Dr. Bisi Onasanya, former Group Managing Director of First Bank, has dismissed recent allegations circulating on social media, which suggest his involvement in a controversial commercial loan transaction at the bank from 12 years ago.
In a statement released to the press over the weekend, Onasanya, speaking through his Communication Advisor, Mr. Michael Osunnuyi, strongly refuted the claims, labelling them baseless and an attempt to tarnish the respected retired banker and Chartered Accountant’s reputation.
“Our attention has been drawn to allegations and a charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” Osunnuyi stated. “While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates worldwide compels us to address these unfounded claims.”
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The statement further highlighted Onasanya’s commitment to integrity during his tenure at First Bank. “His stellar reputation for integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations,” the statement asserted.
Osunnuyi explained that the matter in question had been thoroughly investigated eight years ago by the Economic and Financial Crimes Commission (EFCC), two years after Dr. Onasanya had voluntarily retired from the bank as Group Managing Director following the completion of two terms in office. Since then, Onasanya has not been contacted regarding the issue and has remained willing to cooperate with law enforcement if required.
“What is baffling,” Osunnuyi continued, “is that a commercial transaction that took place in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya proved his innocence, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination.”
The statement also made it clear that, to date, Dr. Onasanya has not been served with any charges, summoned, or invited by any court or investigating agency regarding these claims since the matter was resolved eight years ago.
However, Osunnuyi stated emphatically that Dr. Onasanya is available at any time in Nigeria to appear in court and clear his name if summoned.
He further pointed out that the allegations appear to follow a deliberate annual pattern, with identical language and content circulating across multiple media platforms. Osunnuyi urged the media to exercise caution and verify the information before publication, highlighting 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. This seems to be a concerted effort by unscrupulous individuals to malign Dr. Onasanya’s image. We strongly appeal to the media to verify the information they disseminate and act responsibly,” Osunnuyi added.
Since leaving the banking sector voluntarily in 2015, Onasanya has reportedly endured ongoing, unwarranted attacks on his character. “These persistent efforts to tarnish his character are deeply regrettable and unfounded,” said Osunnuyi.
The statement also clarified that Onasanya has never expressed any interest in the control or ownership of First Bank or any other financial institution. Instead, he has moved on from banking and remains dedicated to making a positive impact in other sectors of the economy.
Dr. Onasanya expressed gratitude for the support of his family, friends, and associates, whose belief in his integrity continues to provide strength. He assured them that he remains focused on upholding the values and principles that have defined his career and life, and he will leave no stone unturned in defending his reputation and exposing the truth, regardless of the consequences.
“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 concluded.