The Central Bank of Nigeria (CBN) has assured the public that the country’s banking system remains stable and secure and that rumours suggesting that Polaris Bank is undergoing liquidation should be ignored.
In a post on X, where it shared a screenshot of a viral claim and flagged it as false, the CBN dismissed claims suggesting that Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation.
The CBN said the claims are entirely false and do not reflect the current state of the Nigerian banking sector.
The viral post had claimed that Polaris Bank was facing liquidation for failing to meet the Central 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 billionaire industrialist Razaq Okoya, founder of the Eleganza Group, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
However, in its response, the CBN dismissed the claim as false and misleading.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the banking sector regulator said.
