Uncertainty over Polaris Bank as CBN dismisses liquidation claim

The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation. This is coming amidst uncertainty and concerns from customers of the bank following the report. The apex bank has however clarified the bank’s position in a post on X, assuring the public that the country’s banking system remains stable and […]

The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation.

This is coming amidst uncertainty and concerns from customers of the bank following the report.

The apex bank has however clarified the bank’s position in a post on X, assuring the public that the country’s banking system remains stable and secure.

The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.

It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.

Sharing a screenshot of the viral claim, however, the apex bank flagged it as “fake content.”

It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation did not reflect the current state of the Nigerian banking sector.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.

On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.

A total of N4.65 trillion was raised during the 24-month exercise, pushing capital adequacy ratios across the sector above global Basel benchmarks and enhancing banks’ resilience, according to the apex bank.

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.”