Ex-First Bank GMD Onasanya Denies Shady Loan Allegations, Vows To Defend Reputation

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

In a statement released to journalists 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.

“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,” Oshunuyi said. “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.”

The Communication Advisor said that Dr. 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 (EFCC) two years after Dr. Onasanya had ‘voluntarily and meritoriously’ retired from the bank as the group managing director upon the completion of two terms in office. It added that since then, Dr. Onasanya has not been contacted on this matter and has remained willing to support and cooperate with the law enforcement if required.

“What is baffling,” the statement continued, “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.”

It also noted that, to date, Dr. Onasanya has 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, he stated categorically that Dr. Onasanya was 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 appear 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,” Oshunuyi added.

“Since voluntarily leaving First Bank and the banking industry in 2015, he has endured and ignored incessant and unwarranted attacks on his person,” Oshunuyi said. “These persistent efforts to malign his character are deeply regrettable and baseless.”

The statement also clarified that Dr. Onasanya has 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, for that matter. Instead, he has moved on from banking and remained committed to making a positive impact in people’s lives and other sectors of the economy.

Dr. 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 and he would leave no stone unturned to defend his reputation and expose the truth regardless of whose ox is gored.

“We are confident that the truth will ultimately prevail and that 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,” the statement added.