FG Apologizes Over Bank Accounts Re-registration Order, Clarifies Nigerians

By Daily Report Nigeria
3 Min Read

Nigeria’s Federal Government has apologised over misleading tweets wherein it asked all financial account to re-register with their financial institutions.

Recall that the FG had directed all account holders in banks and insurance companies to fill and submit a Self-Confirmation form.

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The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders on Thursday.

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Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.

The directive to fill and submit a Self-Confirmation form, despite the existence of the BVN and NIN, had attracted large condemnations across social media.

The FG however, apologized in a tweet on Friday for the misleading information earlier issued.

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It tweeted, “We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”

In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.

The statement read, “This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.

“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents. And other persons who have a residence for tax purposes in more than one jurisdiction or Country.

“Financial Institutions are expected to administer the Self Certification form on such account holders when the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose.”

Earlier, the Nigerian government said all persons holding accounts in different financial institutions are required to complete and submit the form to each one of their institutions.

It had tweeted, “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.

“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.”

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