The controversial loan-related case involving the former chief executive of First Bank of Nigeria, Mr Olabisi Onasanya, and the former chairman of FBN Holdings, Mr Oba Otudeko, has been thrown out.
The matter was struck out on Wednesday, July 23, 2025, by Justice Chukwujekwu Aneke of the Federal High Court sitting in Lagos after the Economic and Financial Crimes Commission (EFCC), withdrew the case.
The suit was dismissed after an out-of-court settlement among the parties involved in the matter, including the nominal complainant (First Bank), Mr Otudeko, who is the first defendant, and his Anchorage Leisure Limited standing as the fourth defendant as well as the intervention of the office of the Attorney General of the Federation.
At the court today, counsel for the EFCC, Mr Rotimi Oyedepo (SAN), said the withdrawal of the suit was consequent on the confirmation of the repayment of the controversial loan by the defence and the intervention by the office of the Attorney General of the Federation.
According to him, the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi, received a formal request to discontinue the matter, noting that on July 16, 2025, First Bank confirmed that a settlement had been reached with Mr Otudeko.
“Subsequently, by a letter dated July 21, 2025, FBN formally communicated its decision to no longer pursue the allegations against the defendants.
“Following a thorough review of the representations by both the nominal complainant and the first defendant, and since the funds in question had been fully recovered and returned to the bank’s treasury, the AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge subject to Section 108 of the Administration of Criminal Justice Act (ACJA) 2015, we hereby move a motion to withdraw the case,” Mr Oyedepo told the court.
The counsel to Mr Otudeko, Mr Bode Olanipekun (SAN), did not object to the withdrawal, confirming the settlement between the lender and his client.
On his part, Mr Adeyinka Olumide-Fusika (SAN), who is the counsel to Mr Onasanya, did not object this, saying, “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.”
Addressing newsmen after the judgement, the media aide to Mr Onasanya, Mr Michael Osunnuyi, expressed satisfaction that the court has cleared the former banker of the charges.
“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,” Mr Osunnuyi said, noting that his principal demonstrated his innocence by voluntarily presenting himself to the court at each sitting to prove that he had nothing to hide.
Onasanya, who retired voluntarily from First Bank in 2015 after years of meritorious service, said the case had been particularly painful because of the attempted damage 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,” Mr Osunnuyi stated.