First Bank’s former CEO Onasanya refutes role in alleged N12 billion fraud

A one-time managing director of First Bank of Nigeria Plc (now FBN Holdings) Bisi Onasanya has denied playing a role in the alleged N12.3 billion advanced fee fraud leveled against him and others during his time at the lender.

In a statement released by his communication advisor, Michael Osunnuyi, Mr Onasanya dismissed the accusation as “baseless,” and “unfounded” noting the unease it has caused among family, associates and friends.

“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,” Mr Osunnuyi said.

“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 Economic and Financial Crimes Commission last week launched a lawsuit against Mr Onasanya, Oba Otudeko (formerly FBN Holdings chairman) and two others for colluding to obtain N12.3 billion credit facilities from the bank in 2013.

Nigeria’s top anti-corruption agency claimed they executed the plot by giving the impression that V-Tech Dynamic Links Limited and Stallion Nigeria Limited applied for the loans.

They also face charges for taking N6.2 billion of the proceeds of the act for personal use.

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According to the prosecutor, the defendants made a false document “authorisation to issue investment certificate to First Bank” for use by the bank under the guise that the certificate is genuine and came from V-Tech Links Dynamic Limited.

Mr Otudeko, an insider told PREMIUM TIMES on Friday, left Nigeria aboard a British Airways flight on Thursday.

Their arraignment is to commence on Monday at the Federal High Court in Lagos, but the EFCC said the trial would proceed in case Mr Otudeko fails to show up, vowing to issue a bench warrant for his arrest should that happen.

Mr Onasanya, his spokesperson said on Sunday, is willing to work together with the EFCC.

The statement disclosed that the ex-First Bank of Nigeria Plc’s chief has not been issued any invite since an investigation by the EFCC since 2017.

“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 in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination,” the statement said.