First Bank controversial loan: Onasanya dismisses allegations, says they are incorrect, baseless

A former Group Managing Director of First Bank, Dr Bisi Onasanya has dismissed reports suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at the First Bank.

In a statement over the weekend, Onasanya, who spoke through his Communication Advisor, Mr. Michael Oshunuyi, described the claims as baseless and an attempt to tarnish the stellar reputation of the renowned retired banker and Chartered accountant.

The statement reads, “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.

“While we have consistently chosen to ignore such baseless attacks for over10 years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.”

The Communication Advisor said Onasanya served First Bank with dedication and integrity throughout his illustrious career.

“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,” the statement noted.

According to the statement, the matter in question was investigated eight years ago by the Economic and Financial Crimes Commission, two years after Onasanya had voluntarily and meritoriously retired from the bank as the Group Managing Director upon the completion of two terms in office.

The statement added that since then, Onasanya had not been contacted on the matter and had remained willing to support and cooperate with the law enforcement if required.

“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,” the statement said.

It also noted that, to date, Onasanya had not been served with any charges, summoned, or formerly invited by any court or investigating agency regarding these claims since the matter was investigated and dispensed eight years ago.

However, Onasanya stated categorically that he “is readily available anytime in Nigeria to have his day in court whenever he is summoned to defend his reputation and clear his name.

Oshunuyi further pointed out that the allegations appeared 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.

“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.

“These persistent efforts to malign his character are deeply regrettable and baseless,” Oshunuyi added

The statement also clarified that Onasanya had never expressed interest in which person or group of persons in charge of the control or ownership of First Bank or any other financial institution, as he had moved on from banking and remained committed to making a positive impact in people’s lives and other sectors of the economy.