Authorities confirm Nigerian banking system safe and secure, debunking fake claims about Polaris Bank liquidation and recapitalisation

Authorities have dismissed circulating claims suggesting instability within the Nigerian financial sector, reaffirming that the Nigerian banking system safe and secure message remains accurate amid misinformation linking Polaris Bank to liquidation and recapitalisation challenges.

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The clarification follows a widely shared message alleging that Polaris Bank was undergoing liquidation due to alleged non compliance with Central Bank of Nigeria recapitalisation requirements, and that its licence could be revoked with oversight from the Nigeria Deposit Insurance Corporation.

The claims further speculated about a possible acquisition bid by a private investor, suggesting that discussions were underway to purchase and reinstate the bank subject to agreements between stakeholders.

However, authorities have described the information as false and misleading, urging the public to disregard it entirely.

Regulators emphasised that no official confirmation supports the assertions contained in the viral content, noting that the Nigerian banking sector continues to operate under established supervisory frameworks designed to ensure stability, compliance and depositor protection.

The statement warned that the spread of unverified financial information could create unnecessary panic among customers and undermine confidence in the banking system.

It reiterated that all credible updates regarding financial institutions are communicated through official channels and recognised regulatory bodies.

Polaris Bank, like other financial institutions in Nigeria, remains subject to ongoing oversight, with authorities maintaining that any significant developments would be formally announced in line with due process.

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Members of the public have been advised to rely on verified sources and avoid sharing unconfirmed reports, particularly those relating to sensitive financial matters that may influence public perception and market confidence.