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The Central Bank of Nigeria has debunked rumours that Polaris Bank is facing liquidation, stating that the report is false, urging Nigerians to disregard it.
On the apex bank’s official X account, they shared a statement reassuring Nigerians that the banking system is stable and secure. This clarification followed a viral post on social media claiming that Polaris Bank failed to comply with CBN’s recapitalisation rules and would therefore be liquidated soon.
The post also alleged that the bank might lose its operating license, with the Nigeria Deposit Insurance Corporation expected to take over the liquidation process. The post went on to say that businessman Razaq Okoya had offered to buy and revive the bank, though subject to regulatory and shareholder approval.
However, the Central Bank of Nigeria quickly debunked the post, sharing a screenshot of the circulating claim online and stamping it with a “Fake Content” label along with a clear message that it is false.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the CBN stated.
This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure pic.twitter.com/picu836rqh
— Central Bank of Nigeria (@cenbank) April 9, 2026
CBN emphasised that the claim that Polaris Bank failed to meet capital requirements and is facing liquidation does not reflect the true state of the banking sector in Nigeria.
The clarification comes with ongoing policies aimed at improving the financial system.
On April 1, the CBN announced that 33 banks had successfully met the new revised minimum capital requirements under its recapitalisation programme.
According to CBN, the 24-month exercise raised a total of N4.65 trillion across the banking sector. That boost pushed banks’ capital adequacy above global standards, enhancing their capacity to endure economic shocks and strengthen Nigeria’s financial system.
In January 2024, the CBN dissolved the boards and management of Polaris Bank, Union Bank of Nigeria, and Keystone Bank as part of a move to improve governance in the sector.
Polaris Bank had also been wrapped in controversy in 2022 following reports that a higher offer was submitted during the bank’s sale than the offer eventually accepted. At the time, the House of Representatives reportedly instructed CBN to suspend the transaction.
The latest statement by the Central Bank aims to calm the public and push back against misinformation circulating online about Nigeria’s financial sector.
