Former managing director of FirstBank Nigeria, Olabisi Onasanya, has said he feels vindicated after the Federal High Court in Lagos struck out a loan-related case involving him.
Justice Chukwujekwu Aneke struck out the case on Wednesday, after the Economic and Financial Crimes Commission (EFCC) applied to withdraw the suit.
The withdrawal followed an out-of-court settlement among the parties, including FirstBank of Nigeria, former bank chairman Oba Otudeko, his company Anchorage Leisure Limited and the intervention of the office of the attorney general of the federation.
Counsel to the EFCC, Rotimi Oyedepo, told the court that the decision to withdraw the case followed confirmation that the loan in question had been repaid.
He said FirstBank, the nominal complainant, formally informed the attorney general’s office on July 16, that it had reached a settlement with Otudeko.
According to Mr Oyedepo, both FirstBank and Otudeko’s counsel confirmed the repayment and settlement.
He said a letter dated July 21, from FirstBank formally requested that the allegations against the defendants no longer be pursued.
“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 Attorney General considered it appropriate to withdraw the charge,” Oyedepo said.
He added that the motion to withdraw the charge was brought under Section 108 of the Administration of Criminal Justice Act (ACJA) 2015.
Counsel to the first defendant, Bode Olanipekun, did not oppose the withdrawal and confirmed the settlement between FirstBank and Otudeko.
Counsel to Onasanya, Adeyinka Fusika, also raised no objection, stating that Onasanya was not involved in the dispute between FirstBank and Otudeko.
Justice Aneke subsequently struck out the suit.
After the ruling, Onasanya’s media adviser, Michael Osunnuyi, said the former banker had always maintained his innocence.
He noted that Onasanya voluntarily appeared in court during proceedings.
“He’s completely vindicated. From the beginning, we maintained that he did nothing wrong. He was not involved in the approval process for the transaction under EFCC investigation,” Osunnuyi said.
He added that Onasanya retired from FirstBank in 2015 and had consistently upheld the values of accountability and transparency throughout his career.
Osunnuyi said Onasanya would continue to defend himself against any attempt to damage his name.
