The Association of Corporate Communication and Marketing Professionals in Banks has dismissed viral social media claims suggesting that Nigerian banks are facing imminent shutdowns, assuring the public that the banking sector remains safe, stable and fully operational despite the ongoing recapitalisation exercise.
The association gave the assurance on Sunday in a joint statement signed by its President, Rasheed Bolarinwa, and the General Secretary, Jide Sipe, in response to an Instagram video alleging that the Central Bank of Nigeria would shut down 12 banks by March 2026.
ACAMB described the video as deliberately misleading, accusing its creator of spreading alarmist misinformation to trigger panic and attract attention for personal gain. The association said the claims exposed a basic misunderstanding of banking operations and the objectives of recapitalisation in Nigeria.
According to the group, the CBN’s recapitalisation programme is a forward-looking policy designed to strengthen the banking system and position it to support the Federal Government’s economic growth agenda, including the target of building a one trillion dollar economy by 2030. It stressed that the exercise is neither a crisis response nor an indication that banks are in distress.
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The association explained that Nigerian banks are currently sound and adequately capitalised, with strong buffers that enable them to meet customer obligations and regulatory requirements. It clarified that the recapitalisation effort focuses on core ownership capital such as share capital and share premium, rather than total shareholders’ funds or instruments like bonds and preference shares.
ACAMB noted that the CBN has consistently made it clear that the exercise is aimed at growth and stability, not forced mergers or bank closures. It revealed that all banks submitted recapitalisation plans to the apex bank in 2024, which were carefully reviewed and approved before implementation began.
More than one third of the banks, the association said, have already met their recapitalisation targets, while most of the remaining institutions are at advanced stages of execution. It added that the CBN has publicly expressed satisfaction with the progress recorded so far and reaffirmed that banks are on track to meet the stipulated deadlines.
Addressing specific allegations in the viral video, ACAMB clarified that FirstBank, United Bank for Africa, Fidelity Bank and FCMB have made substantial progress in their recapitalisation programmes and are well positioned to complete the process ahead of schedule. The association said these banks have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.
It also stated that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries backed by their global parent institutions, while Sterling Bank has completed key stages of its recapitalisation, including private placements and rights issues. Polaris Bank and other institutions mentioned, it said, remain operationally sound with clear recapitalisation pathways and no signs of financial distress.
The association recalled comments by CBN Governor, Olayemi Cardoso, who said during a November briefing that the recapitalisation exercise was progressing in an orderly manner and in line with regulatory expectations. It added that Nigeria currently has 44 deposit-taking banks operating under strict regulatory oversight across different licence categories.
ACAMB warned that the spread of false information about the banking sector could amount to economic sabotage and violations of the Cybercrime Act. It said it would draw the attention of relevant law enforcement agencies to the video and similar content, while emphasising that freedom of expression comes with a responsibility for accuracy and fairness.
The association urged Nigerians to continue their banking activities with confidence, noting that a resilient and well-regulated banking system ultimately protects depositors and strengthens the economy. It also cautioned content creators and media organisations against promoting clickbait and sensational narratives capable of undermining public trust in the financial system.
