The Central Bank of Nigeria (CBN) and Polaris Bank have strongly refuted circulating rumors suggesting that Polaris Bank is facing liquidation. The claims, which gained traction on social media, alleged that the bank had failed to meet the CBN's recapitalisation requirements and was slated for liquidation under the Nigeria Deposit Insurance Corporation (NDIC).

Both the apex bank and Polaris Bank took to X, formerly Twitter, to dismiss the reports. The CBN explicitly tagged the circulating content as "fake," assuring the public of the stability and security of the Nigerian banking system. "This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure," the CBN stated.

Polaris Bank echoed this sentiment, issuing a "fake news alert" and urging the public to disregard the misinformation. The bank confirmed that its services remain fully operational and customers can continue to transact as usual. They advised relying on official communication channels for verified updates.

The rumors had also included an assertion that billionaire industrialist Razaq Okoya, founder of the Eleganza Group, had made a bid to acquire Polaris Bank to meet the CBN's requirements. This claim was implicitly denied by the bank's statement urging the public to avoid unconfirmed information.

The CBN recently concluded its 24-month recapitalisation exercise for Nigerian banks on March 31. The exercise aimed to strengthen the capital base of banks across the country. The apex bank had previously confirmed that 33 banks successfully met the revised minimum capital requirements, with a total of N4.65 trillion raised during the exercise.