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The Central Bank of Nigeria (CBN) has denied rumors that billionaire businessman Razaq Okoya is going to buy Polaris bank after a supposed liquidation process.

It was reported that a post on 𝕏 went viral and said that Okoya had made an offer on Polaris bank after it failed to meet CBN’s recapitalization requirements.

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 said the tweet was false and refused to believe it.

“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 larger reform that the CBN started in March 2024. Banks had until March 31, 2026, to meet new minimum capital requirements.

The policy said that international commercial banks had to raise at least ₦500 billion, national commercial banks had to raise at least ₦200 billion, and regional commercial banks had to raise at least ₦50 billion, among other levels. The goal was to make the financial system more stable, resilient, and able to lend money.

As of the end of the recapitalization process in April 2026, the CBN said that 33 banks had successfully met the new capital requirements. They raised a total of about ₦4.65 trillion to help the economy grow and handle financial shocks.

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