Nigeria, April 9 -- The Central Bank of Nigeria (CBN) and Polaris Bank have refuted claim that Polaris Bank is undergoing a liquidation process after failing to meet CBN's recapitalisation requirements.

The regulator and Polaris Bank debunked the claim in an X post, classifying the liquidation process as "fake".

This came after an X user, @Femzydr1, posted on Tuesday that Polaris Bank failed to comply with CBN's recapitalisation requirements, and will be put under Nigeria Deposit Insurance Corporation (NDIC) for liquidation, with possible revoking of the bank license.

The post also claimed that the bank will be acquired by the founder of Eleganza Group of Companies, Razaq Okoya, to comply with the CBN requirement.

"Polaris Bank is cur...