Former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has denied allegations of his involvement in a 12-year-old commercial loan transaction, describing the claims as baseless and an attempt to tarnish his reputation.
In a statement released by his communication advisor, Mr. Michael Oshunuyi, on Sunday, Bisi Onasanya expressed dismay over the resurfaced allegations.
The Economic and Financial Crimes Commission (EFCC) filed charges last Thursday against Bisi Onasanya and three others, including former FirstBank chairman Oba Otudeko, over allegations of obtaining a N30 billion loan under false pretenses.
Oshunuyi clarified that the matter had been investigated eight years ago, two years after Bisi Onasanya retired from the bank, and his innocence was established.
“Unfounded Claims”
“Our attention has been drawn to allegations suggesting Dr. Onasanya’s involvement in a purported commercial loan controversy at FirstBank 12 years ago,” Oshunuyi stated. “What is baffling is that a matter thoroughly investigated and resolved has now resurfaced in 2025 as criminal prosecution.”
The statement emphasized that Onasanya has not been summoned, charged, or formally invited by any court or investigative body since the case was initially closed. Onasanya remains ready to appear in court if summoned to clear his name.
Otudeko’s Response
Similarly, former FirstBank chairman Oba Otudeko dismissed the allegations, labeling them unfounded and pledging to defend his reputation.
“In light of recent news reports, I categorically refute the claims concerning my role in FBN Holdings and will aggressively defend my reputation,” Otudeko said in his statement. He confirmed that he has not received any official summons or invitation from authorities.
Media Responsibility and Commitment to Integrity
Both Onasanya and Otudeko urged the media to verify information before publication, highlighting the potential legal and reputational damages caused by unsubstantiated reports.
The controversy stems from a commercial transaction that occurred in 2013 and allegedly involved Anchorage Limited, a company linked to Otudeko.
While the EFCC has yet to provide additional details, the defendants are expected to be arraigned at the Federal High Court in Lagos on Monday.