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.

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Thirteen Nigerian banks are facing mounting pressure as the March 31, 2026 recapitalisation deadline set by the Central Bank of Nigeria (CBN) draws closer, with only weeks left to meet the new minimum capital requirements.

CBN Governor Olayemi Cardoso announced that 20 out of the 33 participating banks have successfully met the revised capital threshold under the apex bank’s sweeping banking sector reform. According to him, the institutions have collectively raised a verified and approved total of ₦4.05 trillion as of February 19, 2026.

Cardoso disclosed the update at the conclusion of the Monetary Policy Committee (MPC) meeting in Abuja, noting that the committee welcomed the significant progress recorded so far. He added that most financial soundness indicators across the banking sector remain within regulatory benchmarks, reflecting resilience despite prevailing economic challenges.

Breakdown of the funds raised shows that ₦2.90 trillion, representing 71.67 percent, came from domestic investors, while foreign participation accounted for $706.84 million, equivalent to about ₦1.15 trillion, or 28.33 percent of the total. The CBN governor described the mix of local and foreign capital inflows as a strong vote of confidence in Nigeria’s financial system.

However, 13 banks are yet to complete their recapitalisation processes. Industry sources indicate that some of the affected lenders are exploring strategic options, including mergers, acquisitions, and other forms of consolidation, to meet the regulatory requirement before the non-negotiable deadline.

Cardoso explained that certain banks currently under regulatory intervention face legal and structural constraints, which may affect the timing and sequencing of their capital-raising efforts. He noted that it would be unrealistic to expect such institutions to follow the same timeline as banks that had over two years to prepare.

Despite the uncertainty surrounding the remaining lenders, the CBN reassured the public that depositors’ funds remain safe. The apex bank emphasised that all affected institutions continue to operate under strict supervisory and regulatory oversight to safeguard financial stability.

The March 31 recapitalisation deadline forms part of broader reforms aimed at strengthening Nigeria’s banking sector, enhancing shock absorption capacity, and positioning lenders to support long-term economic growth.

With just weeks to go, attention now shifts to the 13 banks yet to meet the capital requirement and whether last-minute deals or investor injections will help them cross the regulatory threshold in time.

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