This content is fake. Let the public be guided. The Nigerian banking system is safe and secure – CBN
The Central Bank of Nigeria (CBN) has dismissed circulating reports alleging that billionaire industrialist Razaq Okoya is set to acquire Polaris Bank following a purported liquidation process.
The speculation, which gained traction on X, claimed that Polaris Bank had failed to meet the apex bank’s recapitalisation thresholds and was therefore being positioned for takeover. According to the viral post, Okoya had submitted a bid to assume control of the bank, subject to approvals from the Nigeria Deposit Insurance Corporation (NDIC) and other stakeholders, with a plan to restore the institution to regulatory compliance.
The CBN, however, categorically refuted the claims, describing the report as false and misleading.
The rumour surfaces at a sensitive time for Nigeria’s banking industry, as the CBN advances a sector-wide recapitalisation programme designed to strengthen financial institutions against macroeconomic shocks, currency volatility, and rising credit risks.
The CBN’s swift rebuttal underscores a broader regulatory priority: maintaining market confidence and preventing misinformation from distorting public perception of the banking system.
