Polaris Bank is reportedly at risk of liquidation over its inability to meet the recapitalisation requirements set by the Central Bank of Nigeria (CBN).
Sources indicate that the bank may soon be handed over to the Nigeria Deposit Insurance Corporation (NDIC) for liquidation, a process that could also lead to the revocation of its operating licence if regulatory conditions are not met within the stipulated timeframe.
However, in a potential turnaround development, billionaire industrialist Razaq Okoya is said to have made a bid to acquire the troubled financial institution. The move is reportedly aimed at recapitalising and stabilising the bank to ensure compliance with CBN requirements.
According to insiders familiar with the negotiations, the deal is contingent on approval from the NDIC and other key shareholders. Discussions are said to be ongoing, with finalisation expected once all parties agree on the terms of the offer.
If successful, Okoya’s intervention could provide a lifeline for Polaris Bank, preserving jobs, maintaining customer confidence, and reinforcing stability within Nigeria’s banking sector.
