The Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, has dismissed a social media claim that Polaris Bank is set for liquidation and that billionaire Razaq Okoya plans to acquire it.
The claim, which circulated on X, stated that Polaris Bank failed to meet recapitalisation requirements and would be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation.
It also alleged that Okoya had made a bid to take over the bank.
In a response posted on X, the CBN said the claim is false.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
The recapitalisation exercise referenced in the claim was introduced by the CBN in March 2024, giving banks until March 31, to meet new capital requirements.
Under the policy, international banks were required to raise N500 billion, national banks N200 billion and regional banks N50 billion.
The CBN said that at the end of the exercise in April, 33 banks met the requirements, raising about N4.65 trillion.
The bank added that some institutions remain under regulatory and legal processes.
Polaris Bank has faced regulatory actions in recent years.
In January 2024, the CBN dissolved the boards and management of Polaris Bank, Union Bank of Nigeria and Keystone Bank.
The bank was also involved in issues around its sale process in 2022.
The CBN said the claim about Polaris Bank’s liquidation does not reflect the current state of the banking sector.
