The Central Bank of Nigeria (CBN) has dismissed as misleading, false and malicious a viral rumour claiming that Polaris Bank is undergoing liquidation.
The apex financial institution made the clarification in a post on X, assuring the public that the Nigerian banking system remains stable and secure.
CBN Governor, Yemi Cardoso
Sharing a screenshot of the viral claim and flagging it as false, the CBN stated that reports suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation do not reflect the current reality of the banking sector.
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The viral post had alleged that Polaris Bank was facing liquidation for failing to meet the Central Bank’s recapitalisation threshold and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation (NDIC) set to take over the process.
It further claimed that billionaire industrialist Razaq Okoya, founder of the Eleganza Group, had made a bid to acquire and revive the bank, subject to regulatory and shareholder approval.
However, the CBN firmly dismissed the claims, describing the report as misleading.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the bank stated.
The clarification comes amid recent recapitalisation within the banking sector.
Recall that on April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme.
The apex bank also disclosed that a total of N4.65 trillion was raised during the 24-month exercise, boosting capital adequacy ratios across the sector above global Basel benchmarks and strengthening banks’ resilience.
However, it noted that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.”
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