Opposite to current rumors spreading on social media, no financial institution in Nigeria faces closure or shutdown on account of the Central Financial institution of Nigeria’s (CBN) ongoing recapitalization train, based on the Affiliation of Company Communication and Advertising and marketing Professionals in Banks (ACAMB).
In a joint assertion launched on Sunday, ACAMB President Rasheed Bolarinwa and Basic Secretary Jide Sipe mentioned claims that as much as 12 banks could be shut down by March 2026 are false, deceptive, and designed to create panic.
The affiliation clarified that the CBN’s recapitalization coverage, which requires banks to lift larger core capital inside set deadlines, is supposed to strengthen the resilience and stability of Nigeria’s monetary system, not sign misery or disaster.
“As repeatedly defined by the CBN, the recapitalization train is a forward-looking, proactive coverage designed to strengthen the banking system and assist the Federal Authorities’s aspiration of constructing a $1 trillion economic system by 2030,” ACAMB mentioned within the assertion.
Banks Are Adequately Capitalised and on Monitor
ACAMB confused that Nigerian banks are sound, secure, and adequately capitalized, with robust buffers to fulfill each buyer obligations and regulatory necessities.
The recapitalization drive focuses on rising core possession capital, together with share capital and share premium, relatively than different monetary devices like bonds or desire shares, the affiliation famous.
In keeping with ACAMB, all licensed banks submitted recapitalization plans to the CBN in 2024, which have been vetted and authorized earlier than implementation started. Multiple-third of banks have already met their targets, and most others are progressing properly.
The CBN has publicly expressed satisfaction with the tempo of implementation and affirmed that banks are monitoring towards compliance with regulatory timelines forward of the March 2026 deadline.
Clarifying Particular Financial institution Positions
ACAMB additionally addressed particular claims about particular person banks:
- FirstBank, UBA, Constancy Financial institution, and FCMB have exceeded required capital thresholds and should not vulnerable to undercapitalization.
- Citibank Nigeria and Normal Chartered Financial institution Nigeria stay robust as subsidiaries of huge international monetary teams.
- Sterling Financial institution has accomplished vital recapitalization steps, together with non-public placement and rights points.
- Different banks like Polaris Financial institution have clear recapitalization pathways and stay operational and compliant.
Warning In opposition to Misinformation
ACAMB condemned misinformation and mentioned it may very well be reported to legislation enforcement if it quantities to financial sabotage or violates the Cybercrime Act. The affiliation reminded the general public that freedom of expression carries obligations of truthfulness and accuracy, significantly relating to monetary stability and investor confidence.
The group urged Nigerians and companies alike to proceed banking with confidence, emphasising that the recapitalization course of goals to provide a stronger, extra resilient banking sector that may higher assist financial development, lending, and funding.
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