By CLAIM: Polaris Bank is currently undergoing a liquidation process for failing to comply with the Central Bank of Nigeria’s recapitalisation requirements. The claim further alleges that the bank will be placed under the Nigeria Deposit Insurance Corporation (NDIC) for liquidation, with the possibility of its licence being revoked soon. It also suggests that billionaire Razaq Okoya has made a bid to acquire the bank, reinstate it, and ensure compliance with CBN requirements, with the deal expected to be finalised once NDIC and other shareholders reach an agreement.
VERDICT: The claim is false. Available evidence shows that the information is fabricated and lacks any factual basis.
BACKGROUND
On Wednesday, April 8, a post surfaced on the page of a controversial X (formerly Twitter) user, identified by the username @Femzydr1, alleging that Polaris Bank was in the process of being liquidated for failing to meet the Central Bank of Nigeria’s recapitalisation requirements. The post further claimed that the bank would be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation, with a likelihood of its operating licence being revoked. It also stated that billionaire Razaq Okoya, founder of Eleganza Group, had expressed interest in acquiring the bank to prevent its collapse.
Within hours of the post gaining traction, several social media users and blog platforms amplified the claim. Oyo News, a blog platform with over two hundred and fifty thousand followers, also shared the content. However, approximately 14 hours after publishing the post, Oyo News edited it to reflect uncertainty, questioning whether the claim could be verified or if it was merely “one of those online gists that holds no water.” This was confirmed through the Facebook edit history obtained by AfrikTimes.
RECAPITALISATION CONTEXT
In an April 1 press release, the Central Bank of Nigeria (CBN) announced the successful conclusion of the banking sector recapitalisation programme it initiated in March 2024, following the March 31, 2026 deadline. Over the 24-month period, Nigerian banks collectively raised ₦4.65 trillion in new capital.
The CBN disclosed that the exercise attracted significant participation from both domestic and international investors, with 72.55% of the capital sourced locally and 27.45% from foreign markets.
According to the apex bank, 33 financial institutions successfully met the revised minimum capital requirements, while a few others remain under regulatory and judicial review processes being handled through appropriate supervisory and legal frameworks.
The recapitalisation programme required banks to strengthen their capital base in line with updated regulatory thresholds tied to their operational licences. Under the new framework, international commercial banks were required to increase their capital base from ₦50 billion to ₦500 billion, national commercial banks from ₦25 billion to ₦200 billion, regional banks from ₦10 billion to ₦50 billion, and national merchant banks from ₦15 billion to ₦50 billion.
VERIFICATION: Earlier today, the Central Bank of Nigeria took to its official X page to debunk the viral claim, describing it as false and reassuring the public that Nigeria’s banking system remains “safe and secure.” Polaris Bank Ltd. also refuted the claim via its official X account.
In addition, ThisDay reported on March 3, 2026, that the Central Bank of Nigeria had provided formal assurance that Union Bank, Keystone Bank, and Polaris Bank possess the capacity to meet the new recapitalisation requirements and are actively making progress towards raising the necessary funds.
When speaking on Arise News’ Global Business Report, the CBN Director of Banking Sector Supervision, Dr. Olubukola Akinwunmi, reassured the public of the stability of these institutions. She emphasised that customers could continue their banking activities without concern, noting that while the capital-raising process is ongoing, its completion is being delayed by certain regulatory and judicial procedures.
Conclusion
The claim that Polaris Bank is undergoing liquidation is entirely false, as there is no official directive, regulatory action, or credible report supporting such an assertion. Verified information from the Central Bank of Nigeria and other authoritative sources confirms that the bank remains operational, stable, and actively working towards meeting recapitalisation requirements within the framework of ongoing regulatory processes.
Disinformation of this nature can trigger unnecessary panic among customers and erode public trust in financial institutions. The post further reinforces the growing need for responsible information sharing and verification before amplifying sensitive financial claims.
