”
Otudeko also clarified that he is not interested in serving in an executive or non-executive capacity in any organization, including FBN Holdings, beyond his current commitments.
Both Onasanya and Otudeko urged the media to verify information before publication, stressing the damaging effects of unverified reports. Oshunuyi highlighted that similar allegations resurface every year, often with identical content, calling it a deliberate attempt to tarnish reputations.
Onasanya emphasized that he has moved on from banking and is focused on making positive contributions in other areas of the economy.
Both former FirstBank executives reiterated their readiness to cooperate with relevant authorities while maintaining their innocence.
