CBN Dismisses Reports Of Polaris Bank Liquidation, Denies Industrialist Okoya’s Alleged Takeover Bid
CBN Dismisses Reports Of Polaris Bank Liquidation, Denies Industrialist Okoya’s Alleged Takeover Bid
The clarification came after a viral post on X (formerly Twitter) by a user identified as @Femzydr1 alleged that the bank was facing liquidation and could soon be handed over to the Nigeria Deposit Insurance Corporation (NDIC) due to its inability to comply with the CBN’s recapitalization policy.
Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has dismissed circulating claims that Polaris Bank is undergoing liquidation for failing to meet the regulator’s recapitalisation requirements.
The clarification came after a viral post on X (formerly Twitter) by a user identified as @Femzydr1 alleged that the bank was facing liquidation and could soon be handed over to the Nigeria Deposit Insurance Corporation (NDIC) due to its inability to comply with the CBN’s recapitalization policy.
According to the post, the NDIC would oversee the liquidation process and the bank’s operating license might soon be revoked.
The claim further alleged that Nigerian billionaire industrialist Razaq Okoya had submitted a bid to acquire Polaris Bank, recapitalise it, and reinstate its operations in compliance with the CBN’s requirements.
The post also suggested that the deal could be finalised once the NDIC and other shareholders approve the offer reportedly made by Okoya.
However, reacting to the viral claim, the CBN strongly denied the report, describing the information as false and misleading.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the Central Bank stated in its response.
Polaris Bank, which was established in 2018 following the collapse of the former Skye Bank, has remained under regulatory oversight since its creation as part of efforts to stabilise the financial system.
