Former Group Managing Director of FirstBank Nigeria, Dr Olabisi Onasanya, has mentioned he’s now vindicated after the Federal High Court in Lagos struck out the controversial loan-related case involving his title.
Justice Chukwujekwu Aneke of the Federal High Court, Lagos on Wednesday, July 23, 2025 struck out the case after the anti-graft company, the Economic and Financial Crimes Commission, EFCC, withdrew the go well with following an out-of-court settlement among the many events concerned together with the nominal complainant (First {bank} of Nigeria PLC), the erstwhile Chairman of the Bank, Oba Otudeko, who’s the primary defendant, and his Anchorage Leisure Limited standing because the fourth defendant in addition to the intervention of the workplace of the Attorney General of the federation.
Rotimi Oyedepo (SAN), the counsel to the prosecution, the EFCC, mentioned the withdrawal of the go well with was consequent on the affirmation of the compensation of the controversial mortgage by the defence and the intervention by the workplace of the Attorney General of the Federation.
Mr. Rotimi Oyedepo, SAN, showing for the prosecution, additional knowledgeable the Court that the Honourable Attorney-General of the Federation (AGF) obtained a proper request to discontinue the matter. He famous that on sixteenth July 2025, First Bank of Nigeria (FBN), the nominal complainant, wrote to the AGF confirming {that a} settlement had been reached with the first Defendant (Oba Otudeko) and that the Counsel to the first Defendant equally wrote to the AGF, confirming the settlement.
‘’Subsequently, by a letter dated twenty first July 2025, FBN formally communicated its determination to now not pursue the allegations in opposition to the Defendants. Following an intensive assessment of the representations by each the nominal complainant and the First defendant, and for the reason that funds in query had been totally recovered and returned to the Bank’s treasury, the Honourable AGF thought-about it applicable on grounds of justice, public coverage, and to stop abuse of authorized course of to withdraw the cost topic to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015, we hereby transfer a movement to withdraw the case,” Oyedepo informed the court docket.
Bode Olanipekun (SAN), the counsel to the primary defendant, didn’t object to the withdrawal, confirming the settlement between the nominal complainant (First Bank) and his shopper, the primary defendant (Oba Otudeko).
Adeyinka Olumide-Fusika (SAN), the counsel for Onasanya, informed the court docket, “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 the 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 go well with by any of the events, Justice Aneke declared the go well with ‘struck out’.
Speaking to journalists after the case was dismissed, Michael Osunnuyi, Media Advisor to the retired banker, strongly affirmed Onasanya’s innocence and mentioned he had at all times been decided to clear his title.
“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 mentioned.
Osunnuyi mentioned his principal demonstrated his innocence by voluntarily presenting himself to the court docket at every sitting to show that he had nothing to cover.
Onasanya, who retired voluntarily as FirstBank Group managing Director in 2015 after years of meritorious service, mentioned the case had been significantly painful due to the tried injury 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 mentioned.
