The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed claims circulating on social media that 12 Nigerian banks will be shut down by the Central Bank of Nigeria (CBN) by March 2026, describing the reports as false, misleading and capable of causing unnecessary panic.
In a rebuttal statement, the President of ACAMB, Rasheed Bolarinwa, said the association’s attention was drawn to an Instagram video posted by one Olaoluwa Segun, using the handle Olaoluwa_olas, which alleged that several banks were at risk of closure due to the ongoing recapitalisation exercise.
According to ACAMB, the video was deliberately crafted to misinform the public and exploit fear through alarmist narratives, while revealing a fundamental misunderstanding of Nigeria’s banking recapitalisation framework.
The association reiterated that the CBN’s recapitalisation programme is a forward-looking and proactive policy aimed at strengthening the banking sector and positioning it to support the Federal Government’s target of building a $1 trillion economy by 2030.
The statement stressed that the exercise is not a crisis response nor an indication of distress within the banking system. “Contrary to the false claims circulating online, Nigerian banks are safe, sound and adequately capitalised, with strong buffers to meet customer obligations and regulatory requirements,” ACAMB said.
It clarified that the recapitalisation initiative focuses on strengthening core ownership capital, specifically share capital and share premium, and not on total shareholders’ funds or other capital instruments such as bonds or preference shares.
ACAMB further noted that the CBN has consistently emphasised that the exercise is not intended to force consolidation or bank closures. All banks, it said, were given fair and realistic timelines to meet the new capital requirements, with more than one-third already having met their targets and many others at advanced stages of implementation.
“All banks submitted recapitalisation plans to the CBN in 2024, which were reviewed and approved for feasibility. The CBN has since expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines,” the statement read.
Addressing specific claims made in the viral video, ACAMB said FirstBank, United Bank for Africa (UBA), 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. The association added that the banks have already exceeded the capital thresholds required for national banks.
It also stated that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parent institutions, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues.
Polaris Bank and other institutions mentioned in the video were described as operationally sound, with clear recapitalisation pathways and no signs of financial distress.
Quoting CBN Governor, Olayemi Cardoso, ACAMB recalled his November 2025 briefing in which he said the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations,” adding that indicators showed the process was moving in the right direction.
Nigeria currently has 44 deposit-taking banks across different licence categories, all operating under strict regulatory oversight, the association said, urging Nigerians to continue their banking activities with confidence.
ACAMB warned that it would draw the attention of relevant law-enforcement agencies to misleading content that borders on false representation, economic sabotage and violations of the Cybercrime Act.
While acknowledging the right to freedom of expression, the association stressed that it must be exercised with responsibility, accuracy and fairness.
The group also cautioned content creators and media organisations against sensationalism and click-bait reporting on reputable financial institutions, noting that deliberate misinformation around the banking sector undermines public trust and financial stability.
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