FG orders Nigerians with bank accounts to obtain and submit self certification form

FG orders Nigerians with bank accounts to obtain and submit self certification form




The Federal Government on Thursday directed all bank account holders in the country to undergo a “self-certification” process.

In the directive issued via federal government’s official Twitter handle, account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.

Individuals with accounts in different financial institutions are expected to collect and submit separate forms to each of the institutions.

The government added that three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) were available.

According to the FG, 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 said to be available in three categories, which are for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc).

The tweets also said, ‘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’.

It is not clear yet how the self-certification differs from the bank verification number (BVN), which is used to link all bank accounts belonging to an individual.

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.

he 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.

This information was shared via the Nigerian Government's checked Twitter account, claiming that the financial institutions in question are expected to perform due diligence procedures in accordance with the 2019 Income Tax Regulations.

It is in three categories: – Entity form – For the governing individual (persons with governing rights in the statute, trustee, etc.) – Personal form.

"It can be fines that include the monetary penalty or failure to manage the account if the obligation to implement or execute this form is not fulfilled. Visit @firsNigeria's website to find more details for further queries (http:/firs.gov.ng)


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