The federal government on Thursday mandated every person that owns an account with financial institutions to undergo a self-certification process.
The directive was announced on via the federal government’s Twitter handle.
Account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.
The federal government said individuals who hold accounts in different financial institutions would have to collect and submit separate forms to each one of the institutions.
Three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) are said to be available
“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019,†it said.
“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.â€
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://t.co/lv3VYV5wD4) for more details.
— Government of Nigeria (@NigeriaGov) September 17, 2020
