The Central Bank of Nigeria and Polaris Bank have refuted claims that the bank is facing liquidation and a possible takeover by billionaire businessman Razaq Okoya, saying the information being circulated is inaccurate.
The rumour, which gained traction on X, was shared by a user identified as @Femzydr1, who claimed that Polaris Bank was undergoing liquidation for failing to meet the recapitalisation requirements set by the CBN, which ended on March 31.
The user further alleged that the bank will be handed over to the Nigeria Deposit Insurance Corporation for liquidation, with the possibility of its operating licence being revoked soon.
It was also claimed that Okoya has submitted a bid to acquire the bank, revive its operations, and ensure compliance with regulatory requirements, adding that the deal would be finalised once the NDIC and other shareholders agree to the proposed terms.
The rumour reads, “Polaris Bank is currently under going a liquidation process for not able to comply with the Central Bank of Nigeria Recapitalization requirements, and the bank will be put under NDIC to be liquidated, the bank license might also be revoked Soon, But Billionaire Razaq Okoya has made a bid to purchase the Bank, & reinstate it, also to comply with the CBN requirement, this deal is said to be finalized the moment NDIC & Other shareholders agree with what Razaq Okoya is ready to offer.”
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Refuting the claim, the apex bank on its X official handle said, “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”
Polaris Bank also denounced the claim on its social media handles on Thursday. Earlier, in response to concerns from an X user, Doikpa Ifeanyi, the lender said its services remain fully operational, urging customers to continue transacting and verify updates via its reliable media channels.
The bank said, “Please note that the information being circulated is inaccurate. Our services remain fully operational, and customers can continue to transact as usual.
“For verified updates, kindly rely on reliable media channels and our official communication channels, and avoid sharing unconfirmed information. Thank you.”
Meanwhile, the CBN had earlier announced the conclusion of the banking sector recapitalisation programme, with Nigerian banks raising a total of N4.65 trillion to strengthen the financial system’s resilience.
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According to the apex bank, the 24-month exercise, which commenced in March 2024, recorded strong participation from both domestic and international investors, with 72.55 per cent of the capital sourced locally and 27.45 per cent from foreign markets.
CBN Governor, Olayemi Cardoso, said the programme had reinforced the capital base of banks, positioning the sector to better support economic growth and withstand both domestic and external shocks.
