CBN refutes Polaris Bank liquidation claim, says system remains stable

The Central Bank of Nigeria (CBN), has dismissed circulating claims that Polaris Bank Limited is undergoing liquidation for failing to meet the regulator’s recapitalisation requirements.

The clarification followed a viral post on X (formerly Twitter) by a user identified as @Femzydr1, which alleged that the bank was facing liquidation and could soon be taken over by the Nigeria Deposit Insurance Corporation due to its inability to comply with the CBN’s recapitalisation policy.

According to the post, the NDIC would oversee the liquidation process and the bank’s operating licence might soon be revoked.

The claim also alleged that Nigerian billionaire industrialist Razaq Okoya had submitted a bid to acquire Polaris Bank, recapitalise it, and restore its operations in line with regulatory requirements.

It further suggested that the deal could be finalised once the NDIC and other shareholders approve the reported offer.

However, responding to the claims, the CBN firmly denied the report, describing the information as false and misleading.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the Central Bank stated.

Polaris Bank, established in 2018 following the collapse of Skye Bank, has remained under regulatory supervision since its creation as part of efforts to stabilise Nigeria’s financial system.