The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has debunked viral claims suggesting 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 statement issued in Lagos, ACAMB President, Rasheed Bolarinwa, said the association’s attention was drawn to an Instagram video posted by one Olaoluwa Segun, with the handle Olaoluwa_olas, alleging that several banks faced imminent closure due to the ongoing banking sector recapitalisation exercise.
Bolarinwa said the video was deliberately crafted to misinform the public and exploit fear through alarmist narratives, while reflecting a fundamental misunderstanding of Nigeria’s banking recapitalisation framework.
ACAMB reiterated that the CBN’s recapitalisation programme is a proactive, forward-looking policy designed to strengthen the banking sector and position it to support the Federal Government’s goal of building a $1 trillion economy by 2030.
According to the association, the exercise is not a crisis response nor an indication of distress within the financial 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 stated.
The association clarified that the recapitalisation initiative focuses on strengthening core ownership capital, specifically share capital and share premium, and not total shareholders’ funds or other instruments such as bonds or preference shares.
It further noted that the CBN has consistently maintained that the exercise is not intended to force consolidation or trigger bank closures.
Banks were given realistic timelines to meet the new requirements, with more than one-third already meeting their targets and many others at advanced stages of implementation.
“All banks submitted recapitalisation plans to the CBN in 2024.
These plans were reviewed and approved for feasibility, and the regulator has expressed satisfaction with the progress recorded so far,” the statement said.
Addressing specific claims 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.
It added that the banks have already exceeded the capital thresholds required for national banking licences.
The association also said 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 indications of financial distress.
Quoting CBN Governor, Olayemi Cardoso, ACAMB recalled his November 2025 briefing in which he stated that the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.
”Nigeria currently has 44 deposit-taking banks operating under strict regulatory oversight, the association said, urging the public to continue banking with confidence.
ACAMB warned that it may draw the attention of relevant law-enforcement agencies to misleading content that amounts to false representation, economic sabotage, or violations of the Cybercrime Act.
While affirming the right to freedom of expression, the association stressed that it must be exercised responsibly, accurately and fairly, cautioning content creators and media organisations against sensational or clickbait reporting capable of undermining public trust and financial stability.
Written by Sherifat Oyediran