The Nigerian government has ordered all account holders across the financial institutions and insurance firms to complete and submit Self-certification forms.

As stated by the Federal Government, 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.
This announcement was made by the Federal Government in a social media statement on Thursday.

The Government equally urged Nigerians to comply with the requirements and execute all forms needs appropriately, else sanctions may be introduced in the forms of monetary penalty or inability to operate the account.

Nigerians are not yet clear how the self-certification process differs from the bank verification number (BVN) and national identification number (NIN).

The BVN has been a prerequisite to owning a bank account and it is used to link all bank and pension accounts owned by an individual.

The NIN is also another form of identification introduced by the federal government and is a prerequisite for getting an international passport.

The National Identity Management Commission (NIMC) currently harmonising the NIN and BVN and has set a five-year target to register all Nigerians after a $430 million world bank loan for the Nigeria digital identification for development project.

See the reactions Nigerians made here: http:///s6f546e9d200917en_ng?client=news