CBN Dismisses Polaris Bank Liquidation Claim
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The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation.
The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.
It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
Sharing a screenshot of a viral claim, however, the apex bank flagged it as “fake content.”
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.
A total of N4.65 trillion was raised during the 24-month exercise, pushing capital adequacy ratios across the sector above global Basel benchmarks and enhancing banks’ resilience, according to the apex bank.
As part of efforts to reinforce oversight and stability in the sector, in January 2024, the Bank dissolved the boards and management of Polaris Bank, alongside Union Bank and Keystone Bank.
At the time, reports indicated that the House of Representatives directed the apex bank to suspend the sale.
Again, a Federal High Court in Lagos, on March 25, reportedly reversed the sack of the board and management of Union Bank of Nigeria.
However, the CBN had, in a response, while maintaining that the bank’s regulatory status remains unchanged, stated that it would review the judgment.
