Dr Olabisi Onasanya vindicated in court after EFCC withdrew loan case over full repayment, ending allegations linked to FirstBank and Oba Otudeko settlement

Dr Olabisi Onasanya, former Group Managing Director of FirstBank Nigeria, says he is “completely vindicated” after the Federal High Court in Lagos struck out the loan-related case that involved his name.

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The case was formally withdrawn by the Economic and Financial Crimes Commission (EFCC) following a full settlement between First Bank of Nigeria PLC and the first defendant, Oba Otudeko, including his firm, Anchorage Leisure Ltd.

The Office of the Attorney General of the Federation intervened.

“Dr Onasanya has never taken part in any form of fraud in his over three decades of service in the Nigerian financial sector,” said his media advisor, Michael Osunnuyi. “He’s completely vindicated.”

Counsel for the EFCC, Rotimi Oyedepo (SAN), informed the court that the funds in question were fully recovered and returned to the bank’s treasury. As a result, the AGF requested the discontinuation of the case.

Adeyinka Olumide-Fusika (SAN), counsel to Onasanya, confirmed the resolution.

“I affirmed that the matter was strictly between the nominal complainant, which is First Bank, and the first defendant,” he told the court.

Justice Chukwujekwu Aneke struck out the case with no objections from any of the parties.

Dr Onasanya, who retired in 2015, said the experience was painful but he chose to face it head-on.

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“He always came to court to defend his name and uphold the values he believes in,” said Osunnuyi.