In a swift and detailed response to allegations circulating on social media, Dr. Bisi Onasanya, the former Group Managing Director of First Bank, has dismissed accusations of his involvement in a commercial loan facility controversy purportedly carried out 12 years ago.
Through a statement issued by his Communication Advisor, Mr. Michael Osunnuyi, over the weekend, Dr. Onasanya categorically denied the claims, describing them as “baseless” and “a deliberate attempt to tarnish his stellar 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 a decade, the growing concern expressed by family, friends, and associates globally compels us to address these unfounded claims.”
The statement emphasized Dr. Onasanya’s decades-long commitment to integrity and excellence, which defined his professional journey in the banking sector.
According to the release, the controversy in question had already been investigated by the Economic and Financial Crimes Commission (EFCC) eight years ago.
This investigation occurred two years after Dr. Onasanya’s voluntary and meritorious retirement from First Bank in 2015, following the completion of two successful terms as Group Managing Director.
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“What is baffling,” the statement noted, “is that a commercial transaction from 2013, which was thoroughly investigated, with Dr. Onasanya’s innocence and non-involvement established, has resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination.”
The statement clarified that, since the EFCC investigation concluded, Dr. Onasanya has neither been contacted regarding the matter nor served with any formal charges, summons, or invitations from any court or investigative agency.
Dr. Onasanya, through his Communication Advisor, reaffirmed his readiness to cooperate fully with law enforcement or judicial proceedings if summoned.
“Dr. Onasanya is readily available in Nigeria to have his day in court to defend his reputation and clear his name,” Osunnuyi assured.
The statement also pointed to a troubling pattern of coordinated smear campaigns, with identical allegations resurfacing annually in similar language and content across media platforms.
Osunnuyi urged media outlets to verify such claims before publishing, stressing the legal and ethical implications of disseminating false information.
The former First Bank MD reiterated his gratitude for the unwavering support of his family, friends, and associates, whose faith in his integrity has been a source of strength.
He highlighted his focus on contributing to society and other sectors of the economy since retiring from the banking industry.
“These persistent efforts to malign his character are deeply regrettable and baseless,” the statement read. “Dr. Onasanya remains committed to the values and principles that defined his illustrious career, and he will leave no stone unturned to defend his reputation.”
The statement concluded with an expression of confidence that the truth will ultimately prevail, ensuring justice for the veteran banker.
“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.
This development has sparked widespread reactions across social and professional circles, with many expressing solidarity with Dr. Onasanya and urging due diligence in addressing such sensitive matters.