FG apologises for asking all bank account holders to re-register

The Federal Government of Nigeria has apologised for asking all account holders in the country’s financial institutions to register their details again.

TMZNaija had earlier reported that the FG earlier asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.

Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.

The order to fill another Self-Confirmation form had attracted condemnations on social media, with many Nigerians accusing the government of always making life difficult for Nigerians.

Some Nigerians queried the importance of Bank Verification Number and National ID card, if every account holder needs to fill out a self certification form in the midst of pandemic.

However, in a tweet on Friday, the government apologised for misinformation.

It tweeted, “We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the Federal Inland Revenue Service Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”

In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.

The statement read, “This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.

“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents. And other persons who have a residence for tax purposes in more than one jurisdiction or Country.

“Financial Institutions are expected to administer the Self Certification form on such account holders when the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose.”

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