The Federal High Court in Lagos has struck out the controversial loan-related case involving former Group Managing Director of FirstBank Nigeria, Dr. Olabisi Onasanya, following a request by the Economic and Financial Crimes Commission (EFCC) to withdraw the charges.

Presiding Judge, Justice Chukwujekwu Aneke, issued the ruling on Wednesday after the EFCC confirmed that the case had been resolved through an out-of-court settlement involving the nominal complainant, First Bank of Nigeria Plc, and the first defendant, Oba Otudeko, along with his company, Anchorage Leisure Limited.

Counsel to the EFCC, Mr. Rotimi Oyedepo (SAN), told the court that the prosecution was withdrawing the suit after the Office of the Attorney General of the Federation (AGF) received formal representations from all parties, confirming the settlement and full repayment of the loan at the centre of the dispute.

“Subsequently, by a letter dated 21st July 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 in view of the fact that the funds in question had been fully recovered and returned to the Bank’s treasury, the Honourable AGF considered it appropriate on grounds of justice, public policy, and to prevent abuse of legal process to withdraw the charge,” Oyedepo stated.

Bode Olanipekun (SAN), counsel to the first defendant, confirmed the settlement and did not oppose the application. Similarly, Dr. Onasanya’s lawyer, Adeyinka Olumide-Fusika (SAN), raised no objection.

“My lord, I have no objection to the withdrawal. I attended the first meeting of the parties with the AGF and I affirmed that the matter was strictly between the nominal complainant, which is 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,” Olumide-Fusika told the court.

With no objection from any of the parties, Justice Aneke declared the suit struck out.
Speaking after the court’s decision, Michael Osunnuyi, Media Adviser to Dr. Onasanya, said the retired banker had been vindicated.

“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 stated.

He said Dr. Onasanya consistently appeared in court to demonstrate transparency and a clear conscience.

“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 aggrandizement,” he added.

Dr. Onasanya voluntarily retired from FirstBank in 2015 after a long career in the financial sector.