Submit self-certification or lose your bank accounts - FG

On Thursday, the Federal government instructed Nigerians to complete and submit self-certification forms. Lack of compliance to this order would have resulted in loss of access to bank account. A statement on twitter stated:

“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.”

Nigeria found this unnecessary because they have Bank Verification Numbers which can be used for identification. This caused a controversy among Nigerians. The FIRS/FG came out to correct the misunderstanding:

“We apologize 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,” 

“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 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 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 account opening processes for the KYC and AML purpose,” 

This simply means the policy affects non-residents and citizens with tax residence in more than one country. Many blamed the government for poor communication on their path.

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