Abuja, NIGERIA – The Central Bank of Nigeria (CBN) has officially debunked viral rumors suggesting that Polaris Bank is undergoing liquidation or facing a revocation of its operating license.
Okay News reports that the apex bank issued a “fake content” alert on Thursday, April 9, 2026, in response to social media reports claiming the bank had failed to meet new recapitalization requirements.
The rumors further alleged that the Nigeria Deposit Insurance Corporation (NDIC) was set to take over the institution and that billionaire businessman Razaq Okoya had submitted a bid to acquire it.
The CBN clarified that the Nigerian banking system remains stable and secure, noting that 33 banks successfully met the revised minimum capital requirements as of April 1, 2024.
While the board and management of Polaris Bank, along with Union Bank and Keystone Bank, were dissolved by the regulator in early 2024 to reinforce oversight, the CBN emphasized that current claims of liquidation do not reflect the true state of the sector. The bank urged the public to disregard the misinformation and rely on official regulatory updates.
