Central Bank Of Nigeria Breaks Silence On Rumoured Sale Of Polaris Bank To Razaq Okoya
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The Central Bank of Nigeria has refuted reports claiming that billionaire businessman Razaq Okoya is preparing to acquire Polaris Bank following an alleged liquidation process.
The speculation stemmed from a viral post on , which alleged that Okoya had submitted a bid to take over Polaris Bank after it failed to meet the CBN’s recapitalisation requirements. The post further claimed that the acquisition would proceed with approvals from the Nigeria Deposit Insurance Corporation (NDIC) and other stakeholders.
However, the CBN dismissed the claims as false, urging the public to disregard the information.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the apex bank stated on .
The rumours referenced the ongoing recapitalisation programme introduced by the CBN in March 2024, which gave banks until March 31, 2026, to meet new minimum capital requirements.
Under the policy, international commercial banks were required to raise at least ₦500 billion, national commercial banks ₦200 billion, and regional commercial banks ₦50 billion, among other categories, as part of efforts to strengthen financial stability and improve lending capacity.
By April 2026, the CBN confirmed that 33 banks had successfully met the new capital thresholds, collectively raising about ₦4.65 trillion to support economic growth and cushion the financial system against potential shocks.
