The apex bank clarified the matter on X, assuring the public that Nigeria’s banking system is stable and secure. The statement came after a viral post claimed Polaris Bank was set for liquidation for failing to meet recapitalisation requirements, and that the Nigeria Deposit Insurance Corporation (NDIC) would take over. The post also alleged that Razaq Okoya, founder of Eleganza Group, had made a bid to acquire the bank pending regulatory and shareholder approval.
Sharing a screenshot of the viral claim, the CBN labelled it “fake content,” stressing that the rumours do not reflect the current state of the banking sector. “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks had successfully met the revised minimum capital requirements under its recapitalisation programme, raising a total of N4.65 trillion over 24 months. This boosted capital adequacy ratios across the sector above global Basel benchmarks, enhancing banks’ resilience.
The CBN noted that a limited number of institutions remain under ongoing regulatory or judicial processes, which are being addressed through established supervisory and legal frameworks.
As part of efforts to strengthen oversight, the CBN dissolved the boards and management of Polaris Bank, Union Bank, and Keystone Bank in January 2024. Polaris Bank was also embroiled in controversy in 2022 over claims of a higher bid during its sale, which led the House of Representatives to direct the apex bank to suspend the sale.
Recently, a Federal High Court in Lagos reversed the sack of Union Bank’s board and management on March 25. The CBN responded that while the bank’s regulatory status remains unchanged, it would review the judgment.
