The Central Bank of Nigeria (CBN) has denied rumors that billionaire businessman Razaq Okoya is about to buy Polaris Bank after a supposed liquidation process.
A viral post on 𝕏 said that Okoya had made an offer on Polaris bank because it didn’t meet CBN’s requirements for recapitalization.
The tweet said that Okoya would buy the bank and bring it back into compliance, but only if the Nigeria Deposit Insurance Corporation (NDIC) and other shareholders agreed.
But CBN dismissed the tweet, saying that the claim was not true.
“This information is not real. Let the people lead. The top bank said on 𝕏 that “the Nigerian Banking System is Safe and Secure.”
The viral post talked about a recapitalization exercise that was part of a big reform the CBN started in March 2024. Banks have until March 31, 2026, to meet the new minimum capital requirements.
The policy said that international commercial banks had to raise at least ₦500 billion, national commercial banks had to raise ₦200 billion, and regional commercial banks had to raise ₦50 billion, among other levels. The goal was to make the financial system more stable, resilient, and able to lend money.
The CBN said that 33 banks successfully met the new capital requirements by the end of the recapitalization process in April 2026. They raised a total of about ₦4.65 trillion to help the economy grow and deal with financial shocks.
