The Central Bank of Nigeria has dismissed widespread reports alleging that Polaris Bank is facing liquidation, describing the circulating information as false and misleading.
In a statement shared via its official X (formerly Twitter) handle, the apex bank reassured Nigerians that the country’s financial system remains sound, urging the public to disregard the viral claims.
The now-debunked report had suggested that Polaris Bank was at risk of losing its operating licence for failing to meet recapitalisation requirements.
It also alleged that the Nigeria Deposit Insurance Corporation was preparing to take over the bank’s liquidation process.
Further claims indicated that Razaq Okoya, founder of the Eleganza Group, had expressed interest in acquiring and reviving the bank, subject to regulatory approval.
However, the Central Bank categorically rejected the report, tagging it as “fake content” and emphasizing that it does not reflect the current realities within the Nigerian banking sector.
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“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank stated.
The clarification comes amid ongoing reforms in the financial sector. Earlier in April, the apex bank announced that 33 financial institutions had successfully met the revised minimum capital requirements under its recapitalisation programme, raising a total of N4.65 trillion and strengthening the sector’s resilience in line with global benchmarks.
While noting that a few institutions remain under regulatory and legal review, the CBN maintained that all processes are being handled within established supervisory frameworks.
The bank also recalled earlier interventions, including the dissolution of boards and management of Polaris Bank, Union Bank, and Keystone Bank in January 2024, as part of broader efforts to reinforce governance and stability.
The latest development underscores the CBN’s attempt to curb misinformation and maintain public confidence in Nigeria’s banking system amid ongoing reforms.