Polaris Bank has dismissed reports linking it to a potential acquisition by billionaire industrialist, Razaq Okoya, describing the claims as false and reaffirming that it is not undergoing liquidation or any regulatory takeover process.
In a statement shared via its official X (formerly Twitter) account, the bank assured customers that its operations remain stable and uninterrupted, urging the public to disregard unverified information circulating online.
“Please note that the information being circulated is inaccurate. Our services remain fully operational and customers can continue to transact as usual,” the bank stated.
It also advised customers and the general public to rely on credible sources for updates, warning against the spread of misinformation.
“For verified updates, kindly rely on reliable media channels and our official communication channels, and avoid sharing unconfirmed information,” the statement added.
The clarification follows a wave of social media reports claiming that Polaris Bank had failed to meet the Central Bank of Nigeria’s recapitalisation requirements and was facing possible liquidation under the Nigeria Deposit Insurance Corporation (NDIC).
Some of the reports also alleged that Okoya had made a move to acquire and recapitalise the bank.
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However, there has been no official confirmation from regulators or any credible financial disclosures supporting such claims.
Industry sources indicate that Polaris Bank, like several other lenders, is exploring options to strengthen its capital base in line with the Central Bank of Nigeria’s recapitalisation directive, which concluded on March 31, 2026.
The recapitalisation exercise is aimed at strengthening the resilience of Nigeria’s banking sector and improving its capacity to support economic growth.
Polaris Bank was established in 2018 following regulatory intervention in the defunct Skye Bank, a move by the apex bank to safeguard depositors and ensure financial system stability.
Financial analysts have warned that unverified reports about bank distress could undermine public confidence and trigger unnecessary panic within the financial system.
Reaffirming its position, Polaris Bank maintained that customers should continue their transactions without concern, stressing that the bank remains fully operational and committed to delivering its services.