By Grace Alegba
Lagos, Dec. 21, 2025
In a firm rebuttal to spreading misinformation, the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has issued a comprehensive assurance that Nigeria’s banking sector remains fundamentally sound, stable, and healthy. The association categorically denied speculative social media claims predicting widespread bank closures due to the ongoing Central Bank of Nigeria (CBN) recapitalisation exercise.
The assurance was delivered in a joint statement signed by ACAMB’s President, Mr. Rasheed Bolarinwa, and General Secretary, ‘Jide Sipe, specifically addressing a viral Instagram video that falsely claimed the CBN would shut down 12 banks by March 2026.
Deconstructing the Misinformation
ACAMB characterized the video as a deliberate attempt to mislead the public, stoke unnecessary panic, and exploit alarmist narratives for personal gain—often to advertise unrelated products or services. The association stated that the creator demonstrated “a fundamental lack of understanding of banking recapitalisation,” propagating assertions that are “easily disprovable by anyone with basic knowledge of the Nigerian banking sector.”
Context: Why Recapitalisation is Not a Crisis
The statement provided crucial context often missing from public discourse. Recapitalisation is a standard, proactive regulatory tool used globally to strengthen financial institutions for future economic ambitions, not a reactive measure to distress. As ACAMB clarified, the CBN’s current drive is explicitly designed to build a banking system robust enough to support the Federal Government’s goal of achieving a $1 trillion economy by 2030.
“It is a patriotic call for banks to scale up their capacity to drive economic growth and development,” the association noted, emphasizing that the exercise is about growth and stability, not forced consolidation or a sign of impending collapse.
The True State of Nigerian Banks: Safety and Progress
ACAMB provided concrete details to back its reassurance:
- Current Health: All banks are declared “safe, sound and adequately capitalised,” with strong capital adequacy ratios that exceed regulatory minimums, ensuring they can meet all customer obligations.
- Nature of the Exercise: The recapitalisation specifically targets the strengthening of core ownership capital—share capital and share premium. It does not invalidate other components of shareholders’ funds like retained earnings or capital instruments such as bonds.
- Track Record of Progress: The CBN has vetted and approved recapitalisation plans from all banks. ACAMB revealed that more than one-third of banks have already met their new capital targets, with most others in advanced stages. The CBN Governor, Mr. Olayemi Cardoso, has publicly expressed satisfaction with the orderly progress.
Bank-by-Bank Clarifications
To directly counter the video’s specific claims, ACAMB offered status updates on several named institutions:
- FirstBank, UBA, Fidelity Bank, FCMB: Classified as international banks, they have “made significant progress” and are positioned to complete recapitalisation ahead of schedule, having already exceeded the thresholds required for national banks.
- Citibank Nigeria & Standard Chartered Bank Nigeria: Remain strong subsidiaries of their global parent companies, with access to substantial international capital pools.
- Sterling Bank: Has completed key phases including private placement and rights issues.
- Polaris Bank & Others: Have clear, feasible recapitalisation pathways and show no signs of operational or financial distress.
Legal and Ethical Stance Against False Narratives
ACAMB took a strong stance against the creators of such misinformation, labeling it as potentially driven by “mischief, ignorance and a reckless disregard for the economic consequences.” The association warned it would draw the attention of law-enforcement agencies to such content, noting it may border on false representation, economic sabotage, and violations of the Cybercrime Act 2015.
While upholding the right to freedom of expression, ACAMB stressed the “corresponding responsibilities of truthfulness, accuracy and fairness,” especially when discussing critical infrastructure like the banking system.
A Call for Public Confidence and Responsible Reporting
The statement concluded by reminding the public that Nigeria’s 44 deposit-taking banks operate under strict regulatory oversight. Nigerians are the “ultimate beneficiaries of a resilient and well-regulated banking system” and should continue their banking activities with confidence.
ACAMB also issued a caution to media outlets and content creators, urging them to avoid sensationalism and “click-bait” trends at the expense of financial stability and public trust. “Accurate, responsible reporting is welcome and protected,” the statement read, “however, deliberate misinformation or panic-inducing narratives… will be reported to the appropriate authorities.”
Edited by Olawunmi Ashafa
Source: NAN
