The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has categorically dismissed a misleading Instagram video alleging that 12 Nigerian banks will be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The video, posted by one Olaoluwa Segun (@Olaoluwa_olas), was described by ACAMB as a deliberate attempt to misinform the public, incite unwarranted panic, and exploit fear for personal gain. The association noted that the content creator demonstrated a fundamental misunderstanding of the recapitalisation process and made several inaccurate claims that contradict well-established facts about Nigeria’s banking sector.
ACAMB emphasized that the CBN’s recapitalisation initiative is a proactive and strategic move aimed at fortifying the banking sector to support the Federal Government’s vision of achieving a $1 trillion economy by 2030. It is not a response to any financial crisis, nor does it signal distress within the sector.
ACAMB maintained that Nigerian banks remain safe, sound, and adequately capitalised, with robust capital adequacy ratios that meet regulatory standards and customer obligations.
It explained that the recapitalisation targets core capital, specifically share capital and share premium, not total shareholders’ funds or instruments like bonds and preference shares.
It noted that there’s no forced consolidation in the plan as the CBN has clarified that the exercise is not intended to force mergers or acquisitions. All banks have submitted and received approval for their recapitalisation plans, with over one-third already meeting their targets and others progressing steadily.
ACAMB stated that there’s progress across the sector, declaring that
FirstBank, UBA, Fidelity Bank, and FCMB as international banks have made significant strides in their recapitalisation efforts and are on track to meet or exceed requirements ahead of schedule.
It said that Citibank Nigeria and Standard Chartered Bank Nigeria remain financially strong, backed by their global parent institutions. Sterling Bank is said to have completed major recapitalisation steps, including private placements and rights issues while Polaris Bank and others have clear, viable recapitalisation strategies and show no signs of financial instability.
According to ACAMB, CBN Governor Mr. Olayemi Cardoso reaffirmed in a November 2025 briefing that the recapitalisation process is “progressing in an orderly manner and in line with regulatory expectations,” adding that current indicators reflect positive momentum.
ACAMB condemned the spread of false narratives, describing them as acts of mischief and economic sabotage. The association announced its intention to alert law enforcement agencies to such content, especially where it violates the Cybercrime Act or constitutes false representation.
While acknowledging the importance of free expression, ACAMB stressed that it must be exercised with responsibility, accuracy, and fairness. The association urged content creators and media outlets to avoid sensationalism and uphold the integrity of financial reporting.
With 44 deposit-taking banks operating under strict regulatory oversight, ACAMB reassured Nigerians that the banking system remains resilient and trustworthy. The public is encouraged to continue their banking activities with confidence and without fear.