Central Bank of Nigeria Dismisses False Claims Regarding Razaq Okoya’s Acquisition of Polaris Bank

Central Bank of Nigeria denies reports of billionaire Razaq Okoya purchasing Polaris Bank, confirming 33 banks met the 2026 recapitalization targets.

By: AXL Media

Published: Apr 9, 2026, 9:52 AM EDT

Source: Information for this report was sourced from Naija News

Denial of Unauthorized Acquisition Bids

The Central Bank of Nigeria has issued a formal dismissal of reports suggesting that billionaire businessman Razaq Okoya is in the process of acquiring Polaris Bank. This response was triggered by a viral social media post claiming that Okoya had initiated a bid following a supposed liquidation process. The apex bank characterized the content as entirely fake, urging the public to disregard the misinformation while maintaining that the Nigerian banking infrastructure remains secure and functional under its current oversight.

Clarification of Recapitalization Outcomes

The misinformation appeared to leverage the tension surrounding the CBN’s major recapitalization policy, which was first introduced in March 2024. This reform required international commercial banks to raise a minimum of 500 billion Naira, while national and regional institutions faced thresholds of 200 billion Naira and 50 billion Naira, respectively. Contrary to the claims of failure cited in the viral post, the CBN indicates that the banking sector has transitioned through this window with significant capital inflows.

Successful Completion of Financial Reforms

As of April 2026, the apex bank has confirmed the successful conclusion of the two year window provided to financial institutions to bolster their reserves. A total of 33 banks met the revised capital requirements, collectively raising approximately 4.65 trillion Naira. This massive capital injection was designed by the CBN to ensure the financial system can withstand global economic shocks and expand its internal lending capacity to support national growth.