The Central Bank of Nigeria (CBN) has addressed a viral social media post claiming that billionaire businessman Razaq Okoya is set to purchase Polaris Bank following a purported liquidation process.
The post, which circulated widely on X, suggested that Polaris Bank could not meet the CBN’s recapitalization requirements and would be placed under the Nigeria Deposit Insurance Corporation (NDIC) for liquidation.
According to the tweet, Okoya had made a bid to acquire the bank and restore compliance, pending approval from NDIC and other shareholders.Nigeria market insights
In response, the CBN moved swiftly to clarify the situation:
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”
The recapitalisation exercise referenced in the viral post was part of a broad reform the CBN introduced in March 2024, giving banks a two‑year window to meet new minimum capital requirements by March 31, 2026.
Under the policy, international commercial banks were required to raise a minimum of ₦500 billion, national commercial banks ₦200 billion, and regional commercial banks ₦50 billion, among other tiers — aimed at strengthening the resilience, stability and lending capacity of the financial system.
As of the conclusion of the recapitalisation exercise in April 2026, the CBN confirmed that 33 banks successfully met the revised capital thresholds, raising a total of about ₦4.65 trillion to support economic growth and withstand financial shocks.
