CBN Debunks Reports of Polaris Bank Closure, Urges Public To Disregard Misinformation
- The CBN has reacted to a social media post claiming Polaris Bank is facing liquidation
- The apex bank described the information as false, assuring the public that the banking system is safe
- Polaris Bank also issued a fake news alert and urged Nigerians to ignore the misinformation
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of Nigeria’s economy, stocks, and market trends.
The Central Bank of Nigeria (CBN) has dismissed circulating reports claiming that Polaris Bank is undergoing liquidation, describing the claims as false and misleading.
In a statement addressing the issue on Thursday, April 9, the apex bank urged members of the public to disregard the information, stressing that the Nigerian banking system remains safe and secure.
Source: Twitter
The CBN said:
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure."
Polaris Bank also reacted to the claims, issuing a “fake news alert” and urging the public to ignore the misinformation being circulated online.
The clarification comes from viral social media posts alleging that Polaris Bank was facing liquidation due to alleged non-compliance with recapitalisation requirements under the supervision of the Nigeria Deposit Insurance Corporation (NDIC)
It also speculated about a purported takeover bid and potential reinstatement plans.
The post, which CBN has debunked, reads:
"Polaris Bank is currently undergoing a liquidation process for failing to comply with the Central Bank of Nigeria’s recapitalization requirements. The Nigeria Deposit Insurance Corporation (NDIC) is expected to oversee the liquidation, and the bank’s license may also be withdrawn.
"However, billionaire Razaq Okoya has reportedly made a bid to purchase the bank and reinstate it in order to meet the CBN’s requirements. The deal is said to be in its final stages, pending approval from the NDIC and other relevant stakeholders."
CBN on recapitalisation exercise
Also, the CBN has declared Nigeria’s banking sector significantly stronger following the completion of its recapitalisation programme, positioning lenders to drive economic growth and finance large-scale investments.
In a fact sheet released recently, the apex bank said the exercise has reinforced the financial capacity of major lenders such as Access Bank, United Bank for Africa, and Zenith Bank, alongside dozens of others.
Nigerian banks collectively raised an impressive N4.65 trillion in fresh capital, with 33 institutions successfully meeting the new minimum requirements.
This substantial capital injection is expected to unlock long-term financing for critical sectors of the economy, including energy, infrastructure, manufacturing, and technology.
The regulator emphasised that stronger capital bases will allow banks to support high-value projects that require patient, long-term funding, something previously constrained by limited balance sheet capacity.
Titan Bank closes all social media accounts
Legit.ng earlier reported that Union Bank of Nigeria has officially announced the closure of all social media accounts previously associated with Titan Trust Bank.
The announcement follows the merger of Titan Trust Bank with Union Bank, which was approved by the Central Bank of Nigeria (CBN) on September 1, 2025.
Union Bank has urged customers to use its existing channels to continue receiving updates and banking services online.
In a message to customers, the bank thanked over 27,000 followers of Titan Trust Bank’s social media accounts for their loyalty over the years.
Source: Legit.ng
