ACAMB Secures Retraction on False Bank Shutdown Claims

The Association of Corporate and Marketing Professionals in Banks (ACAMB) has taken decisive steps to safeguard public confidence in Nigeria’s banking sector by engaging a prominent digital content creator over misleading claims about the Central Bank of Nigeria’s (CBN) ongoing recapitalization exercise.
In a press release dated February 20, 2026, ACAMB disclosed that it intervened after a video by popular online personality Unofficial Osas circulated, inaccurately suggesting that 12 banks had been shut down in connection with the CBN’s recapitalization policy. The video generated significant public concern and uncertainty within the financial ecosystem.
According to the Association, its engagement with the content creators led to the successful retraction of the misleading claims, reinforcing ACAMB’s commitment to promoting accurate information and strengthening trust in Nigeria’s financial system.
In his official apology and retraction video, Unofficial Osas clarified that he was invited by the Nigerian Police Force National Cybercrime Centre in Abuja regarding the December 15 video. He acknowledged that his claims were inaccurate and affirmed that no bank is shutting down as a result of the recapitalization drive.
He further stated that most banks have either met or are on track to meet the new capital requirements — N500 billion minimum capital base for banks with international authorization and N200 billion for national banks — as stipulated under the CBN’s reform framework. He also commended ACAMB for its professional and educational approach in clarifying the policy details.
“I want to reiterate that no bank is shutting down… ACAMB was very professional in handling this case and did well to educate and enlighten me on the recapitalization process. I am now better informed,” he said.
Reacting to the development, ACAMB President Babajide Sipe emphasized that the Association remains steadfast in its mandate to protect the integrity of the banking industry through responsible information management and public enlightenment.
“ACAMB stands for the restoration of professional banking ethics and public confidence through seamless information management. We believe that an informed public is an empowered public. By engaging the content creators constructively, we ensured that accurate information about the resilience and strength of our banks reached millions of Nigerians,” Sipe noted.
Industry observers say the intervention highlights the growing importance of strategic communication in maintaining financial stability, particularly in the digital age, where misinformation can spread rapidly and undermine investor and depositor confidence.
ACAMB reiterated that Nigeria’s banking sector remains stable and resilient, urging stakeholders, media practitioners, and content creators to verify information with credible sources before dissemination.
The Association affirmed that it will continue to evolve proactive communication strategies to protect the image of the nation’s banking industry and promote responsible financial literacy among Nigerians.
ACAMB educates content creators and secures the retraction of misleading claims about bank shutdowns, reaffirming stability in Nigeria’s banking sector under the CBN recapitalization policy.