Central Bank of Nigeria (CBN) has debunked rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.
The apex bank disclosed this in a post on X, where it shared a screenshot of a viral claim and flagged it as false.
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, are entirely false and do not reflect the current state of the Nigerian banking sector
"The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions," said Hakama Sidi-Ali, apex bank's acting Director, Corporate Communications, in a statement.
"To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
"The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria's financial system. "We assure the general public and depositors that their funds are safe in Nigerian financial institutions. "Bank customers are therefore advised to proceed with their banking transactions as u
The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.
It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
Sharing a screenshot of the viral claim, however, the apex bank flagged it as “fake content.”
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation did not reflect the current state of the Nigerian banking sector.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.
