Nigerians have been asked by the Federal Government to partake in another registration process or face stiff penalties.
The announcement was made on the twitter handle of the Federal government @NigeriaGov yesterday, and it imposes the new registration on all Nigerians who have bank accounts irrespective of any registration they’ve done before, such as BVN and NIN.
The tweet said, “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 are required to complete and 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 three categories: Form for an entity – for controlling person (individuals having controlling interest in a legal person, trustee, etc) – Form for an 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.”
The announcement has since received negative reactions on social media.
