Olabisi Onasanya, former Group Managing Director of FirstBank Nigeria, has been cleared of charges filed by the Economic and Financial Crimes Commission (EFCC) after the Federal High Court in Lagos struck out the loan-related case involving him.
On Wednesday, July 23, 2025, Justice Chukwujekwu Aneke struck out the matter following the EFCC’s formal withdrawal of the suit. This withdrawal resulted from an out-of-court settlement reached by all parties, including the nominal complainant, First Bank of Nigeria Plc; the bank’s former Chairman and first defendant, Oba Otudeko; and his company, Anchorage Leisure Limited, listed as the fourth defendant. The Office of the Attorney General of the Federation also intervened in the resolution.
Rotimi Oyedepo, counsel to the EFCC, told the court that the suit was withdrawn after the defence confirmed repayment of the controversial loan and upon the intervention of the Attorney General’s office. Oyedepo explained that the AGF received formal requests to discontinue the case after both First Bank and Otudeko’s counsel confirmed on July 16, 2025, that a settlement had been reached.
“By a letter dated July 21, 2025, First Bank formally communicated its decision to no longer pursue the allegations against the defendants. After reviewing the representations from both the complainant and the first defendant, and with the full recovery of the funds in question, the Honourable AGF deemed it just, in the public interest, and to prevent abuse of legal process to withdraw the charge under Section 108 of the Administration of Criminal Justice Act (ACJA) 2015. We hereby move a motion to withdraw the case,” Oyedepo told the court.
Speaking to journalists after the dismissal, Michael Osunnuyi, Media Advisor to Onasanya, emphasised his principal’s innocence, stating that he was committed to clearing his name.
“He has been completely vindicated. We have always maintained that he did nothing wrong. He was not involved in the transaction approval process investigated by the EFCC eight years ago. Dr Onasanya has never participated in any fraudulent act throughout his over three decades of service in Nigeria’s financial sector,” Osunnuyi stated.
Osunnuyi added that Onasanya demonstrated transparency by appearing voluntarily at every court sitting to prove he had nothing to hide.
Onasanya, who retired voluntarily as FirstBank’s Group Managing Director in 2015, described the case as particularly painful due to the attempt to tarnish his legacy.
