Former First Bank MD Finally Speaks on Alleged N12 Billion Loan Fraud
- The former First Bank managing director, Bisi Onasanya, has debunked reports that he was involved in an alleged N12.3 billion fraud
- Onasanya disclosed that the EFCC investigated the alleged commercial loan some eight years ago
- The Nigerian government reportedly sued former First Bank chairman Oba Otudeko and Onasanyan for an N12.3 billion loan fraud
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The former group managing director of First Bank Bisi Onasanya has denied involvement in the alleged N12 billion loan fraud.
According to reports, the Nigerian government sued former First Bank Chairman Oba Otudeko and Onasanya for alleged fraud amounting to N12.3 billion.
Source: Getty Images
FG sues Onasanya and Otudeko for an alleged fraud
The report stated that the duo allegedly connived to obtain a N12.3 billion loan from First Bank within two years.
However, Michael Osunnuyi, Onasanya’s communications advisor, refuted the allegation in a statement, saying the former First Bank boss was never involved in the controversial commercial loan at the bank 12 years ago.
The statement described the allegations as baseless and a move to destroy Onasanya’s reputation.
Onasanya retired from the tier-1 bank in 2015 after completing his tenure in line with the bank’s succession policy.
Onasanya denies involvement in any loan fraud
Osannuyi said the Economic and Financial Crimes Commission (EFCC) investigated the issue about eight years ago.
He said the former bank MD has not received any charges, summons, or formal invitation from any agency since the conclusion of the investigation, expressing readiness to cooperate with law enforcement to clear his name.
“We have noticed a pattern of identical language and content being circulated across various media platforms, suggesting a deliberate attempt to manipulate public perception,” Onasanya said.
The statement also said the Onsanya never sought to control First Bank or any other financial institution.
According to TheCable, Onasanya is focused on positively impacting people’s lives in other economic sectors.
Nigeria's foremost bank has been embroiled in controversy recently after about 100 senior staff members retired.
Some sources say they were asked to step aside following a controversial send-off party for the immediate past managing director.
Also, some shareholders called for an extraordinary meeting (EGM) following plans by the bank's Chairman, Femi Otedola, to seek an N350 billion private equity placement.
Femi Otedola breaks silence on alleged $230m loan by GHL
Legit.ng earlier reported that Femi Otedola, the chairman of FBN Holdings, the parent company of First Bank, reiterated his dedication to the financial institution.
In a message reacting to the ongoing heated dispute with Nduka Obaigbena, the Chairman and Publisher of ThisDay and Arise News Channel, Otedola said he is determined to preserve the integrity of First Bank of Nigeria.
The disagreement between Otedola and Nduka, seemingly resulting in a media war, centres on allegations surrounding a $230 million loan, reportedly secured by GHL, the owners and operators of OML 120, a deep offshore oil block in Nigeria.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
