The Central Bank of Nigeria (CBN) has described rumours that Polaris Bank Limited failed to meet the recapitalisation deadline on March 31, 2026, as fake news.
The banking sector regulator in a post via its social media handle on X, formerly known as Twitter, on Thursday also said reports that notable businessman, Mr Razaq Okoya, was planning to acquire the financial institution were false.
There were reports on Wednesday that Polaris Bank, which was created after the operating licence of Skye Bank was revoked by the CBN in 2028, could not meet the deadline to raise its capital base.
The central bank gave banks two years to increase their minimum capital requirements based on their licence coverage.
For lenders with an international licence, they were to boost their capital base from N25 billion to N500 billion, while national banks were asked to have at least N200 billion, with regional lenders N50 billion.
The deadline was March 31, 2026, and according to the CBN, about 33 banks scaled through, raising about N4.65 trillion.
An X user had written that, “Polaris Bank is currently undergoing a liquidation process for not able to comply with the Central Bank of Nigeria recapitalisation requirements, and the bank would be put under NDIC to be liquidated. The bank licence might also be revoked soon. But billionaire Razaq Okoya has made a bid to purchase the bank, reinstate it, [and] also to comply with the CBN requirements. This deal is said to be finalised the moment NDIC and other shareholders agree with what Razaq Okoya is ready to offer.”
While reacting to the above, the CBN said, “This content is fake. Let the public be guided. The Nigerian banking system is safe and secure.”
In 2024, the banking sector regulator appointed new chief executives for three banks, including Polaris Bank, after the dissolution of their boards and managements over the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020. The others were Union Bank and Keystone Bank.