The Central Bank of Nigeria (CBN) has dismissed viral reports alleging that Polaris Bank is undergoing a liquidation process, describing the claims as false and misleading.
The apex bank’s reaction follows a social media post that suggested the bank had failed to meet the national recapitalization requirements and was set to have its operating license revoked by the Nigeria Deposit Insurance Corporation (NDIC).
The circulating image also alleged that billionaire businessman Razaq Okoya had made a bid to acquire the institution to reinstate its compliance with regulatory standards.
Flagging the content as fabricated, the CBN said via its official communication channels, “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”
The clarification comes shortly after the conclusion of the 2026 banking sector recapitalization program.
On April 1, the CBN confirmed that 33 banks had successfully met the revised minimum capital requirements, raising approximately ₦4.65 trillion to strengthen the industry.
While the regulator acknowledged that a limited number of institutions remain subject to ongoing judicial and regulatory processes, it emphasized that these are being managed through established supervisory frameworks.