Olabisi Onasanya, former group managing director and chief executive officer of First Bank of Nigeria (FBN)
Olabisi Onasanya, a former group managing director and chief executive officer of First Bank of Nigeria (FBN), says he has now been vindicated after a Lagos federal high court struck out a controversial loan transaction case.
Onasanya was standing trial alongside Oba Otudeko, an ex-FBN chairman; Soji Akintayo, a former board member of Honeywell Flour Mills Plc; and Anchorage Limited, a company linked to Otudeko, over an alleged N30 billion loan fraud.
The EFCC had accused Otudeko and the other defendants of obtaining tranches of loans — N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion — from First Bank under the pretence that the funds were obtained by some firms.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
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However, earlier today, the court struck out the 13-count charge after an out-of-court settlement was reached and the attorney-general of the federation (AGF) withdrew the charges against the defendants.
The EFCC informed the court that First Bank, the nominal complainant, wrote to the AGF on July 16 to withdraw its complaint, stating that the matter had been resolved.
Otudeko’s lawyer also confirmed the settlement in a separate letter the same day.
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By July 21, the EFCC formally requested the AGF to withdraw the charges, noting that the disputed funds had been fully recovered and returned to First Bank.
Addressing journalists after the court session, Michael Osunnuyi, the media advisor to Onasanya, said the former FBN GMD 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.
“He was not actively involved in the approval process for the transaction as investigated by the EFCC about eight years ago.
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“Dr Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector.
“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.”
Osunnuyi said 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”.
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