“ACAMB Refutes Viral Instagram Claims by @Olaoluwa_olas: No Imminent Closures of Nigerian Banks”

The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has dismissed viral online claims that 12 Nigerian banks are at risk of shutdown by March 2026, describing the assertions as misleading, baseless, and alarmist.

ACAMB President Rasheed Bolarinwa and General Secretary Jide Sipe stated that the attention of the association was drawn to an Instagram video posted by one Olaoluwa Segun (@Olaoluwa_olas), which falsely suggested imminent closures of major banks. The video, ACAMB said, was created to mislead the public, incite panic, and promote personal interests under the guise of financial commentary.

“The content creator demonstrated a fundamental misunderstanding of banking recapitalisation, making several erroneous and misleading claims easily disproven by anyone familiar with Nigeria’s banking sector,” ACAMB said.

The association reiterated that the ongoing recapitalisation exercise led by the Central Bank of Nigeria (CBN) is a forward-looking policy aimed at strengthening banks’ core capital. This initiative is intended to enhance the capacity of banks to support the Federal Government’s $1 trillion economy ambition by 2030 and is not a response to financial distress or a signal of impending closures.
Contrary to the viral video, Nigerian banks are currently safe, sound, and adequately capitalised, with strong buffers that ensure regulatory compliance and customer protection. ACAMB explained that the recapitalisation targets specifically strengthen share capital and share premium, rather than total shareholders’ funds or other instruments like bonds or preference shares.

Highlighting progress, ACAMB noted that more than one-third of banks have already met their recapitalisation targets, while most others are at advanced stages. Leading institutions such as FirstBank, United Bank for Africa (UBA), Fidelity Bank, and FCMB have exceeded national capital thresholds and face no risk of undercapitalisation. Citibank Nigeria, Standard Chartered Bank Nigeria, Sterling Bank, Polaris Bank, and others are also operationally sound with clear recapitalisation pathways.

CBN Governor Olayemi Cardoso, during a November 2025 briefing, emphasized that the recapitalisation process “is progressing in an orderly manner and in line with regulatory expectations,” further confirming that the banking sector remains resilient.

ACAMB warned content creators and media outlets against spreading panic-inducing or sensationalist narratives about banks. While freedom of expression is guaranteed, it comes with the responsibility of accuracy, truthfulness, and fairness. The association also confirmed plans to alert relevant law enforcement authorities over false representations that could destabilise public trust or constitute economic sabotage under the Cybercrime Act.

With 44 licensed deposit-taking banks operating under strict CBN oversight, ACAMB reassured Nigerians that the financial system is stable and urged the public to continue normal banking activities with confidence.

ACAMB debunks viral claims of bank shutdowns in Nigeria, affirming that all banks remain safe, adequately capitalised, and on track with recapitalisation. CBN oversight ensures financial stability.