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Tag: Bisi Onasanya

  • Bisi Onasanya’s song of victory

    Bisi Onasanya’s song of victory

    Bisi Onasanya has firmly established himself as a distinguished figure in the banking industry, renowned for his steadfast integrity and exemplary leadership during his tenure as Managing Director and Chief Executive Officer of FirstBank. With a remarkable career spanning 21 years, Onasanya has consistently emphasized his commitment to diligence and ethical dealings. However, throughout his journey, he has faced persistent challenges from detractors who have sought to tarnish his well-earned reputation. Their grievances appear to stem from jealousy over his exceptional rise to prominence. Even after his meritorious exit from FirstBank, where he left a legacy that many continue to emulate, Onasanya has confronted significant hurdles intended to undermine his achievements. Yet, much like the resilient cat with nine lives, this accomplished chartered accountant from Ibadan, Ogun State, has emerged victorious every time.

    Following his departure from FirstBank, Onasanya ventured into the real estate sector, founding Address Homes. Under his visionary leadership, the company rapidly transformed into a prominent player in the real estate market, making substantial contributions to the ever-evolving skylines of Lagos. Address Homes has not only become synonymous with quality and innovation but has also executed numerous successful projects, with many more currently under development. This growth reflects Onasanya’s unwavering commitment to excellence and highlights the unique flair he brings to every business endeavor he pursues.

    For years, Onasanya has found himself entangled in legal battles, specifically concerning a loan facility case amounting to over 12 billion naira. Despite the heavy burden of this accusation, he has publicly maintained his innocence, describing the case as meritless and asserting that all his decisions during his time at FirstBank adhered strictly to the regulations established by both the bank and the Central Bank of Nigeria (CBN).

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    In a significant turn of events, on Wednesday, July 23, 2025, Justice Chukwujekwu Aneke of the Federal High Court in Lagos struck the matter out after the Economic and Financial Crimes Commission (EFCC) withdrew its case against him.

    The dismissal followed an out-of-court settlement that involved all parties, including the nominal complainant, FirstBank, and Mr. Otudeko, the first defendant, alongside Anchorage Leisure Limited as the fourth defendant, aided by the intervention of the Attorney General of the Federation. This resolution starkly underscores Onasanya’s innocence and counters the negative narratives propagated by his adversaries.

    According to sources close to Onasanya, he has consistently upheld his stance regarding the allegations against him. With the charges now behind him, which underscores his victory, he is redirecting his focus towards expanding Address Homes’ portfolio and delivering outstanding results to a growing clientele, further solidifying his reputation as a transformative leader in the business landscape.

  • Who is after Bisi Onasanya?

    Who is after Bisi Onasanya?

    Chief Bisi Onasanya, the former Group Managing Director (GMD) of First Bank of Nigeria, is a figure who deliberately avoids unnecessary limelight and prefers to celebrate his accomplishments among close friends and family. Known for his commitment to excellence and integrity, Onasanya’s ascent in the banking industry is a remarkable journey. His tenure as the GMD of Nigeria’s oldest bank lasted nearly five years, concluding in 2015, and was marked by significant achievements that underscored his capabilities as a leader. Starting his career as an Accountant at Wema Bank, he joined First Bank as a Senior Manager, dedicating an impressive 21 years of service to the institution. Throughout his career, Onasanya consistently demonstrated his financial expertise, which was pivotal in steering the bank towards substantial profitability and growth; he earned repeated votes of confidence from investors, reflecting their belief in his leadership and strategic decisions.

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    Following his departure from First Bank, many speculated about Onasanya’s next steps. Rumors circulated suggesting he might relocate to cities like Dubai or London to pursue a new life. However, Onasanya harbored an enduring passion for the burgeoning real estate sector within Nigeria.

  • Ex FBN GMD, Onasanya says allegations baseless hatchet job

    Ex FBN GMD, Onasanya says allegations baseless hatchet job

    Former Group Managing Director of First Bank of Nigeria, Dr. Bisi Onasanya has described allegations of impropriety being directed at him as a baseless campaign of calumny aimed at tarnishing his hard-earned reputation.

    The Economic and Financial Crimes Commission (EFCC) had allegedly dragged Onasanya, former chairman of FBN Holdings, Mr. Oba Otudeko and others to court in a N12.3 billion fraud case during their tenure at the first generation bank. Otudeko has denied the claims.

    Onasanya at the weekend denied involvement in any purported commercial loan facility transaction controversy, describing the allegations as an attempt to tarnish his stellar reputation as a renowned retired banker and chartered accountant.

    Onasanya, who spoke through his Communication Advisor, Mr. Michael Oshunuyi, said he served First Bank with dedication and integrity throughout his career, noting that the purported commercial loan controversy at First Bank 12 years ago had been thoroughly investigated eight years ago.

    According to him, the matter in question was investigated eight years ago by the EFCC two years after he voluntarily and meritoriously retired from the bank as the group managing director upon the completion of two terms in office.

    He said he has since then not been contacted on the matter, expressing his willingness to support and cooperate with the law enforcement if required.

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     “What is baffling is that a commercial transaction which occurred in 2013 and was thoroughly investigated eight years ago, where Dr. Onasanya established his innocence and non-involvement in the commercial transaction controversy, has now resurfaced in 2025 in the form of criminal prosecution. This is beyond his imagination,” the statement noted.

    Onasanya said he has not been served with any charges, summoned, or formerly invited by any court or investigating agency regarding these claims since the matter was investigated and dispensed eight years ago.

    “While we have consistently chosen to ignore such baseless attacks for over ten years, the growing concern expressed by family, friends, and associates from across the globe compels us to address these unfounded claims,” Onasanya said.

    He averred that his stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.

    He said he was ready and available anytime in Nigeria to have his day in court whenever he is summoned to defend his reputation and clear his name.

  • When Bisi Onasanya turned 63

    When Bisi Onasanya turned 63

    One thing that Dr. Bisi Stephen Onasanya, the chairman of The Address Homes Limited and the former Group Managing Director of First Bank, is generally known for is that you can take his words to the bank, little wonder, his friends, family, professional colleagues, associates and acquaintances, dubbed him Mr. Integrity.

    So when a man known for his reserved nature added another year on Sunday, August 18, 2024, despite his preference for a low-key celebration and no-party affair, his 63rd birthday turned into a lively affair as family, friends, and associates gathered at his Ikoyi residence to honour the quintessential gentleman and mentor to many.

    Reputed for his humility and quietude, Onasanya had hoped to mark the occasion without much fanfare.

    However, as a figure with a towering presence in the finance, banking, and real estate sectors, it was inevitable that those whose lives he had touched would seize the opportunity to celebrate him.

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    The gathering, though informal, was a testament to the deep respect and admiration he commands.

    Colleagues from his illustrious banking industry, where he served as the GMD of First Bank from 2009 to 2015, joined forces with business partners, and families to felicitate with a man many regard as a beacon of integrity, selflessness, kindness and professionalism.

    The dignitaries that attended the event include Akin Fanimokan, Otunba Yemi Lawal, Kemi Adeosun and Niyi Adeosun, Dayo Adeola, Mrs Oladunjoye, Steve Ayorinde, and Mike Dada.

    Funke Onasanya, his wife of close to four decades, children and grandchildren, were on the ground to take care of everyone.

  • Bisi Onasanya on the roll

    For former First Bank boss, Bisi Onasanya, retirement couldn’t have come at a better time. While many people expected him to take a deserved rest after stepping down as the MD of First Bank, he has been showing everyone that he still has some tricks up his sleeve. He has come up with a new business venture that is raking in the big bucks.

    The astute banker has diversified into the real estate sector. He owns choice properties scattered all over the Lagos Island. He recently floated a real estate company, Address Home, with office somewhere on Awolowo Road, Ikoyi, Lagos.

    The new company is already making waves as it has become one of the biggest property concerns around. Bisi has been using his rich contacts he acquired over his long stay in the banking sector to generate lucrative patronage for his new business.

  • Good times for Bisi Onasanya

    If the love of money for its own sake is the root of all evil, the pursuit of it as a means to an end can be the foundation of good things in a man’s life. For the immediate past Managing Director of First Bank, Bisi Onasanya, the usefulness of money lies in its status as a means of dispensing favours and the ‘green card’ that helps one to meet up with basic necessities.

    Armed with the fruits of his labour, the debonair dude has been living the opulent life. Only recently, he left his magnificent estate home in Ikoyi for a bigger mansion on the sprawling Banana Island. For the former First Bank boss, retirement could not have come at a better time.

  • ‘Sustainable banking has global interest’

    ‘Sustainable banking has global interest’

    Group Managing Director\CEO,  First Bank of Nigeria Bisi Onasanya has said issues relating to sustainable banking is global in nature.

    He spoke at  the bank’s conference on sustainability held in Lagos at the weekend.

    He explained that in a bit to sensitise organisations on the roles to play in social challenges, FirstBank conference educated attendants in the importance on embodying sustainable practices both beneficial to the society and their various organisations.

    The international sustainability conference, which focused on how businesses can minimise risks, manage revenue and enhance the reputation of brands, was organised  for CEOs and executives of large and small corporations, was held at the Lagos Business School.

    Onasanya said: “As a bank which has used sustainable principles for  120 years , we have come to realise that it is not possible for a single institution to carry the burden and therefore we decided to go through a process to enlighten on the prospects and benefits of sustainable practices in businesses.

    “Our corporate responsibility and sustainability investments have always been devoted to forging partnerships with people and institutions at the vantage position of finding lasting solutions to the economic, social and environmental issues facing people and communities”.

    ‘’Globally, organisations are being tasked with taking more active interest in meeting the world’s environmental and social needs. Stakeholders, from investors to customers and employees,  amongst many others, are demanding sustainable practices as a condition for determining engagement with business organisations.”

    Speaking further, he advised companies to improve on sustainable practices: “ I don’t think we would rest until we get every institution to accept that sustainability is not an expensive incentive. Whilst it might be expensive in the short run, at the end of the day, the rewards are bountiful. And when we get to a situation where every individual thinks about the impact his or her own actions both as individuals and as corporate entities on the neighborhood and communities and we all accept the responsibility that we cannot abandon the society. We have to give back to the society.”

    Onasanya added:”I think it is important to know that being a corporate responsible organisation is not always about making money and also not about losing money. It might be expensive to implement but at the end, the entire society benefits from it.”

     

     

    Also speaking to executives , the Director of Doughty centre Professor David Grayson said: “Long term value creation requires the company to embrace the risks and opportunity of sustainable development and that the board are simultaneously mentors and monitor stewards and auditors of management in their commitment to corporate responsibility and sustainability.

     

  • Bankers to defend naira, reserves

    Bankers to defend naira, reserves

    •Cash-less nationwide July 1

    Bankers were planning yesterday a rescue mission for the naira. They also discussed the preservation of Nigeria’s foreign reserves.

    The Bankers’ Committee, at its 315th meeting in Lagos, agreed that a robust defence of the naira and the foreign reserves should top the economic policy.

    The Bankers’ Committee comprises the top management of the Central Bank of Nigeria CBN) and bank Chief Executive Officers (CEOs). It is chaired by Group CEO of First Bank, Mr. Bisi Onasanya.

    The naira exchanges at N155.75 to a U.S dollar while the foreign reserves stand at $42.19 billion.

    Onasanya told reporters after the meeting that rising capital outflow and dwindling oil revenue are taking a toll on the naira and the reserves. This trend, he said must be reversed.

    He said Quantitative Easing taking place in most advanced economies have raised incentives of investing in those countries, stalling capital inflows into emerging markets like Nigeria. He said this is adversely affecting the naira and the reserves.

    Among the measures being taken according to him, is the raise in Cash Reserve Ratio (CRR) at the November 17, Monetary Policy Committee (MPC) meeting. The ratio for public sector deposits was raised from 50 per cent to 75 per cent. He said the target of the CRR hike was to address the exchange rate problem and to defend the naira.

    The Committee also agreed that the CBN needed to take proactive measures that would lead to improved deposit into the foreign exchange reserves.

    He said the resolution of the crisis in Iran as well as the impact of the quantitative easing, have led to investment outflow from Nigeria. “Given the dwindling revenues from oil and the impact on foreign reserves, it became apparent that the options open to the CBN and the MPC were reduced and that was why they further agreed to increase CRR to75 per cent. These were measures taken in order to ensure that we continue to address the exchange rate problem in Nigeria,” he said.

    Onasanya said there is the likelihood of raising the CRR to 100 per cent, as the worst case option.

    “It is an MPC decision, but it was discussed very clearly that if we do not see improvement in foreign exchange earnings, the CBN made it clear that they may move to 100 per cent,” he said.

    He said the Committee also agreed that there is a need to do more to ensure that there is accretion to external reserves as a basis for defending the currency which is a major focus of this regime. The Committee, he said, looked at all of these options and agreed with the MPC that there are very limited options and the need to ensure that we defend the currency and also ensure that all measures are put on the table to ensure increased earnings into the foreign reserves.

    “There is no country that will just allow its exchange rate to be left and not managed. The mere fact that those actions have been taken also indicates the fact that the central bank is willing to do everything within its power to ensure that the currency is not devalued. We have seen statistics from the CBN in terms of the continual reduction in the balance of foreign exchange reserves and when you are confronted with that, the only option is to continue to tighten until you see the reverse,” he said.

    Onasanya added: “The CBN has also made it very clear that there is a limit to which it can continue to defend the naira. But when you have depletion in external reserves and external factors, it simply means you can’t control the outflow from the country. So it is not unlikely that you will see some portfolio investors moving their funds out of Nigeria into where they consider being more attractive,” he said.

    CBN Head Shared Services, Chidi Umeano said the cash-less policy which is being test run in six states apart from the Federal Capital Territory (FCT) Abuja, will be implemented nationwide from July 1.

    He said: “A decision was reached today that the cashless initiative would now be deployed nationwide. As you are all aware, the pilot phase was done in Lagos about two years ago and last year, we implemented in six other states namely Abia, Anambra, Ogun, Kano, Rivers and FCT”.

    The success o the programme in the pilot states have led the CBN to move to other states.. “By July 1, we are going to live in all the states of the federation. As you well know, this is a critical part of the payment system modernisation and the success registered so far has been very impressive,” he said.