CBN recapitalisation: Nigerian Banks Dismiss Viral Claim that 12 Banks May Shut Down
- ACAM has described a viral claim of planned bank shutdowns as a result of the recapitalisation drive of CBN as misleading and aimed at causing panic
- The CBN had stated that recapitalisation is a proactive measure to strengthen banks, not a response to a crisis
- Nigerians have been urged to continue banking activities with confidence under strict regulatory oversight, rather than anxiety
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigerian banks have assured customers and the wider public that the ongoing recapitalisation exercise will be completed smoothly, without any risk of liquidation, forced takeovers or disruption to the financial system.
Source: Getty Images
The assurance followed claims made in a social media video alleging that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026. The Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) dismissed the claims as false and misleading.
In a statement signed by its president, Rasheed Bolarinwa, and general secretary, Jide Sipe, ACAMB said the video, shared on Instagram by a content creator, was produced to misinform the public and create unnecessary panic about the banking sector.
No bank is threatened by liquidation
According to the association, no Nigerian bank is under threat of liquidation or takeover, as all banks are implementing recapitalisation plans already approved by the CBN.
ACAMB explained that the recapitalisation exercise is a forward-looking policy introduced by the CBN to strengthen banks and position them to support the Federal Government’s goal of building a $1 trillion economy by 2030.
The association clarified that the exercise focuses on strengthening core ownership capital, such as share capital and share premium, rather than bonds or other capital instruments. It also noted that more than one-third of banks have already met their recapitalisation targets, while others are at advanced stages.
“All banks submitted recapitalisation plans to the CBN in 2024, which were carefully reviewed and approved. The regulator has publicly expressed satisfaction with the progress so far,” ACAMB said.
Addressing claims made against specific banks, ACAMB said institutions such as FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that are making giant strides and are well-positioned to meet the target ahead of the deadline.
The association added that Citibank Nigeria and Standard Chartered Bank Nigeria are strong subsidiaries of their global parent companies, while Sterling Bank is close to achieving its recapitalisation.
Polaris Bank and other institutions mentioned in the video were also described as operationally sound, showing no signs of financial distress.
CBN says recapitalisation exercise in line with regulations
CBN Governor, Olayemi Cardoso, had earlier said at a briefing in November 2025 that the recapitalisation exercise was progressing in an orderly manner and in line with regulatory expectations.
ACAMB warned that it would alert law enforcement agencies to content that spreads misleading or panic-inducing narratives about the banking sector. He argued that while freedom of expression is highly regarded, it must be exercised responsibly.
The association urged Nigerians to continue their banking activities without panic, noting that the country’s 44 deposit-taking banks operate under strict regulatory oversight.
Source: Twitter
Banks race to meet CBN’s March deadline
Legit.ng earlier reported that Nigerian banks are seriously raising funds to meet the CBN’s March 31, 2026, recapitalisation deadline.
According to a report by global professional services firm Deloitte, commercial banks are expected to raise a total of N4.14 trillion as a result of the CBN’s recapitalisation requirement.
So far, about 27 banks have raised funds, while 16 commercial banks have already met the new capital threshold. The recapitalisation drive is seen as critical to supporting Nigeria’s goal of building a $1 trillion economy by 2030.
Source: Legit.ng
