The Federal Government of Nigeria has directed Nigerians with accounts in any financial institutions in the country to obtain, complete and submit Self – Certification Forms to their respective financial institutions.
The directive is coming years after already putting account holders through a rigorous verification process, which involved the Bank Verification Number, BVN (a unique biometric-based identifier number) and a national identity card.
The announcement was made via the federal government’s official Twitter account @NigeriaGov on Thursday.
According to the tweet, failure to comply with the requirement to administer or execute the form attracts sanctions which may include monetary penalty or inability to operate the account.
The tweet read:
“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 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.”