headline and main content: ‘Fake’, CBN Dismisses Polaris Bank Liquidation Claim
Adedokun Waliyu
2 min read
The Central Bank of Nigeria (CBN) has dismissed rumours suggesting that Polaris Bank is undergoing liquidation.
The clarification followed a viral post claiming that the bank had failed to meet recapitalisation requirements and was at risk of losing its operating licence, with the Nigeria Deposit Insurance Corporation expected to take over the process.
The post also alleged that Razaq Okoya had made a bid to acquire and revive the bank, pending regulatory and shareholder approval.
However, the CBN described the claim as “fake content,” stating that it does not reflect the true state of the banking sector.
The apex bank reassured the public that Nigeria’s banking system remains stable and secure.
The CBN also noted that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, raising a total of ₦4.65 trillion over a 24-month period. This has strengthened capital adequacy ratios across the sector, bringing them above global Basel benchmarks.
It added that a few institutions remain under regulatory and judicial review, which are being handled through established legal and supervisory frameworks.
As part of efforts to strengthen oversight, the CBN had earlier dissolved the boards and management of Polaris Bank, Union Bank of Nigeria, and Keystone Bank in January 2024.
The bank also referenced past controversies surrounding Polaris Bank’s sale process, including reports that a higher bid had been submitted than the one accepted, which led to intervention by the House of Representatives.
Additionally, a Federal High Court in Lagos had overturned the removal of the board and management of Union Bank, a ruling the CBN said it would review while maintaining that the bank’s regulatory status remains unchanged.
