The Central Bank of Nigeria (CBN) has dismissed circulating rumours that Polaris Bank is facing liquidation, calling the reports false and misleading while affirming the stability of the nation’s banking system.
In a statement shared on its official X account, the apex bank addressed a viral post claiming that Polaris Bank had failed to meet recapitalisation requirements and was at risk of losing its operating licence.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the CBN said.
The viral message also suggested that Polaris Bank would be liquidated under the supervision of the Nigeria Deposit Insurance Corporation (NDIC) and that industrialist Razaq Okoya had submitted a bid to acquire and revive the bank. The CBN rejected these claims, stating they do not reflect the current realities of the banking sector.
Recapitalisation Progress
The clarification follows the CBN’s announcement that 33 banks successfully met new capital requirements under its recapitalisation programme. Over a 24-month period, the sector raised roughly ₦4.65 trillion, pushing capital adequacy ratios above global benchmarks set by the Basel Committee on Banking Supervision.
While most banks achieved the required thresholds, the CBN noted that a small number of institutions remain under regulatory and judicial review.
