The Nigerian government has directed that all account holders in the country’s financial institutions register their details again.
The new directive was contained in a twitter post in the federal government’s official twitter handle @NigeriaGov
AIT reached out to the Ministry of Finance for clarification and was informed that the initiative is from the Federal Inland Revenue Service FIRS
Meanwhile, the FIRS has explained that the directive for financial institutions account holders in Nigeria to complete the self-certification form, is pursuant to the income tax (common reporting standard) regulations 2019 which are for the fulfillment of the automatic exchange of information requirements
The service made this known in a tweet seen by AIT.
The tweet notified the general public that all account holders in financial institutions (banks, insurance companies, etc) were required to obtain, complete and submit self-certification forms to their respective financial institutions.
By the new directive, persons holding accounts in different banks or insurance companies are required to complete and submit the form in each of the institutions.
“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.”
Nigerians were advised to visit @firsNigeria website For more enquiries.
Editor: Omor Bazuaye
