The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has dismissed claims circulating on social media that some Nigerian banks are facing imminent shutdown, assuring the public that the nation’s banking sector remains healthy, safe and stable.
ACAMB gave the assurance in a joint statement issued on Sunday by its President, Mr Rasheed Bolarinwa, and the General Secretary, Mr Jide Sipe, in reaction to a viral Instagram video alleging that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The association described the claims as false, misleading and deliberately crafted to instil panic among depositors and the wider public.
According to ACAMB, the video reflects a “fundamental lack of understanding” of the ongoing banking recapitalisation exercise and is aimed at exploiting public anxiety for personal gain.
“The content creator made several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector,” the statement read.
ACAMB explained that the recapitalisation policy introduced by the CBN is a proactive and forward-looking measure, not a response to distress in the banking system.
“As repeatedly explained by the CBN, the recapitalisation exercise is designed to strengthen the banking system and position it to support the Federal Government’s aspiration of building a $1tn economy by 2030,” the association said.
“It is not a crisis response nor an indication that banks are failing. Rather, it is a patriotic call for banks to scale up their capacity to drive sustainable economic growth and development.”
The body stressed that Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet regulatory requirements and customer obligations.
Clarifying the scope of the exercise, ACAMB said recapitalisation focuses on core ownership capital such as share capital and share premium, not on total shareholders’ funds or other instruments like bonds and preference shares.
Contrary to rumours of forced consolidation or closures, the association said all banks were given fair and realistic opportunities to meet the new capital thresholds.
“All banks submitted recapitalisation plans to the CBN in 2024. These plans were vetted and approved for feasibility before execution commenced,” the statement said.
It added that more than one-third of the banks have already met their targets, while most others are at advanced stages of implementation.
“In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines,” ACAMB noted.
The association also addressed specific claims made against some financial institutions, stating 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 them ahead of schedule.
“They have exceeded the capital thresholds for national banks and face no risk of undercapitalisation,” it said.
ACAMB further stated that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parent companies, while Sterling Bank has successfully completed key phases of its recapitalisation, including private placements and rights issues.
“Polaris Bank and other institutions mentioned in the video also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress,” the association added.
Reinforcing its position, ACAMB recalled that the CBN Governor, Mr Olayemi Cardoso, had stated at a briefing in November that the recapitalisation exercise was progressing in an orderly manner and in line with regulatory expectations.
The association noted that Nigeria currently has 44 deposit-taking banks across different licence categories, all operating under strict regulatory oversight.
It warned that the spread of false narratives about the banking sector could amount to economic sabotage and a violation of the Cybercrime Act, adding that it would draw the attention of relevant law enforcement agencies to such content.
While acknowledging the constitutional right to freedom of expression, ACAMB stressed that it comes with responsibilities.
“Accurate and responsible reporting is welcome and protected; however, deliberate misinformation or panic-inducing narratives around reputable financial institutions will be reported to the appropriate authorities in the interest of financial stability and public trust,” the statement said.
The association urged Nigerians to continue their banking activities with confidence, noting that the ultimate beneficiaries of a resilient and well-regulated banking system are the citizens and the economy at large.
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