The Central Bank of Nigeria (CBN) has dismissed circulating claims that Polaris Bank is facing liquidation, reaffirming that the country’s banking system remains stable and secure.
In a statement shared via its official X (formerly Twitter) handle, the apex bank flagged a viral post alleging the bank’s imminent collapse as false. It clarified that suggestions Polaris Bank failed to meet recapitalisation requirements and could lose its operating licence do not reflect the reality of the sector.
The misleading report had also claimed that the Nigeria Deposit Insurance Corporation (NDIC) was set to take over the bank’s liquidation process, and that industrialist Razaq Okoya, founder of the Eleganza Group, was preparing a takeover bid—pending regulatory and shareholder approvals.
However, the CBN firmly refuted the claims, describing them as inaccurate and deceptive.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the bank stated.
The clarification comes amid the CBN’s broader recapitalisation programme. On April 1, the regulator announced that 33 banks had successfully met the revised minimum capital requirements, raising a total of N4.65 trillion over 24 months. According to the bank, the exercise has strengthened capital adequacy ratios across the sector, placing them above global Basel benchmarks and improving overall resilience.
The apex bank noted, however, that a small number of institutions remain subject to ongoing regulatory and judicial processes, which are being handled within established supervisory and legal frameworks.
Polaris Bank has, in recent years, faced regulatory and governance challenges. In January 2024, the CBN dissolved the boards and management of Polaris Bank, alongside Union Bank and Keystone Bank, as part of efforts to reinforce oversight and maintain stability in the financial system.
The bank was also embroiled in controversy in 2022 over its sale process, following reports that a higher bid had been submitted than the one eventually accepted. At the time, the House of Representatives directed the CBN to suspend the transaction.
More recently, on March 25, a Federal High Court in Lagos reportedly overturned the dissolution of the board and management of Union Bank of Nigeria. The CBN has said it is reviewing the judgment, while maintaining that the bank’s regulatory status remains unchanged.
