Former FirstBank CEO Bisi Onasanya Denies Allegations of Loan Fraud
Dr. Bisi Onasanya, former Group Managing Director of FirstBank, has firmly denied any involvement in a commercial loan transaction that took place 12 years ago, dismissing recent allegations as baseless and an attempt to tarnish his reputation.
In a statement released on Sunday by his communication advisor, Mr. Michael Oshunuyi, Onasanya emphasized that the claims were unfounded and had already been investigated years ago.
EFCC Charges Onasanya and Others Over Alleged N30bn Loan Fraud
The Economic and Financial Crimes Commission (EFCC) recently filed charges against Onasanya and three others at the Federal High Court in Lagos, alleging they fraudulently obtained a ₦30 billion loan. The EFCC has scheduled the defendants’ arraignment for Monday.
The other accused individuals include:
• Oba Otudeko, former Chairman of FirstBank
• Soji Akintayo, a former board member of Honeywell Flour Mills Plc
• Anchorage Limited, a company linked to Otudeko
“The Allegations Are Misleading,” Says Onasanya’s Representative
Responding to the charges, Oshunuyi said, “Our attention has been drawn to a circulating charge sheet falsely implicating Dr. Bisi Onasanya in a loan transaction at FirstBank dating back 12 years. While we have ignored similar baseless attacks over the years, the growing concerns from family, friends, and associates worldwide necessitate a response.”
He further revealed that the EFCC had already investigated the matter eight years ago, two years after Onasanya’s retirement from FirstBank.
“It is perplexing that a commercial transaction from 2013, thoroughly examined in 2017, and one in which Dr. Onasanya proved his non-involvement, is suddenly resurfacing in 2025 as a criminal prosecution. This is beyond comprehension,” the statement read.
Onasanya Has Not Been Formally Served
Oshunuyi emphasized that Onasanya has not received any official summons, court notification, or inquiry from any investigative body since the matter was previously addressed. However, he reassured that the former banking executive is ready to appear in court if required to clear his name.
“It is concerning that these allegations resurface periodically, often using identical wording across multiple media platforms. We urge journalists to verify facts before publication, as misleading reports can have serious legal consequences,” he cautioned.
Onasanya: “I Have No Interest in FirstBank’s Ownership or Control”
The statement also clarified that Onasanya has no involvement in the control or ownership of FirstBank or any financial institution. Instead, he has moved on from banking, focusing on making a positive impact in other sectors.
Otudeko Also Denies Involvement, Pledges to Defend His Reputation
Similarly, Oba Otudeko rejected the allegations against him, stating his readiness to defend his integrity.
“Dr. Oba Otudeko categorically denies the claims regarding his involvement in FBN Holdings and will vigorously protect his reputation,” a statement from his team read.
He added that he has not received any official summons or legal notification concerning the case.
“As he has always done, Dr. Otudeko remains available to assist any government agency in the course of their duties, with the expectation that such processes adhere to professional and ethical standards,” the statement continued.
Furthermore, Otudeko clarified that he has no intention of returning to the board of FBN Holdings Plc or taking up any executive role in Nigeria or elsewhere.
“I am not interested in holding any executive or non-executive position beyond my current board memberships. The recent media reports suggesting otherwise are misleading and baseless,” he concluded.
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