The Association of Corporate Communication and Marketing Professionals in Banks has reassured Nigerians that no bank in the country is at risk of closure over recapitalisation requirements, dismissing claims circulating on social media.
The assurance was contained in a joint statement on Sunday by ACAMB President, Mr. Rasheed Bolarinwa, and General Secretary, Mr. Jide Sipe.
The statement followed an Instagram video alleging that the Central Bank of Nigeria would shut down 12 banks by March 2026 for failing to meet capital requirements.
ACAMB described the video as misleading and alarmist, accusing its creator of trying to incite panic and exploit misinformation for personal gain.
“The content creator demonstrated a fundamental lack of understanding of banking recapitalisation, making several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector,” the association said.
The association explained that the recapitalisation exercise is a proactive policy intended to reinforce the banking system and advance the Federal Government’s goal of a $1 trillion economy by 2030.
“As repeatedly explained by the CBN, the recapitalisation exercise is a forward-looking, proactive policy designed to strengthen the banking system. It is not a crisis response, nor is it an indication of distress. Rather, it is a patriotic call for banks to scale up their capacity to drive economic growth and development,” ACAMB noted.
Contrary to false claims, ACAMB emphasized that Nigerian banks remain safe, sound, and well-capitalised, with robust capital buffers to meet both customer obligations and regulatory standards.
The association added that the recapitalisation initiative targets core ownership capital—share capital and share premium—rather than total shareholders’ funds or other instruments like bonds and preference shares.
ACAMB also noted that all banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before implementation.
“All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others 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,” the association said.
The statement addressed claims against specific banks, highlighting that FirstBank, United Bank for Africa (UBA), Fidelity Bank, and FCMB are international banks that have surpassed capital requirements and face no risk of undercapitalisation. It further noted that Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their global parent companies, while Sterling Bank has completed major recapitalisation steps, including private placements and rights issues. Polaris Bank and other mentioned institutions also have clear recapitalisation plans and continue to operate soundly.
ACAMB recalled that CBN Governor Mr. Olayemi Cardoso had stated in November that the recapitalisation exercise ‘is progressing in an orderly manner and in line with regulatory expectations.’
The association emphasized that Nigeria’s 44 deposit-taking banks, across all licence categories, continue to operate under strict regulatory oversight, ensuring stability and resilience.
