The Federal High Court in Lagos has struck out a controversial loan-related case involving Dr. Olabisi Onasanya, former Group Managing Director of FirstBank Nigeria.
The case was dismissed on Wednesday, July 23, 2025, after the Economic and Financial Crimes Commission (EFCC) withdrew the suit following an out-of-court settlement among the parties involved.
Background of the Case
The EFCC had filed a 13-count charge against Dr. Onasanya, Oba Otudeko, former Chairman of First Bank, Soji Akintayo, former Honeywell board member, and Anchorage Leisure Limited. The charges were related to a loan facility allegedly obtained fraudulently from First Bank.
Settlement and Withdrawal
The EFCC counsel, Rotimi Oyedepo, informed the court that the withdrawal of the suit was consequent to the confirmation of the repayment of the loan by the defendants and the intervention of the office of the Attorney General of the Federation.
The nominal complainant, First Bank, had written to the AGF confirming that a settlement had been reached with Otudeko, and the bank had formally communicated its decision to no longer pursue the allegations.
Dr. Onasanya’s Reaction
After the case was struck out, Dr. Onasanya’s Media Advisor, Michael Osunnuyi, strongly affirmed his principal’s innocence, stating that Dr. Onasanya had always been determined to clear his name.
“He’s completely vindicated. From the beginning, we have maintained that he did nothing wrong,” Osunnuyi said speaking with journalists.
“He’s completely vindicated. From the beginning, we have maintained that he did nothing wrong. He was not actively involved in the approval process for the transaction, as investigated by the EFCC about eight years ago. Dr Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector,” Osunnuyi explained.
Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015 after years of meritorious service, said the case had been particularly painful because of the attempted damage to his legacy.
“Dr Onasanya’s reputation is everything to him. He built a name in banking and corporate governance through dedication, discipline, professionalism and integrity. That’s why he didn’t run. That’s why he always came to court to defend his name and to uphold the values he has always believed in. Let it be known that Dr Onasanya will continue to defend himself where necessary and will not succumb to the antics of mischief makers who target him in the advancement of their aggrandisement,” Osunnuyi said.
