The Central Bank of Nigeria has dismissed claims circulating on social media that Polaris Bank is set for liquidation and that billionaire industrialist Razaq Okoya plans to acquire the bank.
The rumour, which spread on X, alleged that Polaris Bank failed to meet recapitalisation requirements and would be handed over to the Nigeria Deposit Insurance Corporation for liquidation.
Responding to the claims, the CBN, under the leadership of Governor Olayemi Cardoso, described the report as false and misleading.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the apex bank stated.
The clarification comes amid ongoing discussions around the CBN’s recapitalisation policy introduced in March 2024. The directive required international banks to raise N500 billion, national banks to raise N200 billion, and regional banks to raise N50 billion, with a deadline of March 31.
According to the CBN, 33 banks successfully met the new capital thresholds by April, collectively raising about N4.65 trillion. It added that a few institutions are still undergoing regulatory and legal processes.
Polaris Bank has previously faced regulatory scrutiny. In January 2024, the CBN dissolved the boards and management of Polaris Bank, Union Bank of Nigeria, and Keystone Bank as part of broader banking-sector reforms.
The bank was also linked to controversies over its 2022 sale process, further fueling public speculation about its stability.
However, the CBN emphasised that the current claims about Polaris Bank’s liquidation do not reflect the actual condition of the bank or the broader financial system.
The regulator reiterated its commitment to maintaining stability and confidence in Nigeria’s banking sector, urging the public to disregard unverified information circulating online.
