The Central Bank of Nigeria has moved quickly to dismiss widespread social media claims alleging that Polaris Bank is being wound up, calling the reports completely false and misleading.
In a public statement shared on X, the apex bank reassured Nigerians that the nation’s financial system remains strong, stable, and fully secure.
The clarification followed viral posts alleging that Polaris Bank was on the verge of liquidation for allegedly failing to meet recapitalisation rules, and that the Nigeria Deposit Insurance Corporation had been lined up to take over its assets. The claims also suggested that billionaire businessman, Razaq Okoya, had shown interest in acquiring and reviving the bank.
Reacting to the circulating screenshot, the CBN categorically dismissed the story as “fake content,” urging the public to disregard it entirely.
“The content is fake. The public is advised to ignore it. The Nigerian banking system is safe and secure,” the bank stated.
The CBN further noted that 33 banks have already met the revised minimum capital requirements under its ongoing recapitalisation programme, which it says is strengthening the resilience of the banking sector.
According to the apex bank, a total of ₦4.65 trillion was raised during the 24-month exercise, pushing capital adequacy levels above global regulatory benchmarks and improving overall financial stability.
However, it acknowledged that a small number of institutions are still undergoing regulatory or legal processes, which are being handled through established supervisory channels.
As part of broader reforms, the CBN had earlier in January 2024 dissolved the boards and management of Polaris Bank, along with Union Bank of Nigeria and Keystone Bank, in a move to strengthen oversight in the sector.
The bank has also faced past controversies linked to its sale process, including claims of competing bids and legal disputes, some of which have been reviewed by the courts, including a recent ruling involving Union Bank that the regulator says it is still examining.
Despite the noise online, the CBN insists there is no threat to Polaris Bank’s existence and urges the public to rely only on verified financial information.
