The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed claims on an Instagram video that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.

In a statement, the association said that the video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, “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.”

It also stated that: “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.”

ACAMB stressed that the recapitalisation exercise was not a crisis response on the part of the regulator or an indication of distress in the industry, but, “a forward-looking, proactive policy designed to strengthen the banking system and position it to support the Federal Government’s aspiration of a $1 trillion economy by 2030.

According to the association, the recapitalisation exercise, “ is a patriotic call for banks to scale up their capacity to drive economic growth and development.”

It further said: “Contrary to the false claims circulating online, Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet both customer obligations and regulatory requirements.

The recapitalisation initiative focuses specifically on strengthening core ownership capital—namely share capital and share premium—rather than total shareholders’ funds or other capital instruments such as bonds and preference shares.

“The CBN has consistently emphasised that the exercise is aimed at growth and stability, not forced consolidation. All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others at advanced stages of implementation.

All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before execution commenced.

In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines.”