ACAMB debunks claims of planned bank shutdowns, assures Nigerians of banking sector stability
Association of Corporate & Marketing Communications Professionals in Banks in Nigeria ACAMB
Nike Popoola
The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed as false and misleading a viral Instagram video claiming that 12 Nigerian banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
In a rebuttal statement signed by ACAMB President, Rasheed Bolarinwa, on Sunday, ACAMB said the video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was deliberately designed to misinform the public, create panic and exploit unfounded fears around the ongoing banking recapitalisation exercise.
According to the association, the claims demonstrate “a fundamental lack of understanding of the Nigerian banking system and the objectives of the recapitalisation policy,” stressing that the exercise is neither a distress signal nor a crisis response.
ACAMB explained that the CBN’s recapitalisation programme is a forward-looking and proactive policy aimed at strengthening the banking sector to support the Federal Government’s aspiration of building a $1 trillion economy by 2030.
“Contrary to the false narratives circulating online, Nigerian banks are safe, sound and adequately capitalised, with strong buffers to meet customer obligations and regulatory requirements,” the statement said.
The association clarified that the recapitalisation focuses on strengthening core ownership capital—share capital and share premium—and not total shareholders’ funds or other instruments such as bonds and preference shares. It also noted that the initiative is geared towards growth and stability, not forced consolidation.
ACAMB disclosed that all banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved before implementation, adding that more than one-third of banks have already met their targets, while others are at advanced stages.
Addressing claims against specific institutions, the association 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. It added that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parent companies, while Sterling Bank has completed key phases of its recapitalisation.
ACAMB further noted that Polaris Bank and other institutions mentioned in the video have clear recapitalisation pathways and show no signs of financial distress.
The association warned that it would draw the attention of relevant law-enforcement agencies to content that amounts to false representation, economic sabotage or violations of the Cybercrime Act, while emphasising that freedom of expression must be exercised responsibly.
Reaffirming regulatory confidence, ACAMB referenced the CBN Governor, Mr. Olayemi Cardoso, who stated at a November 2025 briefing that the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations,” adding that indications 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. Nigerians should continue their banking activities with confidence and without fear,” the statement said.
The association also cautioned content creators and media organisations against sensationalism and click-bait reporting around reputable financial institutions, stressing that accurate and responsible reporting is essential to maintaining public trust and financial stability.
The statement said the association would continue to defend factual communication in the banking sector, while General Secretary, ‘Jide Sipe, stressed that misinformation capable of undermining confidence in the financial system would not be tolerated.
