Fake News: CBN Dismisses Polaris Bank Liquidation Rumours
The Central Bank of Nigeria (CBN) has dismissed claims that Polaris Bank is undergoing liquidation for failing to meet recapitalisation requirements.
The rumour originated from a post by a social media user identified as Femzy on X, who alleged that Polaris Bank was being liquidated due to non-compliance with the CBN’s recapitalisation policy and could soon lose its operating licence.
According to the post:
“Polaris Bank is currently undergoing a liquidation process for not being able to comply with the Central Bank of Nigeria recapitalisation requirements. The bank will be handed over to NDIC for liquidation, and its licence might also be revoked soon.
“However, billionaire Razaq Okoya has reportedly made a bid to acquire the bank, reinstate it, and ensure compliance with CBN requirements. The deal is said to be finalised once NDIC and other shareholders agree to his offer.”
The CBN has, however, debunked the claim, describing it as false and misleading. The apex bank urged the public to disregard the report.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the CBN stated.
On March 31, the CBN concluded its recapitalisation exercise, with 33 out of 38 banks meeting the revised minimum capital requirements. According to the regulator, banks collectively raised ₦4.65 trillion under the programme.
The CBN also reassured the public that all banks remain fully operational, with no disruption to banking services.