ACAMB Educates Content Creator to Correct Misinformation on Bank Recapitalisation

The Association of Corporate and Marketing Professionals in Banks (ACAMB) has intervened to address misinformation surrounding the ongoing recapitalisation policy of the Central Bank of Nigeria (CBN), leading to the retraction of a viral video by popular content creator Unofficial Osas. 

The association disclosed that the intervention followed the content creator’s misrepresentation of facts about the CBN’s recapitalisation drive, which had suggested that several Nigerian banks were being shut down. The misleading claims reportedly prompted his invitation by the Nigeria Police Force through its cybercrime unit in Abuja.

According to ACAMB, the engagement formed part of its public enlightenment mandate aimed at protecting confidence in the financial system and ensuring accurate dissemination of banking information.

In an official apology video released after the engagement, Unofficial Osas clarified that his earlier claims were incorrect.

“I was invited by the Nigerian Police Force National Cybercrime Centre in Abuja over the video I posted on December 15, where I spoke about 12 banks that were shut down in relation to the CBN recapitalisation policy,” he said. “I would like to offer an official retraction of that video and reiterate that no bank is shutting down. Most of the banks have now met the ₦500 billion minimum capital base for international banks and ₦200 billion for national banks under the recapitalisation requirements.”

He further commended ACAMB for its professional handling of the matter and for providing clarity on the recapitalisation framework.

“I want to specifically appreciate ACAMB. They were very professional in handling this case and did well to educate and enlighten me on the recapitalisation process. I am now better informed and know better,” he added.

Reacting to the development, President of ACAMB, Jide Sipe, reiterated the association’s commitment to safeguarding public confidence in the banking sector through responsible communication.

“ACAMB stands for the restoration of professional banking ethics and public confidence through seamless information management and public enlightenment. We believe that an informed public is an empowered public. By engaging Unofficial Osas, we ensured that accurate information regarding the resilience and strength of our banks was disseminated to the millions of Nigerians who follow him,” Sipe said.

The association noted that the intervention underscores its evolving strategy to sustain a positive image for Nigeria’s banking industry while promoting better financial literacy and responsible digital content among the public.

ACAMB also urged content creators and social media influencers to verify financial information with credible sources before publication to avoid misinformation capable of triggering panic within the financial ecosystem.