FG orders bank account holders to re-submit self-certification forms or face penalties

The President Muhammadu Buhari-led Federal Government on Thursday, directed all account holders in all financial institutions to obtain, complete and submit Self–Certification Forms.

This includes banks, insurance companies and other financial institutions.

This information was shared via the verified Twitter account of the Government of Nigeria, explaining that the forms are required by the relevant financial institutions to do due diligence procedures in line with the Income Tax Regulations 2019.

Failure to adhere to this instruction the Government said will attract sanctions which may include monetary penalty or inability to operate the account.

“INFORMATION: 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.”

“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.

“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. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.” 

Meanwhile, this development has led to criticisms from Nigerians, accusing the government of always making life difficult for Nigerians.

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

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