By Peter Omopo
The Central Bank of Nigeria (CBN) and Polaris Bank have dismissed reports claiming the bank is undergoing liquidation and facing a possible takeover, describing the information as false and misleading.
The rumour, which circulated widely on social media, alleged that Polaris Bank was being liquidated for failing to meet recapitalisation requirements set by the apex bank, and that its licence could soon be revoked. It also claimed that billionaire businessman Razaq Okoya had submitted a bid to acquire the bank.
Reacting to the claims, the CBN stated that the report was fake and urged the public to disregard it. “This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the apex bank said.
Polaris Bank also refuted the allegation, assuring customers that its operations remain fully functional. The bank stated that the information being circulated was inaccurate and advised customers to continue their transactions without concern.
“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 platforms,” the bank said.
The clarification comes amid heightened public interest following the conclusion of the banking sector recapitalisation programme announced by the CBN.
According to the apex bank, Nigerian banks collectively raised about N4.65 trillion during the 24-month exercise, which began in March 2024, with a significant portion of the capital sourced locally and the rest from foreign investors.
CBN Governor, Olayemi Cardoso, noted that the programme has strengthened the capital base of banks, positioning the sector to better support economic growth and withstand financial shocks.
Authorities have urged the public to verify financial information through official channels to avoid being misled by unverified reports.
