Contrary to recent rumors spreading on social media, no bank in Nigeria faces closure or shutdown as a result of the Central Bank of Nigeria’s (CBN) ongoing recapitalization exercise, according to the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB).
In a joint statement released on Sunday, ACAMB President Rasheed Bolarinwa and General Secretary Jide Sipe said claims that up to 12 banks would be shut down by March 2026 are false, misleading, and designed to create panic.
The association clarified that the CBN’s recapitalization policy, which requires banks to raise higher core capital within set deadlines, is meant to strengthen the resilience and stability of Nigeria’s financial system, not signal distress or crisis.
“As repeatedly explained by the CBN, the recapitalization exercise is a forward-looking, proactive policy designed to strengthen the banking system and support the Federal Government’s aspiration of building a $1 trillion economy by 2030,” ACAMB said in the statement.
Banks Are Adequately Capitalised and on Track
ACAMB stressed that Nigerian banks are sound, stable, and adequately capitalized, with strong buffers to meet both customer obligations and regulatory requirements.
The recapitalization drive focuses on increasing core ownership capital, including share capital and share premium, rather than other financial instruments like bonds or preference shares, the association noted.
According to ACAMB, all licensed banks submitted recapitalization plans to the CBN in 2024, which were vetted and approved before implementation began. More than one-third of banks have already met their targets, and most others are progressing well.
The CBN has publicly expressed satisfaction with the pace of implementation and affirmed that banks are tracking toward compliance with regulatory timelines ahead of the March 2026 deadline.
Clarifying Specific Bank Positions
ACAMB also addressed specific claims about individual banks:
- FirstBank, UBA, Fidelity Bank, and FCMB have exceeded required capital thresholds and are not at risk of undercapitalization.
- Citibank Nigeria and Standard Chartered Bank Nigeria remain strong as subsidiaries of large global financial groups.
- Sterling Bank has completed significant recapitalization steps, including private placement and rights issues.
- Other banks like Polaris Bank have clear recapitalization pathways and remain operational and compliant.
Warning Against Misinformation
ACAMB condemned misinformation and said it could be reported to law enforcement if it amounts to economic sabotage or violates the Cybercrime Act. The association reminded the public that freedom of expression carries responsibilities of truthfulness and accuracy, particularly regarding financial stability and investor confidence.
The group urged Nigerians and businesses alike to continue banking with confidence, emphasising that the recapitalization process aims to produce a stronger, more resilient banking sector that can better support economic growth, lending, and investment.
