The Association of Corporate Communication and Marketing Professionals in Banks, ACAMB, has dismissed claims circulating on social media that Nigerian banks will be shut down over recapitalisation, assuring the public that the banking sector remains safe, stable and healthy.
In a joint statement issued on Sunday by its President, Mr Rasheed Bolarinwa, and General Secretary, Mr ’Jide Sipe, the association described as false and misleading an Instagram video alleging that 12 banks would be shut down by the Central Bank of Nigeria, CBN, by March 2026.
ACAMB said the video was deliberately crafted to misinform the public, stir unnecessary panic and exploit fear for personal gain while advertising products.
It stressed that the content showed a clear misunderstanding of the ongoing banking recapitalisation exercise and made claims that could easily be disproved with basic knowledge of Nigeria’s financial system.
The association emphasised that the CBN’s recapitalisation policy is a proactive and forward-looking reform aimed at strengthening banks and positioning them to support the Federal Government’s $1 trillion economy target by 2030.
It clarified that the exercise is neither a crisis response nor a sign of distress within the banking sector.
ACAMB stated that Nigerian banks are currently safe, sound and adequately capitalised, with strong buffers to meet customer obligations and regulatory requirements.
It explained that the recapitalisation initiative is focused on strengthening core ownership capital, specifically share capital and share premium, and not total shareholders’ funds or other instruments such as bonds and preference shares.
The association further noted that the CBN has repeatedly stressed that the exercise is designed to promote growth and stability rather than force consolidation.
It added that all banks were given fair and realistic opportunities to meet their targets, with more than one-third already completing the process and most others making advanced progress.
“All banks submitted recapitalisation plans to the CBN in 2024. These plans were thoroughly reviewed and approved for feasibility before implementation began,” the statement said, adding that the apex bank has publicly expressed satisfaction with the pace of progress and reaffirmed that institutions are on track to meet stipulated deadlines.
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ACAMB described the misinformation as baseless and driven by mischief, ignorance and a reckless disregard for the economic impact of false narratives.
It said it would draw the attention of relevant law enforcement agencies to the video and similar content, especially where such materials border on false representation, economic sabotage and violations of the Cybercrime Act.
While acknowledging the right to freedom of expression, the association stressed that such freedom comes with responsibilities of accuracy, truthfulness and fairness.
Addressing specific banks mentioned in the video, ACAMB clarified that FirstBank, United Bank for Africa, Fidelity Bank and FCMB are international banks that have made significant progress in their recapitalisation programmes and are well positioned to complete the process ahead of schedule.
It said the banks have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.
It added that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parent institutions, while Sterling Bank has successfully completed key phases of its recapitalisation, including private placements and rights issues.
Polaris Bank and other institutions referenced in the video were also said to have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.
The association recalled that CBN Governor, Mr Olayemi Cardoso, stated during his November briefing that the recapitalisation exercise is progressing in an orderly manner and in line with regulatory expectations.
ACAMB noted that Nigeria currently has 44 deposit-taking banks operating across various licence categories under strict regulatory oversight.
It stressed that Nigerians stand to benefit from a resilient and well-regulated banking system and urged the public to continue their banking activities with confidence.
The association also cautioned content creators and media organisations against sensationalism and click-bait reporting on reputable financial institutions, warning that panic-inducing misinformation around the banking sector would be reported to appropriate authorities in the interest of financial stability and public trust.
NAN
