The Central Bank of Nigeria (CBN) has dismissed reports that Polaris Bank is undergoing liquidation for failing to meet the recapitalisation requirements.
A post by a social media user identified as Femzy on X claimed that Polaris Bank is undergoing liquidation for failing to meet the CBN’s recapitalisation requirements, and its licence could be revoked.
“Polaris Bank is currently under going a liquidation process for not able to comply with the Central Bank of Nigeria Recapitalization requirements, and the bank will be put under NDIC to be liquidated, the bank license might also be revoked soon,” the post reads.
“But Billionaire Razaq Okoya has made a bid to purchase the Bank, & reinstate it, also to comply with the CBN requirement, this deal is said to be finalized the moment NDIC & Other shareholders agree with what Razaq Okoya is ready to offer.”
However, the CBN said the claim is false and urged the public to disregard it.
“This content is fake. Let the public be guided. The Nigerian Banking System is safe and secure,” the apex bank said.
On March 31, CBN concluded its recapitalisation exercise, and 33 banks out of 38 met the revised minimum capital requirements.
According to the regulator, banks raised a total of N4.65 trillion under its recapitalisation programme.
The CBN also assured that “all banks remain fully operational, with no disruption to banking services”.
