Bisi Onasanya, the former group managing director of First Bank, has dismissed allegations circulating on social media, suggesting his involvement in a commercial loan facility transaction controversy carried out 12 years ago at First Bank.

In a statement, Onasanya described the claims as baseless and an attempt to tarnish his reputation.

“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,” said Michael Osunnuyi, Onasanya’s Communication Advisor. “While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims.”

Onasanya noted that the Economic and Financial Crimes Commission (EFCC) investigated the matter eight years ago and cleared him of any wrongdoing.

“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,” Osunnuyi said.

Onasanya has assured his supporters that he remains focused on upholding the values and principles that have defined his career and life. He will leave no stone unturned to defend his reputation and expose the truth.

“We are confident that the truth will ultimately prevail and that justice will be served. 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 said.