CBN Dismisses Rumors of Polaris Bank Liquidation

The Central Bank of Nigeria has dismissed widespread online claims that Polaris Bank Limited is undergoing liquidation, branding the reports as fake and misleading and reassuring the public that the banking system remains stable and secure.

The clarification followed a viral post on the social media platform X, which alleged that Polaris Bank had failed to meet recapitalisation requirements and would soon be placed under the supervision of the Nigeria Deposit Insurance Corporation for liquidation, with its operating licence possibly revoked.

In response, the apex bank shared the viral claim screenshot and labelled it as false content, stating: “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”

The report had also suggested that billionaire businessman Razaq Okoya was set to acquire Polaris Bank following the alleged liquidation. The CBN further debunked that narrative, noting that such claims do not reflect the current state of the bank or the wider financial sector.

Polaris Bank itself also branded the rumours as fake news, asserting through its official channels that its operations remain stable and uninterrupted.

The central bank’s swift response aims to prevent panic and reassure depositors and investors about the resilience of Nigeria’s financial system amidst ongoing recapitalisation efforts.