FG Orders Nigerians to Submit Self-Certification Forms or Lose their Bank Accounts

The Federal Government (FG) has ordered every Nigerian that has an account with any bank and/or insurance firm to submit Self-Certificate forms or lose their bank accounts. See how to get the FG Self-Certificate form.

FG made the announcement on Thursday evening through its official twitter account (@NigeriaGov). According to FG, the Self-Certification Form is important to enable financial institutions follow due procedures for issues relating to Income Tax Regulations Act 2019.

However, Nyscinfo.com learnt that failure to comply with the order attracts sanctions which may include monetary penalty or inability to operate the account.

The statement from FG reads as follows;

“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 self-certification form is in 3 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. For more enquiries visit http://firs.gov.ng) for more details.

INFORMATION:

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.

— Government of Nigeria (@NigeriaGov) September 17, 2020

The self-certification form is in 3 categories:
– Form for Entity
– For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc)
– Form for individual

— Government of Nigeria (@NigeriaGov) September 17, 2020

See how to get the FG Self-Certificate form.

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