FG Orders Nigeria's Bank Account Holders To Begin Another Round Of Verifications


 The Federal Government has directed all account holders in the country to obtain and fill self-certification forms in line with the Income Tax Regulations 2019.

The directive contained in a series of tweets on Thursday stated that each account holder must submit the filled forms in their respective financial institutions.

“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,” it stressed

The government, however, stated that the exercise is part of due diligence exercise mandated by the banks and other financial institutions in line with the Income Tax Regulations 2019.

According to the directive, the forms have been categorised into three: Form for Entity, for Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc); and form for individual

The directive by the government warned that “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.”

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Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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