The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has issued a strong rebuttal against a viral social media claim suggesting that the Central Bank of Nigeria (CBN) will shut down twelve commercial banks by March 2026. The association has labelled the claim as deliberately misleading and designed to create unnecessary panic among the Nigerian banking public.
ACAMB Dismisses False Narrative, Assures Stability
In a formal statement signed by its President, Rasheed Bolarinwa, and General Secretary, Jide Sipe, ACAMB clarified the true nature of the ongoing recapitalisation exercise. The association confirmed that no Nigerian bank is under any threat of liquidation or forced takeover. This assurance directly counters the alarming narrative spread by a content creator on Instagram.
ACAMB explained that the recapitalisation is a forward-looking and proactive policy initiated by the CBN. Its primary goal is to fortify the banking sector, enabling it to effectively support the Federal Government's ambitious target of building a $1 trillion economy by the year 2030. The process focuses on strengthening core ownership capital, such as share capital and share premium, rather than relying on bonds or other instruments.
Recapitalisation Progress On Track, Banks Meeting Targets
The banking group provided concrete updates on the progress of the exercise. It revealed that more than one-third of banks have already met their recapitalisation targets, with others in advanced stages of completion. All banks submitted their individual recapitalisation plans to the CBN in 2024, and these plans have been reviewed and approved by the regulator.
Addressing specific institutions named in the viral video, ACAMB offered detailed reassurances. It stated that major players like FirstBank, United Bank for Africa (UBA), Fidelity Bank, and FCMB are international banks making significant progress and are positioned to conclude the process ahead of schedule. Furthermore, Citibank Nigeria and Standard Chartered Bank Nigeria were described as strong subsidiaries of their global parent companies, while Sterling Bank has completed key phases of its recapitalisation. Institutions like Polaris Bank were also confirmed to be operationally sound with no signs of distress.
This position aligns with earlier comments from CBN Governor, Olayemi Cardoso, who in November 2025 stated that the recapitalisation was progressing in an orderly manner and in line with regulatory expectations.
Public Urged to Bank with Confidence, False Alarms Warned
ACAMB issued a stern warning to purveyors of false information, stating its readiness to alert law enforcement agencies against content that spreads panic-inducing narratives about the banking sector. While acknowledging freedom of expression, the association stressed that this right must be exercised responsibly.
The association has urged all Nigerians to continue their banking activities with full confidence. It emphasised that the nation's 44 deposit-taking banks operate under the strict, continuous oversight of the CBN, ensuring system stability and protecting depositors.
This development comes as banks race to meet the CBN's deadline of March 31, 2026. A report by Deloitte indicated that commercial banks are expected to raise a total of N4.14 trillion to meet the new capital requirements. To date, approximately 27 banks have engaged in fundraising activities, with 16 commercial banks already confirmed to have met the new capital threshold.
