The Federal Government of Nigeria has asked all Nigerians who own account(s) with financial institutions or insurance firms to fill and submit “Self-Certification form”, despite having Bank Verification Number (BVN).
FG said that financial institutions require the forms to “carry out due diligence procedures in line with the Income Tax Regulations 2019.”
The Federal Government made this announcement on Twitter via its official handle on Thursday evening. It said that failure to comply would attract monetary penalty or inability to operate account.
The FG said that individuals who operate accounts with different financial institutions are required fill and submit the said form to each of the institutions.
“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions” FG said.
https://twitter.com/NigeriaGov/status/1306634568267640832
It added that “persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.”
“The self-certification form is in 3 categories: – Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual”
FG said that “failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”
https://twitter.com/NigeriaGov/status/1306634576291418118
It is however unclear whether these forms would be available online or why the government would direct the public to visit banks for the purpose of filling forms in the middle of a pandemic despite having BVN.
The deadline for the filling of the form was not disclosed.
Written by;
Ifunanya Ikueze
