The Central Bank of Nigeria (CBN) has dismissed circulating rumours that Polaris Bank is undergoing liquidation, describing the viral posts as “fake content” and affirming that Nigeria’s banking system remains stable and secure.
The rumours suggested that Polaris Bank failed to meet recapitalisation requirements, could lose its operating licence, and that the Nigeria Deposit Insurance Corporation (NDIC) would take over the bank. They also claimed that Razaq Okoya X, stating, “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”
On April 1, the CBN confirmed that 33 banks successfully met revised minimum capital requirements under its recapitalisation programme, raising a total of N4.65 trillion over 24 months. This has strengthened capital adequacy ratios above global Basel benchmarks and enhanced the resilience of the sector.
The apex bank noted that a limited number of institutions remain under ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
Polaris Bank was among banks whose boards and management were dissolved in January 2024, alongside Union Bank and Keystone Bank, as part of sector oversight efforts. Previous controversies include disputes over its sale process and subsequent Federal High Court rulings affecting Union Bank, which the CBN has stated it continues to monitor while maintaining regulatory stability.
