April 09, (THEWILL) — The Central Bank of Nigeria (CBN) has confirmed that Polaris Bank is not under liquidation, reassuring Nigerians that the banking system remains stable, secure, and resilient.
In a statement shared via its official X account, the CBN flagged a viral post claiming that Polaris Bank had failed to meet recapitalisation requirements and was at risk of losing its operating licence. The post also alleged that the Nigeria Deposit Insurance Corporation (NDIC) would take over the bank and that billionaire industrialist, Razaq Okoya, founder of the Eleganza Group, had placed a bid to acquire Polaris Bank pending regulatory and shareholder approval.
The apex bank dismissed circulating rumours suggesting otherwise, describing them as false and misleading.
“This content is fake. Let the public be guided. The Nigerian Banking System is safe and secure”, the apex bank said, urging Nigerians to rely on verified information from official sources.
The CBN highlighted that as of April 1, 2026, thirty-three banks successfully met the revised minimum capital requirements under its recapitalisation programme, raising a total of ₦4.65 trillion during the 24-month exercise. The programme pushed capital adequacy ratios across the banking sector above global Basel benchmarks, reinforcing resilience and financial stability.
The apex bank noted that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.” These processes, however, do not affect the overall stability of the banking sector.
Polaris Bank has faced regulatory and governance challenges in recent years. In January 2024, the Central Bank dissolved the boards and management of Polaris Bank, Union Bank, and Keystone Bank as part of broader efforts to strengthen oversight and maintain sector stability.
The bank was also at the centre of a 2022 controversy involving its sale, when reports indicated that a higher bid was submitted than the one eventually accepted. The House of Representatives subsequently directed the apex bank to suspend the sale pending review.
More recently, on March 25, 2026, a Federal High Court in Lagos reversed the dismissal of the board and management of Union Bank. In response, the CBN said it would review the judgment while maintaining that the regulatory status of all affected banks, including Polaris Bank, remains unchanged.
CBN’s statement serves to reassure Nigerians amid a wave of misinformation affecting the financial sector. The apex bank reiterated that the Nigerian banking system is well-capitalised, resilient, and fully capable of supporting the nation’s economic growth.
Nigerians are advised to consult official CBN communications and other credible regulatory sources for updates regarding banking operations and policies, ensuring they remain well-informed and protected from false narratives.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
