Former First Bank of Nigeria (FBN) Limited Group Managing Director Bisi Onasanya denies any involvement in the alleged N12 billion loan fraud.
On January 17, news broke that the federal government has taken legal action against Oba Otudeko, the ex-chairman of FBN Holdings, the parent company of First Bank, along with Onasanya.
They’re being accused of advanced fee fraud involving a whopping N12.3 billion. The claims indicate that the two worked together to secure a N12.3 billion loan from First Bank back in 2013 and 2014.
Micheal Osunnuyi, Onasanya’s communications advisor, released a statement denying any connection between Onasanya and the loan controversy that occurred at First Bank over a decade ago.
Osunnuyi characterized the allegations as unfounded and an effort to damage the reputation of the retired banker and Chartered Accountant.
Onasanya concluded his tenure at FBN in 2015, having successfully completed his term in accordance with the bank’s succession strategy.
“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” the statement reads.
“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.
“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.”
Bisi Onasanya, the former group managing director of First Bank of Nigeria (FBN) Limited, has refuted allegations of his involvement in a purported N12 billion loan fraud associated with the bank.
On January 17, it was reported that the federal government had filed a lawsuit against Oba Otudeko, the former chairman of FBN Holdings, and Onasanya, concerning alleged advanced fee fraud amounting to N12.3 billion.
The allegations suggested that both individuals colluded to obtain a N12.3 billion loan from First Bank during the years 2013 and 2014.
Micheal Osunnuyi, Onasanya’s communications advisor, released a statement denying any connection between Onasanya and the loan controversy that occurred 12 years ago.
Osunnuyi characterized the allegations as unfounded and an effort to damage the reputation of the retired banker and chartered accountant.
Onasanya concluded his tenure at FBN in 2015, having successfully completed his term in accordance with the bank’s succession strategy.
‘Onasanya Willing to Cooperate with Law Enforcement’
Osunnuyi further noted that the Economic and Financial Crimes Commission (EFCC) had investigated this matter eight years prior, two years after Onasanya's voluntary retirement from his role as group managing director following two terms in office.
He emphasized that Onasanya has not received any charges, summons, or formal requests from any investigative body since the conclusion of the investigation and is willing to cooperate with law enforcement if necessary to vindicate himself.
“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,” Osunnuyi said.
“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.
“Since voluntarily leaving First Bank and the banking industry in 2015, he has endured and ignored incessant and unwarranted attacks on his person.”
The statement further emphasized that Onasanya has not expressed any desire to control or own First Bank or any other financial institution.
Osunnuyi observed that since leaving the banking sector, Onasanya has consistently demonstrated a commitment to positive community impact and economic development across multiple sectors. Furthermore, he emphasized Onasanya's deep gratitude for the unwavering support of his family, friends, and colleagues, whose belief in his integrity provides substantial encouragement.