The Central Bank of Nigeria (CBN) has refuted reports claiming that Polaris Bank Limited is set for liquidation due to an alleged failure to meet recapitalisation requirements.
The rumour, which circulated widely on X (formerly Twitter), originated from a post by a user identified as @Femzydr1. The post alleged that the bank was at risk of being taken over by the Nigeria Deposit Insurance Corporation (NDIC), which would oversee its liquidation and possibly revoke its operating licence.
It also claimed that billionaire businessman Razaq Okoya had expressed interest in acquiring the bank, with plans to inject fresh capital and revive its operations, subject to regulatory and shareholder approval.
In response, the CBN dismissed the claims as false and misleading, urging the public to ignore the speculation.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the apex bank stated.
Polaris Bank was created in 2018 following the collapse of Skye Bank and has since operated under regulatory supervision as part of efforts to maintain stability in the country’s banking sector.
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