By Francesca Hangeior

A former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has dismissed claims of his involvement in a commercial loan transaction carried out 12 years ago at the lender.

Onasanya refuted the allegation in a statement signed by his communication advisor, Mr. Michael Oshunuyi, on Sunday, wherein he described the claims as baseless and an attempt to tarnish the reputation of the retired banker and chartered accountant.

On Thursday, the Economic and Financial Crimes Commission filed charges against Onasanya and three others at the Federal High Court in Lagos for allegedly obtaining a N30bn loan under false pretences. The anti-graft agency said the defendants would be arraigned on Monday.

The three other defendants are a former chairman of the First Bank of Nigeria, Oba Otudeko; an ex-board member of Honeywell Flour Mills plc, Soji Akintayo; and Anchorage Limited, a company linked to Otudeko.

Dismissing the claims, Oshunuyi said, “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 First Bank 12 years ago. While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.”

He claimed that the matter in question was investigated eight years ago by the EFCC, two years after Onasanya retired from the bank.

“What is baffling is that a commercial transaction that 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,” part of the statement read,” he added.

Oshunuyi also noted that, to date, Onasanya has not been served with any charges, summoned, or formally invited by any court or investigating agency regarding these claims since the matter was investigated and dispensed eight years ago, adding that Onasanya is available to appear in court whenever he is summoned to defend his reputation and clear his name.

He further reasoned that the allegations appear to follow a deliberate pattern every year, with identical language and content being disseminated across multiple media platforms. He urged the media to exercise caution and verify information before publication, stressing the serious implications of libel.

The statement also clarified that Onasanya has never expressed interest in which person or group of persons is 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.

In the vein, Otudeko, in a statement, dismissed the allegations against him, vowing to defend his reputation.

A statement issued in the wake of the allegations partly read, “In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation.

“As of this moment, he has received no official summons, nor has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr. Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.”

He added that he was neither interested in serving in an executive capacity in any organisation in Nigeria or elsewhere, nor is he interested in serving in a non-executive capacity on any board aside from those he currently sits on.

“This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage,” he maintained.