The Central Bank of Nigeria (CBN) has dismissed as false a widely circulated report alleging that Polaris Bank is facing liquidation over failure to meet recapitalisation requirements.
In a statement shared via its official X (formerly Twitter) account, the apex bank described the claim as “fake content,” urging the public to disregard the report and reaffirming the stability of Nigeria’s banking system.
The viral post had alleged that Polaris Bank risked losing its operating licence due to non-compliance with the CBN’s capital requirements, with the Nigeria Deposit Insurance Corporation (NDIC) purportedly set to take over the liquidation process. It also claimed that businessman Razaq Okoya had expressed interest in acquiring and reviving the bank, pending regulatory approvals.
However, the CBN firmly denied the assertions, stating that the report does not reflect the true condition of the financial sector. “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
The clarification comes amid ongoing reforms in the banking sector, including the recapitalisation programme introduced by the CBN to strengthen financial institutions. On April 1, the regulator announced that 33 banks had successfully met the revised minimum capital thresholds, collectively raising about ₦4.65 trillion during the 24-month exercise.
According to the apex bank, the capital injection has significantly improved the resilience of the sector, pushing capital adequacy ratios above global Basel standards.
While acknowledging that a small number of institutions are still undergoing regulatory and legal processes, the CBN emphasised that such matters are being handled within established supervisory frameworks and do not pose systemic risks.
Polaris Bank has faced regulatory scrutiny in recent years. In January 2024, the CBN dissolved the boards and management of Polaris Bank, alongside other lenders, as part of measures to reinforce governance and stability within the sector.
The bank was also previously linked to controversies surrounding its ownership and sale process in 2022, including claims of competing bids and legislative intervention by the House of Representatives.
Despite these developments, the CBN maintained that Nigeria’s banking industry remains sound, urging stakeholders and the public to rely only on verified information from official sources.
