The Central Bank of Nigeria (CBN) has dismissed a viral social media claim that billionaire Razaq Okoya was set to acquire Polaris Bank following an alleged liquidation.
The report, which circulated on X (formerly Twitter), suggested that Polaris Bank was facing liquidation due to non-compliance with the CBN’s recapitalization policy. It further claimed that the Nigeria Deposit Insurance Corporation (NDIC) would oversee the process and that Okoya had made a bid to recapitalize and take over the bank once approved by shareholders and the NDIC.
Responding, the CBN described the report as false and misleading, reassuring the public that “the Nigerian Banking System is safe and secure.”
Polaris Bank, created in 2018 after the collapse of the former Skye Bank, has been under regulatory oversight to ensure financial stability. The bank and other commercial institutions have also been part of an ongoing recapitalization exercise initiated by the CBN in March 2024, which required banks to meet new minimum capital thresholds by March 31, 2026.
The recapitalization required international banks to raise at least N500 billion, national banks N200 billion, and regional banks N50 billion. By April 2026, the CBN confirmed that 33 banks successfully met these requirements, raising a total of N4.65 trillion, strengthening the sector’s resilience and lending capacity.
