ACAMB Tells Nigerians That Banking System Will Be Stable, No Shutdowns Ahead

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has issued a joint statement from its president, Rasheed Bolarinwa, and general secretary, Jide Sipe, confirming that Nigerian banks remain safe, sound and adequately capitalised. They dismissed a viral Instagram video that claimed 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026, calling the claim “false and misleading.” ACAMB highlighted that more than one‑third of the 44 deposit‑taking banks have already met their recapitalisation targets, with the rest at advanced stages, and that the CBN has expressed satisfaction with the progress, noting the exercise is a forward‑looking, proactive policy aimed at growth and stability, not forced consolidation.

The association also clarified that the recapitalisation focus is on core ownership capital—share capital and share premium—rather than total shareholders’ funds or other instruments like bonds. Specific banks mentioned—FirstBank, UBA, Fidelity Bank, FCMB, Citibank Nigeria, Standard Chartered Nigeria, Sterling Bank, Polaris Bank—were all described as operationally sound with clear pathways to meet the new capital requirements. ACAMB warned that it will pursue legal action against anyone spreading misinformation that could amount to economic sabotage or cyber‑crime.