Polaris Bank is reportedly facing the threat of liquidation after struggling to meet the recapitalisation requirements set by the Central Bank of Nigeria (CBN).
Sources suggest that the Nigeria Deposit Insurance Corporation (NDIC) may soon take over the bank for liquidation, a process that could include revoking its operating licence if regulatory conditions are not met within the designated timeframe.
In a potential turnaround, billionaire industrialist Razaq Okoya has reportedly expressed interest in acquiring the beleaguered institution. The proposed acquisition aims to recapitalise the bank, stabilise its operations, and ensure full compliance with CBN regulations.
Insiders familiar with the negotiations say the deal is subject to approval from the NDIC and key shareholders. Discussions are ongoing, with finalisation expected once all parties agree on the terms of the offer.
If successful, Okoya’s intervention could safeguard jobs, maintain customer confidence, and bolster stability in Nigeria’s banking sector.
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