The Central Bank of Nigeria (CBN) has debunked widespread rumours alleging that Polaris Bank is undergoing liquidation, reaffirming that Nigeria’s banking system remains safe, stable and resilient.
In a post shared on its official X (formerly Twitter) handle, the apex bank flagged a viral message circulating online as false.
The post, which included a screenshot of the claim, suggested that Polaris Bank had failed to meet the CBN’s recapitalisation requirements and was on the verge of losing its operating licence.
The viral report further alleged that the Nigeria Deposit Insurance Corporation (NDIC) was set to take over the bank’s liquidation process. It also claimed that billionaire industrialist Razaq Okoya, founder of the Eleganza Group, had submitted a bid to acquire and revive the bank, pending regulatory and shareholder approval.
However, the CBN categorically dismissed the claims.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the apex bank stated.
The clarification comes days after the CBN announced significant progress under its 24-month banking sector recapitalisation programme. On April 1, the regulator confirmed that 33 banks successfully met the revised minimum capital requirements, collectively raising about N4.65 trillion.
According to the CBN, the exercise strengthened capital adequacy ratios across the industry, pushing them above global Basel benchmarks and enhancing the resilience of Nigerian banks against economic shocks.
The bank, however, acknowledged that “a limited number of institutions remain subject to ongoing regulatory and judicial processes,” adding that such matters are being addressed through established supervisory and legal frameworks.
Polaris Bank has experienced regulatory and governance turbulence in recent years. In January 2024, the CBN dissolved the boards and management of Polaris Bank, Union Bank of Nigeria and Keystone Bank as part of measures aimed at reinforcing oversight and safeguarding financial system stability.
