Outrage as FG compels Nigerians to submit self-certification forms to operate bank accounts

0

Nigerians have expressed anger at a new Federal Government directive mandating individuals and corporate organisations operating accounts with financial institutions to fill and submit self-certificaton forms to each of the institutions.

The directive was contained in a statement via the Federal Government’s official Twitter handle @NigeriaGov on Thursday.

The statement 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 is 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 3 categories: Form for Entity; For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc); and 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 (firs.gov.ng) for more details.”

 

Many Nigerians that replied the tweets, including known supporters of the All Progressives Congress (APC)-led Federal Government, objected to the timing of the directive.

According to them, chaos would ensue should Nigerians throng the financial institutions to fill and submit the forms at a time that the nation was yet to fully overcome the COVID-19 pandemic.

Read comments below: 

 

Leave a Reply

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.