I’m vindicated, says Onasanya as court throws out loan

Former Group Managing Director of FirstBank Nigeria, Dr. Olabisi Onasanya, has said he is now vindicated after the Federal High Court in Lagos struck out the controversial loan-related case involving his name.

Justice Chukwujekwu Aneke of the Federal High Court, Lagos, on Wednesday, July 23, 2025, struck out the case after the anti-graft agency, the Economic and Financial Crimes Commission (EFCC), withdrew the suit following an out-of-court settlement among the parties involved, including the nominal complainant (First Bank of Nigeria PLC), the erstwhile Chairman of the Bank, Oba Otudeko, who is the first defendant, and his Anchorage Leisure Limited, standing as the fourth defendant, as well as the intervention of the Office of the Attorney General of the Federation.

Rotimi Oyedepo (SAN), the counsel to the prosecution, the EFCC, said the withdrawal of the suit was consequent on the confirmation of the repayment of the controversial loan by the defence and the intervention by the Office of the Attorney General of the Federation.

Mr. Rotimi Oyedepo, SAN, appearing for the prosecution, further informed the court that the Honourable Attorney-General of the Federation (AGF) received a formal request to discontinue the matter. He noted that on 16th July 2025, First Bank of Nigeria (FBN), the nominal complainant, wrote to the AGF confirming that a settlement had been reached with the 1st defendant (Oba Otudeko) and that the counsel to the 1st defendant similarly wrote to the AGF confirming the settlement.

“Subsequently, by a letter dated 21st July 2025, FBN formally communicated its decision to no longer pursue the allegations against the defendants. Following a thorough review of the representations by both the nominal complainant and the first defendant, and since the funds in question had been fully recovered and returned to the bank’s treasury, the Honourable AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge subject to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015. We hereby move a motion to withdraw the case,” Oyedepo told the court.

Bode Olanipekun (SAN), the counsel to the first defendant, did not object to the withdrawal, confirming the settlement between the nominal complainant (First Bank) and his client, the first defendant (Oba Otudeko).

Adeyinka Olumide-Fusika (SAN), the counsel for Onasanya, told the court, “My Lord, I have no objection to the withdrawal. I attended the first meeting of the parties with the AGF (Attorney General of the Federation), and I affirmed that the matter was strictly between the nominal complainant, which is First Bank, and the first defendant (Otudeko). I am happy that the matter has now been resolved among them, and I thank all the parties for resolving it.”

With no objection to the withdrawal of the suit by any of the parties, Justice Aneke declared the suit “struck out.”

Speaking to journalists after the case was dismissed, Michael Osunnuyi, Media Advisor to the retired banker, strongly affirmed Onasanya’s innocence and said he had always been determined to clear his name.

“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 said.

Osunnuyi said his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.

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.