The Federal Government of Nigeria has ordered Nigerians holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.
This decision was announced by the President Muhammadu Buhari-led Federal Government in a concise statement via Twitter on Thursday evening, September 17.
The Federal Government warned that failure to comply may include monetary penalty or inability to operate the account.
The statement reads as thus; “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 federal government said the certification forms would be in 3 categories, which are “Form for Entity – For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc) – Form for individual”.
Urging Nigerians, the Federal Goverment requires all to comply with the requirements and execute all forms needs, if not sanctions may be introduced in the forms of a monetary penalty or inability to operate the account.
“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.”