CBN debunks claims on Polaris Bank’s liquidation and purported sale

The Central Bank of Nigeria has publicly debunked information that Polaris Bank is undergoing a liquidation process, suggesting that the bank did not meet recapitalisation requirements.

The post, with X handle @femzydr1, also claimed that billionaire businessman Razaq Okoya is set to purchase Polaris Bank following an alleged liquidation process.

It went further to claim that Okoya had made a bid to acquire Polaris Bank and restore compliance, pending approval from NDIC and other shareholders. The post went viral across the X platform on Wednesday evening. 

While tagging it as fake news in its response via an X post on Thursday, CBN warned the public to be wary of unverified claims, adding that 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,” the post reads. 

Recall that the recapitalisation exercise was part of an industry reform that the CBN introduced in March 2024, where it gave banks a two‑year window to meet new minimum capital requirements by March 31, 2026.

In the rule, international commercial banks were required to raise a minimum of N500 billion, national commercial banks N200 billion, and regional commercial banks N50 billion, among other tiers. The move is aimed at strengthening the resilience, stability and lending capacity of the financial system.

As of the conclusion of the recapitalisation exercise, the CBN confirmed that 33 banks successfully met the new capital requirements, raising a total of N4.65 trillion to support industry growth and strengthen sustainability.

Also Read: Nomba and Globus Bank lent ₦21.3B without defaults, now they want to lend ₦500B.

Polaris Bank: tackling the spread of misinformation 

Meanwhile, the post has further raised concerns over the quick spread of misinformation on social media platforms. 

The increase in the act is further fueled by moves to gain insights for monetisation gains, especially on platforms such as X and Facebook, while failing to understand their claims can have real-life consequences.

Specifically, Netizens on X claimed that the account, @femzydr1 (Femi Obanlekoko), has been orchestrating misinformation acts for a while, thereby raising discussions on how he continues to pollute the media space with fake news. 

Users suggest reporting the account to X authorities for possible blocking or permanent removal of the account.

Aside from the Polaris Bank claim, Obanlekoko was involved in an encounter with Nigerian auto-dealer, Aliyu Muhammad, popularly known as Sarkin Motam. Days ago, he claimed that the businessman was arrested by the Nigerian Customs Service (NCS).

In response, Sarkin Mota threatened a N2 billion lawsuit, describing the tweet as false, damaging, and completely unacceptable.

Though Obanlekoko later apologised, he refused to pull down the tweet.