CBN debunks fake Polaris Bank liquidation rumour

By Frank Ulom

ABUJA (CONVERSEER) – The Central Bank of Nigeria, CBN, has debunked a claim that Polaris Bank is undergoing a liquidation process for not being able to comply with Nigeria’s recapitalisation deadline.

In an X (Twitter) post on Thursday evening, the apex bank quickly labelled the claim as fake, reassuring everyone that the banking system is safe and secure.

Converseer reports that the rumour was peddled by an X user @Femzydr1, alleging billionaire Razaq Okoya’s bid to buy the bank amid recapitalisation efforts, but CBN and Polaris Bank have urged Nigerians to ignore the misinformation.

This came after Nigeria’s recapitalisation deadline, where most banks met requirements and all remain operational, highlighting the risks of rumours eroding public trust.

“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, But Billionaire Razaq Okoya has made a bid to purchase the Bank, & reinstate it, so to comply with he CBN requirement. This deal is said to be finalzed the moment NDIC & Other stakeholders agree with what Razaq Okoya is ready to offer,” the post by Femzy (@Femzydr1) read.

Reacting to the post, CBN shared a screenshot labelled” Fake Content” and wrote: “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”

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