By Suleiman Anyalewechi
The Central Bank of Nigeria, CBN, has dismissed as false and misleading, a claim suggesting that Polaris Bank is on the verge of being liquidated .
The Source reports that a viral video online had claimed that Polaris Bank, unable to meet the minimum recapitalization threshold set by the country’s regulatory authority, the CBN, is set to be acquired by billionaire businessman, and founder of the Eleganza Group, Razaq Okoya.
According to the video footage, the bank in the face of the recapitalization challenge is bracing up to loose its operating licence with the Nigeria Deposit Insurance Corporation set to take over its administration.
But in a statement on its official site on Thursday, April 9, 2026, the CBN reaffirmed that the country’s banking sector remains stable and safe.
“This content is fake. Let the public be guided. The Nigerian Banking System is safe and secure.
The Source further reports that the speculations surrounding the health status of Polaris Bank was triggered by the CBN revelation that some commercial banks are still struggling with the recapitalization processes.
The CBN had, on Wednesday, April 1, 2026, announced that 33 financial institutions have successfully met the recapitalization threshold, with the sum of N4.65 trillion injected into the system through the exercise.
However, it disclosed that some banks’ efforts in the exercise are still under regulatory and judicial processes.
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