CBN Speaks Out On Okoya’s Attempt To Acquire Polaris Bank

The Central Bank of Nigeria (CBN) has refuted claims suggesting that billionaire businessman Razaq Okoya is preparing to acquire Polaris Bank following an alleged liquidation process.

According to financial reports, a viral post circulating on had suggested that Okoya placed a bid for the bank after it reportedly failed to meet the CBN’s recapitalization requirements. The post further claimed that the acquisition would be completed pending approval from the Nigeria Deposit Insurance Corporation (NDIC) and other shareholders.

The CBN, however, dismissed these claims, stressing that they were unfounded. In a statement on , the apex bank said, “This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure.”

The recapitalization exercise referenced in the viral post was part of a wider reform initiative launched by the CBN in March 2024. The program gave banks a two-year window, ending on 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 banks ₦50 billion, among other thresholds. The initiative was designed to enhance the stability, resilience, and lending capacity of the Nigerian financial system.

By the conclusion of the recapitalization exercise in April 2026, the CBN confirmed that 33 banks had successfully met the revised capital requirements, collectively raising approximately ₦4.65 trillion to support economic growth and strengthen the sector against financial shocks.