AGS NEWS – A former Group Managing Director of FirstBank, Dr. Bisi Onasanya, has dismissed allegations linking him to a commercial loan transaction conducted 12 years ago.

In a statement released on Sunday by his communications advisor, Mr. Michael Oshunuyi, Onasanya described the claims as baseless, calling them a deliberate attempt to tarnish his reputation as a retired banker and chartered accountant.

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 securing a ₦30 billion loan.

The defendants, including former FirstBank Chairman Oba Otudeko, ex-Honeywell Flour Mills board member Soji Akintayo, and Anchorage Limited, are scheduled for arraignment on Monday.

Addressing the allegations, Oshunuyi clarified that the matter was thoroughly investigated by the EFCC eight years ago, two years after Onasanya retired from FirstBank, and that the investigation had exonerated him.

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“It is baffling that a commercial transaction from 2013, already investigated and resolved, is now resurfacing as a criminal prosecution in 2025,” the statement read.

Oshunuyi further noted that Onasanya has not been served with any formal charges or summons and remains willing to appear in court if required to clear his name.

The statement also criticized the repetitive nature of such allegations, often resurfacing with similar language and content, and urged the media to verify claims before publication to avoid libel.

Onasanya emphasized that he has no interest in the control or ownership of FirstBank or any other financial institution, having moved on from the banking sector to focus on other endeavors aimed at positively impacting society.

Similarly, former FirstBank Chairman Oba Otudeko rejected the allegations against him, vowing to defend his reputation.

In a separate statement, Otudeko denied receiving any formal summons or invitation from relevant authorities but expressed his willingness to cooperate with investigations conducted professionally.

He reiterated that he has no plans to serve in any executive or non-executive capacity outside his current board commitments, including a return to FBN Holdings Plc, which he said appears to be the focus of the allegations.

The EFCC is expected to present the charges in court as the case unfolds.