Former Group Managing Director of First Bank, Dr. Bisi Onasanya, has dismissed allegations linking him to a purported loan controversy that dates back over a decade. Addressing the accusations through his Communication Advisor, Mr. Michael Oshunuyi, Dr. Onasanya described the claims as unfounded and a calculated attempt to tarnish his hard-earned reputation.
In a statement issued over the weekend, Oshunuyi said, “Our attention has been drawn to allegations and charge sheets circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank, 12 years ago. These claims are baseless and have no merit.”
Dr. Onasanya, a seasoned banker and Chartered Accountant, served First Bank with distinction for decades before voluntarily retiring in 2015. His tenure as Group Managing Director was marked by transformative leadership and adherence to professional ethics, according to Oshunuyi.
“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,” Oshunuyi added.
The allegations in question relate to a commercial transaction that allegedly took place in 2013. However, Oshunuyi clarified that the matter was thoroughly investigated by the Economic and Financial Crimes Commission (EFCC) eight years ago, two years after Dr. Onasanya had retired.
The re-emergence of the allegations in 2025 has raised eyebrows. “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, has now resurfaced in the form of criminal prosecution. This is beyond his imagination,” the statement read.
Dr. Onasanya has not been served with any charges, summoned, or contacted by any court or investigative body regarding this matter since the EFCC concluded its investigation.
“He is readily available in Nigeria to have his day in court whenever summoned to defend his reputation,” Oshunuyi said.
The statement also pointed to a disturbing trend. According to Oshunuyi, similar allegations have resurfaced almost every year, often accompanied by identical language and content spread across multiple media platforms.
“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,” Oshunuyi alleged.
He appealed to media outlets to verify the information they publish, stressing the grave implications of libel and the need for responsible journalism.
Despite the attacks, Dr. Onasanya remains resolute. He has expressed gratitude for the unwavering support of his family, friends, and associates, whose belief in his integrity has been a source of strength.
“These persistent efforts to malign his character are deeply regrettable and baseless,” Oshunuyi noted.
The statement also clarified that Dr. Onasanya has no interest in the management or ownership of First Bank or any other financial institution. Since leaving the banking industry, he has focused on other ventures aimed at positively impacting people’s lives and contributing to the Nigerian economy.
Dr. Onasanya’s camp has vowed to take every necessary step to clear his name. “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,” Oshunuyi assured.
The former banker’s resolve is clear: he will not let baseless accusations erode the values and principles that have defined his career and life. As he said through his representative, “The truth will expose these falsehoods, regardless of whose ox is gored.”
This controversy highlights the challenges faced by prominent figures in Nigeria, who often become targets of unverified claims long after leaving office. For Dr. Onasanya, who voluntarily retired after a distinguished career, these allegations threaten not only his personal reputation but also public trust in institutions.
Observers note that the reappearance of these allegations could have wider implications. It raises questions about the motivations behind the resurfacing claims and the role of media outlets in amplifying unverified information.
Oshunuyi’s call for caution is a reminder of the media’s responsibility in safeguarding the truth. “We strongly appeal to the media to verify the information they disseminate and act responsibly,” he said.
