The Central Bank of Nigeria (CBN) has dismissed widespread rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.
In a statement shared via its official X (formerly Twitter) account, the apex bank described the viral claims as false and misleading.
CBN Flags Viral Claim as Fake
The clarification followed the circulation of a report alleging that Polaris Bank had failed to meet recapitalisation requirements and was at risk of losing its operating licence.
The viral post further claimed that the Nigeria Deposit Insurance Corporation (NDIC) was set to take over the bank’s liquidation process.
It also alleged that billionaire industrialist Razaq Okoya had made a move to acquire and revive the bank, pending regulatory approval.
Reacting, the CBN categorically debunked the claims.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank stated.
Recapitalisation Milestone Strengthens Sector
The apex bank’s reassurance comes shortly after it confirmed that 33 banks met the revised minimum capital requirements under its recapitalisation programme.
According to the CBN, the exercise raised about N4.65 trillion over a 24-month period, strengthening capital adequacy ratios across the banking sector and improving resilience in line with global benchmarks.
However, the bank noted that a small number of institutions are still undergoing regulatory and legal processes within established frameworks.
Background on Polaris Bank
Polaris Bank has faced several regulatory and governance challenges in recent years.
In January 2024, the CBN dissolved the boards and management of Polaris Bank, alongside Union Bank of Nigeria and Keystone Bank, as part of broader reforms to reinforce oversight and stability.
The bank was also involved in controversy in 2022 following disputes over its sale process, with reports indicating that the House of Representatives Nigeria intervened and directed a suspension of the transaction.
Regulatory Developments Continue
More recently, a Federal High Court in Lagos reportedly overturned the removal of the board and management of Union Bank of Nigeria.
In response, the CBN said it would review the judgment while maintaining that the bank’s regulatory status remains unchanged.
