FG Orders All Account Holders In Nigeria To Do ‘Self Certification’ Or Lose Their Money

The Federal Government has announced that all account holders in Financial institutions such as Banks and Insurance companies are required to obtain complete and submit self certification forms to their respective financial institutions.

This new directive was posted on the official Twitter handle of the Federal Government @NigeriaGov.

The FG stated that all persons holding accounts in different financial institutions are required to complete & submit the form to each one of the institutions.

According to the new directive, the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

While enumerating the categories of the self-certification form, it was clearly stated that failure to comply with the
requirement to administer or execute this form attracts sanctions.

It reads partly;

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 @firsNigeria website (http://firs.gov.ng) for more details.