CBN debunks claims of Polaris Bank liquidation

THE Central Bank of Nigeria (CBN) has refuted circulating reports suggesting that Polaris Bank is being liquidated over failure to meet recapitalisation requirements.

The rumour originated from a post on X by a user identified as Femzy, who alleged that the bank was undergoing liquidation and risked having its operating licence revoked due to non-compliance with regulatory capital thresholds.

In the viral post, it was further claimed that the bank could be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation. The user also alleged that businessman Razaq Okoya had made an offer to acquire the bank, pending agreement from regulators and shareholders.

Responding to the claims, the CBN described the information as false and urged the public to ignore it. The apex bank reaffirmed confidence in the stability of the financial system, stating that Nigeria’s banking sector remains safe and secure.

The clarification comes shortly after the regulator concluded its recapitalisation programme on March 31, with 33 out of 38 banks meeting the updated minimum capital requirements.

According to the CBN, lenders collectively raised N4.65 trillion during the exercise, underscoring strong industry participation in strengthening capital buffers.

The central bank also reassured customers that all banks are fully operational, with no disruption to banking services across the country.