CBN Dismisses False Reports on Polaris Bank Liquidation
The Central Bank of Nigeria (CBN) has firmly rejected circulating social media posts alleging that Polaris Bank is undergoing liquidation, describing these claims as entirely false and misleading. In an official statement released on Thursday, April 9, the apex bank urged the public to disregard such misinformation, emphasizing that the Nigerian banking system remains robust, safe, and secure.
Banking System Stability Reaffirmed
The CBN explicitly stated, "This content is fake. Let the public be guided. The Nigerian banking system is safe and secure." This reassurance comes in response to viral posts that falsely claimed Polaris Bank was facing liquidation due to alleged non-compliance with recapitalization requirements under the supervision of the Nigeria Deposit Insurance Corporation (NDIC). The posts also speculated about a purported takeover bid by billionaire Razaq Okoya, suggesting a deal was in its final stages pending regulatory approvals.
Polaris Bank also issued a fake news alert, urging Nigerians to ignore the misinformation being spread online. The bank's response aligns with the CBN's stance, aiming to prevent panic and maintain confidence in the financial sector.
Context of Recapitalization and Sector Strength
This clarification emerges against the backdrop of the CBN's recent recapitalization program, which has significantly strengthened Nigeria's banking sector. According to a fact sheet released by the regulator, Nigerian banks collectively raised an impressive N4.65 trillion in fresh capital, with 33 institutions successfully meeting the new minimum requirements. This capital injection is expected to enhance the banks' ability to finance critical economic sectors such as energy, infrastructure, manufacturing, and technology.
The CBN highlighted that major lenders like Access Bank, United Bank for Africa, and Zenith Bank have reinforced their financial capacity, positioning them to drive economic growth and support high-value projects requiring long-term funding. This development underscores the sector's resilience and capacity to contribute to national development.
Related Banking Updates
In other banking news, Union Bank of Nigeria has announced the closure of all social media accounts previously associated with Titan Trust Bank, following their merger approved by the CBN on September 1, 2025. Union Bank has directed customers to use its existing channels for updates and services, thanking over 27,000 followers for their loyalty.
The CBN's swift response to the Polaris Bank rumors reflects its commitment to maintaining transparency and stability in Nigeria's financial landscape, urging the public to rely on official sources for accurate information.
