The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed as false and misleading a viral Instagram video claiming that 12 Nigerian banks will be shut down by the Central Bank of Nigeria (CBN) by March 2026.
The video, posted by an individual identified as Olaoluwa Segun under the handle Olaoluwa_olas, alleges that several banks are failing to meet recapitalisation requirements and face imminent closure. According to ACAMB, the content was deliberately crafted to misinform the public, create unnecessary panic and exploit fear for personal gain.
ACAMB noted that the claims reveal a fundamental misunderstanding of the ongoing banking recapitalisation exercise. The CBN has repeatedly clarified that recapitalisation is a forward-looking and proactive policy, not a crisis response. Its objective is to strengthen the banking system and position it to support the Federal Government’s target of building a $1 trillion economy by 2030.
Contrary to the claims circulating online, Nigerian banks are safe, stable and adequately capitalised. The recapitalisation initiative focuses specifically on core ownership capital—share capital and share premium—rather than total shareholders’ funds or other instruments such as bonds or preference shares. This distinction, ACAMB said, has been deliberately or ignorantly ignored by purveyors of misinformation.
The CBN has also stressed that the exercise is not intended to force consolidation or bank closures. All banks were required to submit recapitalisation plans in 2024, which were reviewed and approved for feasibility before implementation. More than one-third of the banks have already met their targets, while most others are at advanced stages. In its latest public update, the CBN expressed satisfaction with the pace and progress of the exercise.
Addressing specific banks mentioned in the video, ACAMB clarified that FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress and are well positioned to complete their recapitalisation ahead of schedule. These banks have already exceeded the capital requirements for national banks.
Citibank Nigeria and Standard Chartered Bank Nigeria remain financially strong subsidiaries backed by their global parent institutions. Sterling Bank has completed key phases of its recapitalisation, including private placements and rights issues, while Polaris Bank and other institutions mentioned have clear and viable recapitalisation pathways and show no signs of financial distress.
CBN Governor, Mr Olayemi Cardoso, reaffirmed the regulator’s position during a briefing in November 2025, stating that the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations,” adding that indicators show the process is moving in the right direction.
Nigeria currently has 44 deposit-taking banks operating across various licence categories under strict regulatory oversight. ACAMB urged Nigerians to continue their banking activities with confidence, stressing that the financial system remains resilient and well regulated.
The association also warned content creators and media organisations against spreading sensational or click-bait narratives about the banking sector. While freedom of expression is protected, ACAMB emphasised that deliberate misinformation capable of undermining financial stability and public trust will be reported to the appropriate authorities.
