Nigerian bank account holders to submit Self-Certification Forms, FG says


The Nigerian government has said all persons holding accounts across financial institutions, including insurance firms, are to fill and submit Self-Certification Forms.

The Federal Government made this known in information released via its Twitter handle on Thursday, while it threatened to block access to defaulters’ accounts or impose a monetary penalty.

The information for self-certification of accounts came despite series of personal documentations Nigerians had done through the existing Bank Verification Number (BVN), National Identification Number and National Identity Management Commission.

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A series of tweets posted to that effect 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 is required to complete and 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 FIRS’ website.”