The Central Bank of Nigeria (CBN) has dismissed claims that billionaire businessman Razaq Okoya is set to purchase Polaris bank following a purported liquidation process.
News understands that a viral post on had claimed that Okoya has made a bid on Polaris bank following its failure to meet CBN’s recapitalization requirements.
The tweet claimed that Okoya would acquire the bank and restore compliance, pending approval from Nigeria Deposit Insurance Corporation (NDIC) and other shareholders.
However, CBN dismissed the tweet, insisting that there was no truth to the claim.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the apex bank said on .
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
