Former First Bank executives deny fraud allegations amidst EFCC charges

 

A fresh wave of controversy has emerged following fraud allegations levelled against former top executives of FirstBank, including its erstwhile Group Managing Director, Bisi Onasanya, and ex-chairman, Oba Otudeko. Both have categorically denied involvement in the alleged fraudulent transaction dating back 12 years.

The Economic and Financial Crimes Commission (EFCC) filed charges last Thursday at the Federal High Court in Lagos, accusing the defendants of securing a N30 billion loan under false pretenses. The case, which also names Soji Akintayo, a former board member of Honeywell Flour Mills Plc, and Anchorage Limited, is set for arraignment on Monday.

In a statement released on Sunday through his communications advisor, Mr. Michael Oshunuyi, Onasanya dismissed the claims as “baseless” and an attempt to tarnish his reputation. He emphasized that the transaction in question had already been investigated by the EFCC eight years ago, two years after his retirement, and he was exonerated.

“What is baffling is that a commercial transaction that 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 read.

Onasanya also expressed frustration over the repetitive nature of these allegations, which he claims re-emerge annually with identical language across media platforms. Despite not receiving any formal summons or charges, he stated his readiness to appear in court to defend his name.

He further clarified that he has no vested interest in the ownership or control of FirstBank, stressing that his focus has shifted to other ventures aimed at creating a positive impact.

Dr. Oba Otudeko also refuted the allegations, describing them as an attempt to undermine his integrity. In his statement, Otudeko revealed that neither he nor his legal team had received any official summons or invitation from authorities regarding the charges.

Both Onasanya and Otudeko questioned the timing of the renewed allegations, suggesting ulterior motives. Onasanya’s advisor urged the media to verify claims before publication, citing the risk of libel and reputational damage.

Observers have raised concerns about the reappearance of a long-resolved issue and the broader implications for corporate governance and accountability in Nigeria’s financial sector.

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