ACAMB dismisses claims of impending bank shutdowns, says Nigerian banks remain safe

The Association of Corporate Communication and 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 and misleading.

In a rebuttal statement  signed by Rasheed Bolarinwa, its president and    ‘Jide Sipe, its Secretary General, ACAMB said the claims, made in an Instagram video by one Olaoluwa Segun, were aimed at causing unnecessary panic and demonstrated a poor understanding of the ongoing banking sector recapitalisation exercise.

According to the association, the CBN’s recapitalisation programme is a forward-looking policy designed to strengthen the banking system and position it to support the Federal Government’s goal of building a $1 trillion economy by 2030, not an indication of distress within the sector.

“The recapitalisation exercise is not a crisis response, nor is it a signal that banks are failing,” ACAMB said, adding that Nigerian banks remain safe, sound and adequately capitalised, with sufficient buffers to meet customer obligations and regulatory requirements.

The association explained that the exercise focuses on strengthening core ownership capital, particularly share capital and share premium, rather than total shareholders’ funds or other instruments such as bonds and preference shares.

ACAMB further stated that the CBN has consistently clarified that the exercise is aimed at growth and stability, not forced consolidation, noting that all banks were given realistic timelines to meet the requirements.

“All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved before implementation. More than one-third of the banks have already met their targets, while most others are at advanced stages,” the statement said.

The association noted that the CBN, in its most recent assessment, expressed satisfaction with the progress made and affirmed that banks were on track to meet stipulated deadlines.

Addressing specific institutions mentioned 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 have exceeded 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.

According to ACAMB, Polaris Bank and other institutions mentioned in the video have clear recapitalisation pathways and remain operationally sound, with 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.”

Cardoso had also stated: “We are monitoring developments, and indications show the process is moving in the right direction.”

ACAMB warned that it would draw the attention of relevant law enforcement agencies to content that borders on false representation, economic sabotage or violations of the Cybercrime Act, while urging media organisations and content creators to avoid sensationalism when reporting on the banking sector.

The association emphasised that Nigeria currently has 44 deposit-taking banks across different licence categories, all operating under strict regulatory oversight, and urged the public to continue banking activities with confidence.