The Affiliation of Company Communication and Advertising Professionals in Banks (ACAMB) has assured Nigerians that no bank within the nation faces closure on account of recapitalisation necessities, opposite to claims circulating on social media.
The peace of mind was contained in a joint assertion issued on Sunday by ACAMB President, Mr. Rasheed Bolarinwa, and Basic Secretary, Mr. Jide Sipe.
The assertion adopted an Instagram video alleging that 12 banks can be shut down by the Central Bank of Nigeria (CBN) by March 2026 for failing to satisfy capital necessities.
What ACAMB is saying
ACAMB described the video as deceptive and alarmist, accusing its creator of making an attempt to stoke panic and exploit misinformation for private achieve.
“The content material creator demonstrated a elementary lack of awareness of banking recapitalisation, making a number of inaccurate and deceptive assertions which are simply disprovable by anybody with fundamental data of the Nigerian banking sector,” the affiliation mentioned.
The affiliation defined that the recapitalisation train is a proactive coverage designed to strengthen the banking system and assist the Federal Authorities’s aspiration of constructing a $1 trillion financial system by 2030.
“As repeatedly defined by the CBN, the recapitalisation train is a forward-looking, proactive coverage designed to strengthen the banking system. It isn’t a disaster response, neither is it a sign of misery. Reasonably, it’s a patriotic name for banks to scale up their capability to drive financial progress and growth,” ACAMB famous.
Opposite to the false claims, ACAMB confused that Nigerian banks are at the moment protected, sound, and adequately capitalised, with sturdy capital adequacy buffers enough to satisfy each customer obligations and regulatory necessities.
The recapitalisation initiative, it added, focuses on strengthening core possession capital—share capital and share premium—reasonably than complete shareholders’ funds or different devices akin to bonds and choice shares.
Banks on monitor to meet targets
ACAMB famous that every one banks submitted recapitalisation plans to the CBN in 2024, which had been vetted and accredited for feasibility earlier than execution commenced.
“All banks have a good and practical probability of assembly their recapitalisation targets, with greater than one-third already having met theirs and most others at superior phases of implementation. In its most up-to-date evaluation, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on monitor to satisfy the stipulated deadlines,” the affiliation mentioned.
The assertion clarified particular claims in opposition to sure banks, noting that FirstBank, United Bank for Africa (UBA), Fidelity Bank, and FCMB are worldwide banks which have exceeded capital thresholds and face no danger of undercapitalisation.
It added that Citibank Nigeria and Standard Chartered Bank Nigeria stay sturdy subsidiaries of their world mother and father, whereas Sterling Bank has accomplished key phases of recapitalisation, together with non-public placement and rights points. Polaris Bank and different establishments talked about even have clear recapitalisation pathways and stay operationally sound.
ACAMB recalled that CBN Governor, Mr. Olayemi Cardoso, had acknowledged in November that the recapitalisation train “is progressing in an orderly method and in keeping with regulatory expectations.”
The affiliation emphasised that Nigeria’s 44 deposit-taking banks throughout varied licence classes proceed to function below strict regulatory oversight, guaranteeing stability and resilience.
Warning in opposition to misinformation
The affiliation condemned the unfold of false narratives, describing them as “baseless and pushed by mischief, ignorance, and reckless disregard for the financial penalties of misinformation.”
It mentioned it could draw the eye of regulation enforcement companies to such content material, notably the place it borders on false illustration, financial sabotage, and violations of the Cybercrime Act.
Whereas acknowledging freedom of expression, ACAMB confused that it carries obligations of truthfulness, accuracy, and equity.
“Correct, accountable reporting is welcome and guarded; nonetheless, deliberate misinformation or panic-inducing narratives across the banking sector will likely be reported to the suitable authorities within the curiosity of economic stability and public belief,” the assertion added.
The affiliation urged Nigerians to proceed their banking actions with confidence, assuring that the recapitalisation course of is designed to strengthen the sector and ship long-term advantages to the financial system.
What you must know
- Final month, the CBN mentioned that 16 banks have met its recapitalisation threshold, marking regular progress within the business’s efforts to strengthen stability sheets and adjust to new regulatory necessities forward of the March 2026 deadline.
- CBN Governor Olayemi Cardoso disclosed the event throughout a press briefing on the finish of the Financial Coverage Committee (MPC) assembly in Abuja.
- The up to date determine displays an enchancment from the 14 banks that had met the minimal capital requirement as of the final MPC assembly in September, signalling what the Bank described as rising compliance throughout the sector.
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