The attention of the Association of Corporate Communication & Marketing Professionals in Banks (ACAMB) has been drawn to an Instagram video claiming that 12 banks would be shut down by the Central Bank of Nigeria (CBN) by March 2026.

The video, posted by one Olaoluwa Segun under the handle Olaoluwa_olas, was clearly produced with the intent to mislead the public, stoke unnecessary panic and exploit alarmist misinformation for personal gain while advertising some miserable wares. The content creator demonstrated a fundamental lack of understanding of banking recapitalisation, making several erroneous and misleading assertions that are easily disprovable by anyone with basic knowledge of the Nigerian banking sector.

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.

Contrary to the false claims circulating online, Nigerian banks are currently safe, sound and adequately capitalised, with strong capital adequacy buffers sufficient to meet both customer obligations and regulatory requirements. 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.

The misinformation being peddled is therefore entirely baseless and appears driven by mischief, ignorance and a reckless disregard for the economic consequences of false narratives. ACAMB will draw the attention of relevant law-enforcement agencies to this and similar content, particularly where it borders on false representation, economic sabotage and violations of the Cybercrime Act. While freedom of expression is guaranteed, it carries corresponding responsibilities of truthfulness, accuracy and fairness.

Although the entire content of the video is misleading and click-bait driven, specific claims against certain banks deserve clarification. FirstBank, United Bank for Africa (UBA), Fidelity Bank and FCMB are international banks that have made significant progress in their recapitalisation programmes and are well positioned to complete them ahead of schedule. They have exceeded the capital thresholds for national banks and face no risk of undercapitalisation.

Citibank Nigeria and Standard Chartered Bank Nigeria remain strong subsidiaries of their respective global parents, while Sterling Bank has completed key phases of its recapitalisation, including private placement and rights issues. Polaris Bank and other institutions mentioned also have clear recapitalisation pathways and remain operationally sound, with no indication of financial distress.

As the CBN Governor, Mr Olayemi Cardoso, stated at his November 2025 briefing, the recapitalisation exercise “is progressing in an orderly manner and in line with regulatory expectations.” He further noted: “We are monitoring developments, and indications show the process is moving in the right direction.”
Nigeria currently has 44 deposit-taking banks across various licence categories, all operating under strict regulatory oversight. 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.

ACAMB also cautions content creators and media organisations against chasing click-bait, trends or sensationalism around reputable financial institutions. Accurate, responsible reporting is welcome and protected; however, deliberate misinformation or panic-inducing narratives around the banking sector will be reported to the appropriate authorities in the interest of financial stability and public trust.

Amaka Obiefuna

The future of women-led enterprises in Nigeria took center stage on
November 21, 2025, as the Development Bank of Nigeria (DBN), with support from Agence Française de Développement (AFD), and Sterling One Foundation convened investors, ecosystem leaders, and high-potential women entrepreneurs for the Women Investment Readiness Accelerator (WIRA) Demo Day in Ilupeju, Lagos.

The event underscored DBN’s central role in strengthening Nigeria’s MSME ecosystem,
particularly for women founders who remain critical drivers of economic growth.

The Demo Day marked the culmination of an intensive accelerator cycle funded and championed by DBN, featuring capacity-building, mentorship, and hands-on business development support for women entrepreneurs across agriculture, food processing, waste management, retail,
technology, fashion, and other impact-driven sectors.

A highlight of the day was the pitch showcase, where entrepreneurs presented their refined, scalable business models to investors, financial institutions, and business support organizations.

For many, this moment represented a direct pathway to funding, partnerships, and expansion, opportunities made possible through DBN’s sustained investment in building a stronger, more equitable entrepreneurial landscape.

The WIRA program was launched to address systemic challenges that continue to limit the growth of women-owned enterprises in Nigeria, including restricted access to finance, limited structured mentorship, and insufficient market entry support.

Through WIRA, DBN and Sterling One Foundation are directly tackling these barriers by ensuring women entrepreneurs gain the resources, capacity, and visibility they need to thrive.

Speaking during the Demo Day, Dr. Tony Okpanachi, Managing Director/CEO of
Development Bank of Nigeria Plc, emphasized the importance of sustained investment in women-led enterprises: “What we witnessed here today confirms that investing in women entrepreneurs yields measurable economic and social impact.

Their businesses are innovative, resilient, and positioned for scale. At DBN, we remain committed to ensuring that women-led MSMEs have access not just to financing, but to the knowledge, networks, and market opportunities that enable sustainability and growth. This Demo Day is a clear step
forward in strengthening Nigeria’s entrepreneurial landscape.”

Also speaking at the event, Olapeju Ibekwe, CEO of Sterling One Foundation, highlighted the significance of creating platforms that elevate women’s business leadership and visibility: “The women we celebrated today are solutions-builders. They are tackling real challenges with creativity and determination. But potential alone is not enough, support, connections,and capital are essential.

Through WIRA, our goal has been to close the financing and opportunity gap by providing more than training — we provided guidance, confidence, andaccess. Today’s pitches are proof of what happens when women are empowered to take up space and lead boldly.”

Investor partners and business support organizations present acknowledged the quality and viability of the enterprises showcased, with several founders advancing to follow-up funding and advisory discussions.

The WIRA program remains aligned with broader national and global goals to accelerate gender-inclusive development. With women owning nearly 60% of Nigeria’s SMEs yet receiving disproportionately lower access to capital, DBN’s sustained investment in programs like WIRA demonstrates its commitment to unlocking the full economic potential of women entrepreneurs and advancing inclusive growth across Nigeria.

About the Sterling One Foundation
Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across three critical sectors namely: health, education and climate action & food security.

Gender Equality and women empowerment are integrated as a cross-cutting priority across all our programming areas. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs).

For more information visit onefoundation.ng
About the Development Bank of Nigeria
Development Bank of Nigeria was set up by the Federal Government of Nigeria (FGN) in
collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.

Its objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis. For more information visit: