The Central Bank of Nigeria (CBN) has dismissed claims that Polaris Bank is facing liquidation, describing the circulating report as false and misleading.
In a post on X on Thursday, the apex bank reassured the public that the Nigerian banking system remains stable and secure.
The CBN dismissal followed a viral claim that Polaris Bank had failed to meet recapitalisation requirements and could lose its licence.
The claim alleged that businessman Razaq Okoya had made a bid to acquire the bank, pending regulatory approval.
Reacting, the CBN flagged the claim as misinformation.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” CBN stated.
The clarification comes amid ongoing reforms in the banking sector.
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On April 1, the apex bank confirmed that 33 banks met revised capital requirements under its recapitalisation programme, with a total of ₦4.65 trillion raised over 24 months to strengthen financial stability.
However, the CBN 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.”
Polaris Bank has previously been subject to regulatory actions.
In January 2024, the CBN dissolved the boards and management of Polaris Bank, Union Bank of Nigeria and Keystone Bank as part of efforts to reinforce oversight in the sector.
The bank was also involved in controversy in 2022 over its sale process, which drew attention from lawmakers and led to calls for a suspension of the transaction.
Separately, a Federal High Court in Lagos on March 25 reversed the sack of the board and management of Union Bank, a decision the CBN said it would review while maintaining that the bank’s regulatory status remains unchanged.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
