Ex-First Bank MD, Bisi Onasanya, denies involvement in alleged N12.3bn loan fraud

The former Group Managing Director of First Bank of Nigeria (FBN) Limited, Bisi Onasanya. has denied involvement in a N12.3 billion loan fraud at the bank.

The Economic and Financial Crimes Commission (EFCC) will on Monday arraign Onasanya, alongside the former chairman of First Bank Oba Otudeko, for alleged fraudulent withdrawal of money from the bank between 2013 and 2014.

In a statement issued on Sunday by Michael Osunnuyi, his communication advisor, Onasanya dismissed the allegations as attempts to tarnish his reputation.

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Onasanya stressed that the allegations have no basis in fact and pointed out that the EFCC had already investigated the matter eight years ago—two years after he voluntarily retired from the bank in 2015.

The statement read: “What is baffling is that a commercial transaction that occurred in 2013 and was thoroughly investigated eight years ago, during which Dr. Onasanya established his innocence and non-involvement, has now resurfaced in 2025 as a criminal prosecution. This is beyond comprehension.

“It appears to be a hatchet job by unscrupulous individuals seeking to manipulate public perception,” he said. “We strongly appeal to the media to act responsibly and verify the information they publish. Dr. Onasanya has endured years of baseless attacks since his voluntary exit from the banking industry, but this recent development is particularly alarming.”

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