The Central Bank of Nigeria and Polaris Bank have denied reports circulating on social media claiming the lender was undergoing liquidation over alleged failure to meet recapitalisation requirements.
In separate statements posted online, both institutions described the claims as false and urged the public to disregard them, insisting that the banking system remains stable.
“This content is fake. Let the public be guided. The Nigerian banking system is safe and secure,” the Central Bank said in response to the viral post.
Polaris Bank also issued a clarification, stating that its operations remain fully functional and that customers can continue to carry out transactions without disruption.
“Please note that the information being circulated is inaccurate. Our services remain fully operational and customers can continue to transact as usual,” the bank said, adding that official communication channels should be used for verified updates.
The rumours originated from a post on social media platform X, which alleged that the bank had failed to meet recapitalisation requirements and could be placed under the Nigeria Deposit Insurance Corporation for liquidation.
The post further claimed that the bank might be acquired by businessman Razaq Okoya to meet regulatory requirements, a claim both regulators and the bank dismissed.
The Central Bank recently concluded a 24-month recapitalisation exercise for commercial banks, which ended on March 31, aimed at strengthening the capital base of Nigeria’s financial sector.
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Authorities say the exercise is part of broader reforms to improve the resilience of the banking system amid evolving macroeconomic conditions.
Nigeria’s banking sector has undergone periodic recapitalisation cycles in past decades to ensure stability, particularly during periods of currency pressure and rising credit risk.
Financial regulators have repeatedly cautioned against misinformation that could trigger unnecessary panic among depositors.
Analysts say such rumours often spread quickly on social media, underscoring the importance of official communication channels in maintaining confidence in the financial system.
They add that timely regulatory responses, such as the one issued by the CBN, are critical in preventing misinformation from affecting market sentiment.
For now, both the regulator and Polaris Bank maintain that there is no liquidation process underway and that the institution remains operational and compliant with regulatory oversight.
The clarification is expected to reassure customers and investors following the brief online speculation.
