The Central Bank of Nigeria and Polaris Bank have refuted widespread claims alleging that the bank is facing liquidation and a possible takeover by Razaq Okoya, saying the information being circulated is inaccurate. The rumour, which gained traction on X, was shared by a user identified as @Femzydr1, who claimed……
The Central Bank of Nigeria and Polaris Bank have refuted widespread claims alleging that the bank is facing liquidation and a possible takeover by Razaq Okoya, saying the information being circulated is inaccurate.
The rumour, which gained traction on X, was shared by a user identified as @Femzydr1, who claimed that Polaris Bank was undergoing liquidation for failing to meet the recapitalisation requirements set by the CBN, which ended on March 31.
The user further alleged that the bank will be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation, with the possibility of its operating licence being revoked soon.
The rumour also claims that billionaire businessman Razaq Okoya has submitted a bid to acquire the bank, revive its operations, and ensure compliance with regulatory requirements, adding that the deal would be finalised once the NDIC and other shareholders agree to the proposed terms.
The rumour reads, “Polaris Bank is currently under going a liquidation process for not able to comply with the Central Bank of Nigeria Recapitalization requirements, and the bank will be put under NDIC to be liquidated, the bank license might also be revoked Soon, But Billionaire Razaq Okoya has made a bid to purchase the Bank, & reinstate it, also to comply with the CBN requirement, this deal is said to be finalized the moment NDIC & Other shareholders agree with what Razaq Okoya is ready to offer.”
However, the CBN had earlier announced the conclusion of its banking sector recapitalisation programme, with Nigerian banks raising a total of ₦4.65 trillion to strengthen the resilience of the financial system.
According to the apex bank, the 24-month exercise, which commenced in March 2024, recorded strong participation from both domestic and international investors, with 72.55 per cent of the capital sourced locally and 27.45 per cent from foreign markets.
CBN Governor, Olayemi Cardoso, said the programme had reinforced the capital base of banks, positioning the sector to better support economic growth and withstand both domestic and external shocks.
Reacting to the Polaris Bank rumoured liquidation, the CBN, in a disclaimer posted via its official X handle, flagged the claim as false using its “fake content” template.
In a separate post, Polaris Bank denounced the allegation, saying bank services remain fully operational, urging customers to continue transacting and verify updates via its reliable media channels.
The Bank said, “Please note that the information being circulated is inaccurate. Our services remain fully operational, and customers can continue to transact as usual.
“For verified updates, kindly rely on reliable media channels and our official communication channels, and avoid sharing unconfirmed information. Thank you.”
