The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has dismissed claims that some Nigerian banks risk closure over the Central Bank of Nigeria’s (CBN) recapitalisation exercise, describing such reports as false and misleading.
In a joint statement issued on Sunday, ACAMB President, Rasheed Bolarinwa, and General Secretary, Jide Sipe, said no bank is facing shutdown due to failure to meet capital requirements. The association was reacting to an Instagram video alleging that 12 banks would be closed by March 2026.
ACAMB described the claims as alarmist and based on a poor understanding of the recapitalisation policy. It explained that the exercise is a proactive, forward-looking initiative aimed at strengthening the banking sector and supporting the Federal Government’s goal of building a $1 trillion economy by 2030, not a response to distress in the system.
According to the group, Nigerian banks remain safe, sound, and adequately capitalised, with strong buffers to meet customer obligations and regulatory standards. It clarified that the recapitalisation focuses on core ownership capital—share capital and share premium—rather than total shareholders’ funds or instruments such as bonds.
The association said all banks submitted recapitalisation plans to the CBN in 2024, which were approved after feasibility reviews. More than one-third of the banks have already met their targets, while others are at advanced stages, with the CBN expressing satisfaction with the overall progress.
ACAMB further noted that banks mentioned in the viral video, including FirstBank, UBA, Fidelity Bank, and FCMB, have exceeded required thresholds, while others such as Citibank Nigeria, Standard Chartered Bank Nigeria, and Sterling Bank remain financially strong and on track.
The group warned against the spread of misinformation, stressing that panic-inducing narratives could undermine financial stability. It urged Nigerians to continue their banking activities with confidence, assuring that the recapitalisation process will strengthen the sector and deliver long-term economic benefits.