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The Federal Government of Nigeria has announced 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.
This was announced via its verified Twitter handle on 17th September, 2020.
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
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 @firsNigeria website https://firs.gov.ng for more details.
Meanwhile a lot of Nigerians are already showing concern about this decision by the government led by Mohammadu Buhari.
One, of the concerns is the various means of identifications which include Bank Verification Number (BVN), National Identity Card Number (NIN), Voters Card, Driver’s license, international passport and Sim Registration which all require biometrics.
Some other people have also said that the Self-certification is needless if there's no any ulterior motive to be derived from it.
Some others have also opined that self-Certification is a code name for violation of privacy and giving the Nigerian government and FIRS opportunity to withdraw directly from citizens bank account. "Its only in Nigeria one person would do Biometrics, BVN, National ID, Drivers license, others and still do Self-Certification."
Some others are also bitter with the fact that forward-thinking Nations are building digital solutions to solve various problems. But in 2020, our own government still wants us to go queue under the sun to fill and submit "self a certification" forms despite National ID, BVN, Voters Card etc.
Let's have your thoughts on this in the comments section
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