I’m Vindicated, Says Onasanya as Courtroom Throws Out Mortgage Controversy Case

Former Group Managing Director of FirstBank Nigeria, Dr Olabisi Onasanya, has mentioned he’s now vindicated after the Federal Excessive Courtroom in Lagos struck out the controversial loan-related case involving his title.

Justice Chukwujekwu Aneke of the Federal Excessive Courtroom, Lagos on Wednesday, July 23, 2025 struck out the case after the anti-graft company, the Financial and Monetary Crimes Fee, EFCC, withdrew the swimsuit following an out-of-court settlement among the many events concerned together with the nominal complainant (First financial institution of Nigeria PLC), the erstwhile Chairman of the Financial institution, Oba Otudeko, who’s the primary defendant, and his Anchorage Leisure Restricted standing because the fourth defendant in addition to the intervention of the workplace of the Legal professional Basic of the federation.

Rotimi Oyedepo (SAN), the counsel to the prosecution, the EFCC, mentioned the withdrawal of the swimsuit 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 Courtroom that the Honourable Legal professional-Basic of the Federation (AGF) acquired 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 resolution to not pursue the allegations in opposition to the Defendants. Following a radical evaluation 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 Financial institution’s treasury, the Honourable AGF thought of it acceptable on grounds of justice, public coverage, and to forestall abuse of authorized course of to withdraw the cost topic to Part 108 of the Administration of Prison 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 Financial institution) and his consumer, the primary defendant (Oba Otudeko).

Adeyinka Olumide-Fusika (SAN), the counsel for Onasanya, informed the court docket, “My lord, I’ve no objection to the withdrawal. I attended the primary assembly of the events with the AGF (Attorney General of the Federation) and I affirmed that the matter was strictly between the nominal complainant, which is the First Financial institution and the primary defendant (Otudeko). I’m completely satisfied that the matter has now been resolved amongst them, and I thank all of the events for resolving it.”

With no objection to the withdrawal of the swimsuit by any of the events, Justice Aneke declared the swimsuit ‘struck out’.

Talking 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 utterly vindicated. From the start, we now have maintained that he did nothing incorrect. He was not actively concerned within the approval course of for the transaction, as investigated by the EFCC about eight years in the past. Dr Onasanya has by no means taken half in any type of fraud in his over three many years of service within the Nigerian monetary 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 notably painful due to the tried injury to his legacy.

“Dr Onasanya’s fame is the whole lot to him. He constructed a reputation in banking and company governance by dedication, self-discipline, professionalism and integrity. That’s why he didn’t run. That’s why he at all times got here to court docket to defend his title and to uphold the values he has at all times believed in. Let or not it’s recognized that Dr Onasanya will proceed to defend himself the place mandatory and won’t succumb to the antics of mischief makers who goal him within the development of their aggrandisement,” Osunnuyi mentioned.