Banks slam fake shutdown rumors, recapitalisation on track

Bank officials are pushing back hard against viral claims of an industry collapse. The Association of Corporate Communication & Marketing Professionals in Banks, or ACAMB, called a recent video alleging that twelve banks would be shut down by next year completely false and reckless. They stated the recapitalization drive is a proactive policy for growth, not a sign of distress, and no bank faces liquidation.

The group, led by President Rasheed Bolarinwa, emphasized that banks are currently sound and adequately capitalized. They clarified that the exercise specifically targets increasing core share capital, not total funds, to build a system capable of supporting a larger economy. They noted that over a third of banks have already met their targets, with others well into their approved plans, and the Central Bank governor has expressed satisfaction with the progress.

ACAMB singled out several banks named in the misinformation, including FirstBank, UBA, and Fidelity Bank, stating they have already surpassed the required capital levels for national licenses. They warned that such false narratives border on economic sabotage and violations of cybercrime laws. The statement urged the public to ignore alarmist content and continue banking with confidence, affirming that all institutions operate under strict regulatory oversight.