Onasanya vindicated as court strikes out EFCC loan case

Former Group Managing Director of FirstBank Nigeria, Dr. Olabisi Onasanya, has declared himself vindicated after a Federal High Court in Lagos struck out a controversial loan-related case involving his name.

The development followed a formal withdrawal of the suit by the Economic and Financial Crimes Commission (EFCC) after an out-of-court settlement between all parties.

Justice Chukwujekwu Aneke, presiding over the case on Wednesday, July 23, 2025, granted the EFCC’s application to discontinue the matter after the nominal complainant, First Bank of Nigeria (FBN), confirmed that it had resolved the issue with the principal defendant, Oba Otudeko, and his company, Anchorage Leisure Limited.

EFCC’s lead prosecutor, Rotimi Oyedepo (SAN), informed the court that the loan in question had been fully repaid and the funds returned to the bank’s treasury.

He also revealed that the Office of the Attorney General of the Federation had reviewed the representations from all sides and endorsed the decision to discontinue the case in line with Section 108 of the Administration of Criminal Justice Act, 2015.

“First Bank, in a letter dated July 21, formally communicated its decision not to pursue the allegations against the defendants.

In the interest of justice and public policy, and to prevent abuse of legal process, the Attorney General approved the withdrawal,” Oyedepo said.

Counsel to the first defendant, Oba Otudeko, Bode Olanipekun (SAN), and Dr. Onasanya’s counsel, Adeyinka Olumide-Fusika (SAN), did not oppose the withdrawal.

Olumide-Fusika noted that the matter was clearly between First Bank and Otudeko and expressed satisfaction that it had been resolved amicably.

Following no objections from the parties, Justice Aneke formally struck out the case.

Reacting to the development, Michael Osunnuyi, Media Adviser to Dr. Onasanya, said the outcome confirmed his principal’s innocence and integrity.

“He’s completely vindicated. From the outset, we maintained that Dr. Onasanya had no involvement in the transaction under scrutiny. He was neither part of the loan approval process nor implicated in any wrongdoing.

His over 30 years in Nigeria’s financial sector have been marked by professionalism and integrity,” Osunnuyi said.

He emphasized that Onasanya consistently appeared in court to clear his name and demonstrate transparency.

Onasanya, who voluntarily retired in 2015 after a distinguished career in banking, said the case was a painful attempt to tarnish his legacy.

“His reputation is everything to him. He didn’t hide, he didn’t run.

“He stood firm to defend the values he’s known for—dedication, discipline, and good corporate governance,” Osunnuyi stated.

He added that the former bank chief remains committed to upholding his reputation and will not hesitate to defend himself against any future attempts to smear his name.

With the case now dismissed, observers say the resolution marks the end of a long chapter that threatened to stain the legacy of one of Nigeria’s most respected bankers.