National Wire About Nigerians, Nigerian Business and Other Stories
The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed claims that 12 Nigerian banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
ACAMB described the claims as unfounded and misleading, urging the public to continue banking activities with confidence.
The association explained that, the CBN’s recapitalization exercise aims to strengthen the banking system and support the Federal Government’s $1 trillion economy goal by 2030.
According to a statement signed by the ACAMB president, Mr. Rasheed Bolarinwa, he said Banks are making progress in meeting recapitalization targets, with some already exceeding requirements.
He warned against spreading misinformation and urged responsible reporting, noting that the CBN has expressed satisfaction with banks’ progress, and the public is encouraged to trust the banking system.
ACAMB is reacting to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The video, it claimed, was posted by one Olaoluwa Segun under the handle Olaoluwa_olas, which was clearly produced with the intent to mislead the public, stoke unnecessary panic and exploit alarmist misinformation for personal gain while advertising some miserable wares.
”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.
Further, ACAMB said, although the entire content of the video is misleading and click-bait driven, noted that specific claims against certain banks deserve clarification. 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 them ahead of schedule. They have exceeded the capital thresholds for national banks and face no risk of under capitalisation.
”Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their respective global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.
”As the CBN Governor, Mr Olayemi Cardoso, stated at his November 2025 briefing, the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.” He further noted: “We are monitoring developments, and indications show the process is moving in the right direction.”
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. Nigerians remain the ultimate beneficiaries of a resilient and well-regulated banking system, and the public is urged to continue their banking activities with confidence and without fear.
