Bisi Onasanya, the former Group Managing Director of First Bank of Nigeria (FBN) Limited, has firmly denied any involvement in the alleged ₦12.3 billion loan fraud linked to the bank. Reports circulating recently claimed that the federal government had initiated legal action against Oba Otudeko, the former chairman of FBN Holdings, and Onasanya for the alleged advanced fee fraud during his tenure.
In a statement issued by Micheal Osunnuyi, Onasanya’s communications advisor, the allegations were described as baseless and a deliberate attempt to tarnish the impeccable reputation of the retired banker. Osunnuyi emphasized that Onasanya retired in 2015 after completing his tenure in accordance with FBN’s succession plan and has consistently upheld a stellar reputation built over four decades. “Our attention has been drawn to allegations and a charge sheet circulating on social media, suggesting Dr. Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” the statement read. “His stellar reputation of integrity, built over decades of professional service, cannot and will not be tarnished by these baseless claims.”
Osunnuyi highlighted that the matter had been thoroughly investigated by the Economic and Financial Crimes Commission (EFCC) eight years ago, two years after Onasanya voluntarily retired. He reaffirmed that Onasanya had not received any formal charges or summons from any investigative agency and is prepared to cooperate fully with law enforcement if required to clear his name. “What is baffling is that a commercial transaction that occurred in 2013, which was investigated thoroughly and concluded, has resurfaced in 2025 as a criminal prosecution,” Osunnuyi said.
The statement pointed to a recurring pattern of identical language and narratives being disseminated across various platforms, suggesting a deliberate effort to manipulate public perception. Osunnuyi appealed to media outlets to verify their reports and act responsibly, noting that Onasanya has consistently ignored numerous unwarranted attacks on his character since leaving the banking industry.
Onasanya has maintained that he has no interest in the control or ownership of First Bank or any other financial institution. Since retiring, he has focused on making meaningful contributions to other sectors of the economy and positively impacting lives. He expressed gratitude for the steadfast support of his family, friends, and associates, whose unwavering belief in his integrity remains a source of strength.
The allegations against Bisi Onasanya underscore the need for responsible reporting and fair investigations. While he stands ready to address any concerns raised by the authorities, Onasanya remains committed to his post-banking endeavors and his reputation as a professional of integrity.
