CBN denies rumours of Razaq Okoya buying Polaris Bank amid viral social media claims

The Central Bank of Nigeria has dismissed circulating reports suggesting that billionaire businessman Razaq Okoya is set to acquire Polaris Bank following an alleged liquidation process.

The claim, which gained traction on social media platform X, alleged that Polaris Bank failed to meet the CBN’s recapitalization requirements and would therefore be placed under the Nigeria Deposit Insurance Corporation (NDIC) for liquidation.

The post further suggested that Okoya had made a bid to acquire the bank and restore regulatory compliance, pending approval from the NDIC and other shareholders.

In a swift response, the CBN clarified the situation, warning the public against believing the claims. “This content is fake. Let the public be guided. The Nigerian Banking System is safe and secure,” the apex bank stated.

The viral post referenced a recapitalization exercise introduced by the CBN in March 2024, which requires Nigerian banks to meet new minimum capital thresholds. Banks were given a two-year window, ending March 31, 2026, to comply with the updated requirements.

READ ALSO: CBN confirms 33 Banks meet minimum capital requirements as recapitalization deadline ends

Financial analysts say that such misinformation can create unnecessary panic among depositors and investors. Dr. Olusegun Adegbite, a banking and finance expert, noted: “Rumours of liquidation can destabilize public confidence. It is important for the CBN to act quickly, as they have, to prevent market speculation and maintain trust in the banking system.”

The CBN reiterated that Polaris Bank, along with all other licensed banks, remains solvent and continues to operate normally, emphasizing that the Nigerian banking sector is resilient and well-regulated.

This clarification comes amid increased social media speculation about bank acquisitions and mergers, highlighting the need for public vigilance and verification before reacting to online financial news.