Onasanya: FBN Loan Allegations False, Vows to Safeguard Reputation

James Emejo in Abuja

A former Group Managing Director of First Bank, Dr. Bisi Onasanya has dismissed allegations suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at the bank.
He said the allegations were aimed at tarnishing his stellar reputation of integrity, built over four decades of impeccable professional service.

In a statement issued by his Communication Advisor, Mr. Michael Oshunuyi, over the weekend, Onasanya vowed that his reputation “cannot and will not be tarnished by these false allegations and incorrect charges”.
His clarification  came on the heels of reports that the Economic and Financial Crimes Commission (EFCC) will arraign Onasanya, and a former Chairman of FBN Holdings, Oba Otudeko, on Monday, January 20, 2025, before a Federal High Court in Lagos over an alleged N12.3 billion fraud.

The statement however, said the matter in question was investigated eight years ago by EFCC – two years after Onasanya had “voluntarily and meritoriously” retired from the First Bank as the Group Managing Director upon the completion of two terms in office.

“Since then, Dr. Onasanya has not been contacted on this matter and has remained willing to support and cooperate with the law enforcement if required,” it added.
Oshunuyi also averred that till date, Onasanya had not been served with any charges, summoned, or formerly invited by any court or investigating agency regarding these claims -eight years after the matter was investigated and dispensed of.

Nonetheless, he said Onasanya remained readily available in the country to “have his day in court whenever he is summoned to defend his reputation and clear his name”.
Among other things, Oshunuyi pointed out that the allegations appeared to follow a deliberate pattern every year with identical language and content being disseminated across multiple media platforms, and urged the latter to exercise caution and verify information before publication, stressing the serious implications of libel.  
He said, “What is baffling is that a commercial transaction which occurred in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya established his innocence and non-involvement in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination.”  

“We have noticed a pattern of identical language and content being circulated across various media platforms, suggesting a deliberate attempt to manipulate public perception.
“It looks more like a hatchet job by some unscrupulous people to continue to malign and tarnish the image of Dr. Onasanya. We strongly appeal to the media to verify the information they disseminate and act responsibly.”

He said, “Since voluntarily leaving First Bank and the banking industry in 2015, he has endured and ignored incessant and unwarranted attacks on his person.
“These persistent efforts to malign his character are deeply regrettable and baseless.”  
The statement also clarified that Onasanya had never expressed interest in which person or group of persons in charge of the control or ownership of First Bank or any other financial institution, for that matter.
“Instead, he has moved on from banking and remained committed to making a positive impact in people’s lives and other sectors of the economy.  

Onasanya, however, expressed gratitude for the support of his family, friends, and associates, whose belief in his integrity had been a source of strength.
He reiterated his focus on upholding the values and principles that have defined his career and life over the years, adding that he would leave no stone unturned to defend his reputation and expose the truth regardless of whose ox is gored.

The statement added, “We are confident that the truth will ultimately prevail and that justice will be served.
“Dr. Onasanya remains committed to upholding his unblemished record and will continue to cooperate fully within the ambit of the law to clear his name.”