Ex-FirstBank Chief Onasanya Denies Fraud Allegations

Ex-FirstBank Chief Onasanya Denies Fraud Allegations.

By Fly Cable News

Dr. Bisi Onasanya, former Group Managing Director of FirstBank, has dismissed allegations linking him to a N30 billion commercial loan transaction from 12 years ago.

In a statement issued Sunday by his communication advisor, Michael Oshunuyi, Onasanya described the claims as unfounded and a deliberate attempt to tarnish his reputation.

The Economic and Financial Crimes Commission (EFCC) recently filed charges against Onasanya and three others at the Federal High Court in Lagos, accusing them of fraudulently obtaining the loan. Among the other defendants are former FirstBank chairman Oba Otudeko, ex-Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, a company linked to Otudeko.

Oshunuyi clarified that the transaction was investigated eight years ago—two years after Onasanya retired—and that the former bank chief was exonerated.

“It is beyond comprehension that a transaction thoroughly investigated in 2013, with Dr. Onasanya’s innocence established, has resurfaced in 2025 as criminal charges. This is baffling,” the statement read.

Oshunuyi also noted that Onasanya has not been served with any legal documents, summons, or invitations related to the matter since the initial investigation. He reaffirmed Onasanya’s readiness to appear in court if summoned to defend his name.

Additionally, the statement emphasized that Onasanya has no interest in the management or ownership of FirstBank or any other financial institution.

Meanwhile, Oba Otudeko also refuted the allegations, stating his commitment to defending his reputation.

“In light of recent news, Dr. Oba Otudeko categorically denies the claims regarding his involvement with FBN Holdings and is prepared to defend his name vigorously,” his statement read.

Otudeko added that neither he nor his legal team has received any official summons or invitation from authorities and reiterated his lack of interest in holding executive or non-executive roles beyond his current commitments.

Both former executives criticized the allegations as part of a pattern of misinformation and urged the media to verify facts before publication to avoid libel.