Bisi Onasanya denies involvement in ‘N12bn loan fraud’ at First Bank

Bisi Onasanya, former group managing director (MD) of First Bank of Nigeria (FBN) Limited, has denied involvement in the alleged N12 billion loan fraud at the bank.

On January 17, reports circulated online that the federal government has sued Oba Otudeko, former chairman of FBN Holdings, the parent company of the bank, and Onasanya, for alleged advanced fee fraud of N12.3 billion.

The reports alleged that they connived to secure a N12.3 billion loan from First Bank between 2013 and 2014.

Micheal Osunnuyi, Onasanya’s communication advisor issued a statement to refute the claims that Onasanya was involved in the commercial loan controversy at First Bank 12 years ago.

Osunnuyi described the allegations as baseless and an attempt to tarnish the reputation of the retired banker and Chartered accountant.

Onasanya retired from FBN in 2015 at the successful completion of his tenure in line with the bank’s succession plan.

“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.”

‘ONASANYA READY TO COOPERATE WITH LAW ENFORCEMENT’

Osunnuyi explained that the Economic and Financial Crimes Commission (EFCC) investigated the matter eight years ago, two years after Onasanya voluntarily retired as the bank’s group managing director upon completing his two terms.

He said Onasanya has not received any charges, summons, or formal invitation from any investigating agency since the investigation concluded and is ready to cooperate with law enforcement if required to clear his name.

“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 also clarified that Onasanya has never shown interest in the control or ownership of First Bank or any other financial institution.

Osunnuyi said Onasanya is focused on making a positive impact in people’s lives and other sectors of the economy since leaving banking.

Additionally, he said Onasanya is deeply grateful for the unwavering support of his family, friends, and associates, whose belief in his integrity continues to be a source of strength.