Former First Bank GMD, Bisi Onasanya, Denies Allegations of Involvement in Commercial Loan Controversy


By Adakoriko Adaviriku Adumaza

Dr. Bisi Onasanya, former Group Managing Director of First Bank, has dismissed allegations circulating on social media suggesting his involvement in a commercial loan facility transaction controversy that occurred 12 years ago.


In a statement released on January 19, Onasanya, through his communication advisor, Michael Oshunuyi, described the claims as baseless and an attempt to tarnish his reputation. Onasanya emphasized that he served First Bank with dedication and integrity throughout his illustrious career.


The statement noted that the matter in question was investigated by the Economic and Financial Crimes Commission (EFCC) eight years ago, and Onasanya was found innocent and not involved in the commercial transaction controversy. Despite this, the allegations have resurfaced in 2025, which Onasanya finds baffling.


Onasanya has not been served with any charges, summoned, or formally invited by any court or investigating agency regarding these claims since the matter was investigated and dispensed with eight years ago. However, he stated that he is readily available to defend his reputation and clear his name whenever he is summoned.


The statement pointed out that the allegations appear to follow a deliberate pattern every year, with identical language and content being disseminated across multiple media platforms. Onasanya urged the media to exercise caution and verify information before publication, stressing the serious implications of libel.


Onasanya expressed gratitude for the support of his family, friends, and associates, whose belief in his integrity has been a source of strength. He assured them that he remains focused on upholding the values and principles that have defined his career and life over the years.


The statement concluded, "We are confident that the truth will ultimately prevail, and justice will be served. Dr. Onasanya remains committed to upholding his unblemished record and will continue to cooperate fully within the ambit of the law to clear his name."

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