CBN Dismisses Polaris Bank Liquidation Rumors, Ensures Stability

The Central Bank of Nigeria (CBN) has officially dismissed rumors circulating online about the liquidation of Polaris Bank, emphasizing the safety and stability of Nigeria's banking system. The CBN clarified that these claims, which included screenshots suggesting Polaris Bank failed to meet recapitalization requirements, are false.

Additionally, the CBN noted that billionaire industrialist Razaq Okoya, founder of Eleganza Group, has submitted a bid to acquire and revive Polaris Bank, pending regulatory approval. The CBN's statement comes as part of its ongoing efforts to reinforce the banking sector, which has seen significant progress in its 24-month recapitalization program that began on April 1.

As of now, 33 banks have successfully met the revised minimum capital requirements, raising a total of ₦4.65 trillion. However, the CBN acknowledged that some institutions remain under regulatory scrutiny and judicial processes, particularly Polaris Bank, which has faced governance challenges in recent years, including the dissolution of its board in January 2024.