President Muhammadu Buhari-led federal government has ordered all Nigerians holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.
The government made the order in a social media statement on Thursday, giving warning that failure to comply with the Self-Certification forms may include a monetary penalty or inability to operate the account.
The order by the government is coming at a time Nigerians are still faced with National Identification Number (NIN) registration, even as bank account holders have recently passed through Bank Verification Number (BVN) registration processes.
The statement read:
“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 are 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.
“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.”