The Central Bank of Nigeria and Polaris Bank have both denied online claims that the bank is being liquidated for missing the regulator's recapitalisation deadline. The denial appeared in a post on X after user @Femzydr1 alleged on Tuesday that Polaris Bank had failed to meet the CBN's recapitalisation requirements, would be placed under the Nigeria Deposit Insurance Corporation for liquidation, and could lose its licence. The same post added that billionaire Razaq Okoya of Eleganza Group was prepared to buy the bank to satisfy the regulator. In response, the CBN labelled the content "fake" and wrote, "This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure." Polaris Bank issued a similar alert, urging users to "ignore this misinformation circulating online" and stating, "Please note that the information being circulated is inaccurate. Our services remain fully operational and customers can continue to transact as usual. For verified updates, kindly rely on reliable media channels and our official communication channels, and avoid sharing unconfirmed information," addressing a query from customer Yunus Abdul. The regulator had concluded its 24‑month recapitalisation drive for banks on 31 March, aiming to boost capital bases across the sector.
The CBN's rapid dismissal of the liquidation story signals an effort to shield the banking sector from destabilising speculation. By branding the claim "fake" and reiterating system safety, the central bank seeks to preserve depositor confidence.
The episode unfolds against the backdrop of the regulator's 24‑month recapitalisation programme, which ended on 31 March. That deadline forced banks to shore up capital, creating fertile ground for rumours when compliance status is unclear. Social media amplification of unverified reports—such as the suggestion that Razaq Okoya would acquire Polaris Bank—exposes how quickly misinformation can spread in a tightly regulated environment.
For everyday Nigerians, the reassurance means that Polaris Bank customers can continue using their accounts without interruption. However, the incident also highlights the need for the public to verify financial news through official channels rather than relying on anonymous posts.
The incident mirrors a broader pattern of false banking narratives circulating online, underscoring the importance of robust communication strategies by financial institutions to counter panic‑inducing rumors.
