The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed as false and misleading claims that 12 Nigerian banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was described by ACAMB as deliberately alarmist, misleading and designed to stoke public panic while promoting personal commercial interests. According to the association, the content reflects a fundamental misunderstanding of the ongoing banking recapitalisation exercise and contains several inaccurate assertions about the health of the Nigerian banking system.
ACAMB reiterated that the CBN’s recapitalisation programme is a proactive, forward-looking policy aimed at strengthening banks and positioning them to support the Federal Government’s target of building a $1 trillion economy by 2030. It stressed that the exercise is not a response to crisis or distress, but a strategic move to enhance the sector’s capacity to drive economic growth and development.
Contrary to claims circulating online, ACAMB affirmed that Nigerian banks remain safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet regulatory requirements and customer obligations. The recapitalisation initiative, it explained, focuses on core ownership capital—specifically share capital and share premium—rather than total shareholders’ funds or instruments such as bonds and preference shares.
The association further noted that the CBN has consistently clarified that the exercise is not aimed at forced consolidation. All banks were required to submit recapitalisation plans in 2024, which were vetted and approved before implementation began. More than one-third of the banks have already met their targets, while most others are at advanced stages. The CBN has publicly expressed satisfaction with the progress and confirmed that banks are on track to meet the stipulated deadlines.
Addressing claims made against specific institutions, ACAMB stated that FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress and are well positioned to complete their recapitalisation ahead of schedule. Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned were also described as operationally sound, with clear recapitalisation pathways and no signs of distress.
Quoting the CBN Governor, Mr. Olayemi Cardoso, ACAMB recalled his November 2025 assurance that the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations,” adding that indicators show the process is moving in the right direction.
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. ACAMB urged the public to continue banking with confidence and warned that it would draw the attention of relevant law-enforcement agencies to content that constitutes false representation, economic sabotage or violations of the Cybercrime Act.
The association also cautioned content creators and media organisations against sensationalism, stressing that while freedom of expression is protected, it carries responsibilities of accuracy, fairness and truthfulness in the interest of financial stability and public trust.
