The Federal Government has ordered all Nigerians holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.
President Muhammadu Buhari-led Federal government announced the decision in a terse statement on the micro-blogging site, Twitter on Thursday evening, September 17.
Buhari government warned that failure to comply may include monetary penalty or inability to operate the account.
The statement reads as thus; âThis 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 â Certification Forms to their respective Financial Institutions.
âPersons 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.â
The federal government said the certification forms would be in 3 categories, which are âForm for Entity â For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc) â Form for individualâ.
Comply or face sanctions
The federal government urged Nigerians 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.
âFailure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.â