CBN Dismisses Reports Of Polaris Bank Liquidation, Denies Industrialist Okoya’s Alleged Takeover Bid

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The Central Bank of Nigeria (CBN) has dismissed claims that Polaris Bank is facing liquidation over an alleged failure to meet recapitalisation requirements.

The clarification followed a viral post on the social media platform X by a user identified as @Femzydr1, which claimed that the bank could soon be taken over by the Nigeria Deposit Insurance Corporation (NDIC) for liquidation.

The post further alleged that the bank’s operating licence might be revoked and that Nigerian industrialist Razaq Okoya had submitted a bid to acquire and recapitalise Polaris Bank, pending approval from regulators and shareholders.

Reacting to the claims, the CBN described the report as false and misleading, urging the public to disregard the information.

“This content is fake. Let the public be guided. The Nigerian Banking System is safe and secure,” the apex bank stated.

Polaris Bank was established in 2018 following the collapse of Skye Bank and has since remained under regulatory oversight as part of efforts to maintain stability in Nigeria’s financial system.

The development highlights growing concerns over misinformation in the financial sector and the potential impact of unverified reports on public confidence.