The Association of Corporate Communication and Marketing Professionals in Banks has assured that Nigerian banks are safe and healthy, with none having shut down due to recapitalisation.

ACAMB gave the assurance on Sunday in a joint statement by its president, Rasheed Bolarinwa, and the general secretary, Jide Sipe.

The statement referred to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria by March 2026.

“As repeatedly explained by the CBN, the recapitalisation exercise is a forward-looking, proactive policy designed to strengthen the banking system and position it to support the federal government’s aspiration of a $1 trillion economy by 2030.

“It is not a crisis response, nor is it an indication of distress. Rather, it is a patriotic call for banks to scale up their capacity to drive economic growth and development,” the association noted.

According to ACAMB, the recapitalisation initiative focuses specifically on strengthening core ownership capital, namely share capital and share premium, rather than total shareholders’ funds or other capital instruments such as bonds and preference shares.

“The CBN has consistently emphasised that the exercise is aimed at growth and stability, not forced consolidation. All banks have a fair and realistic chance of meeting their recapitalisation targets, with more than one-third already having met theirs and most others at advanced stages of implementation.

“All banks submitted recapitalisation plans to the CBN in 2024, which were vetted and approved for feasibility before execution commenced. In its most recent assessment, the CBN publicly expressed satisfaction with the progress made and reaffirmed that banks are on track to meet the stipulated deadlines,” ACAMB said.

According to ACAMB, Nigerians remain the ultimate beneficiaries of a resilient and well-regulated banking system, and the public is urged to continue their banking activities with confidence and without fear.

(NAN)