Polaris Bank Faces Possible Liquidation as Okoya Moves to Acquire Lender

Polaris Bank Faces Possible Liquidation as Okoya Moves to Acquire Lender

Polaris Bank is reportedly undergoing a liquidation process over its inability to meet recapitalisation requirements set by the Central Bank of Nigeria, raising concerns about the future of the financial institution.

Sources indicate that the bank may be placed under the supervision of the Nigeria Deposit Insurance Corporation for liquidation, with the possibility of its operating licence being revoked if the situation remains unresolved.

However, a potential lifeline has emerged as billionaire industrialist Razaq Okoya is said to have made a bid to acquire the bank and recapitalise it in line with regulatory requirements.

According to reports, the proposed deal could see Polaris Bank restructured and restored to compliance, subject to approval by the NDIC and other key stakeholders.

The transaction is expected to be finalised once all parties reach an agreement on the terms of the offer, including the financial commitments required to stabilise the bank.

If successful, the acquisition could avert a full liquidation process and preserve jobs, customer deposits, and confidence in the banking sector.

As of the time of filing this report, there has been no official confirmation from regulators or the bank regarding the development.

Polaris Bank Faces Possible Liquidation as Okoya Moves to Acquire Lender