Nigerians have kicked against the Federal Government’s decision mandating all persons holding accounts in various financial institutions including banks and insurance companies to complete and submit a Self Certification Form.

The Federal Government made the announcement via its official twitter handle.

According to the government, “persons holding accounts in different financial institutions is (sic) 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 a controlling interest in a legal person, trustee, etc) – Form for individuals.

FG statement
Both individuals and corporate entities will be required to fill and submit the Self Certification Form to every financial institution where they operate an account.

Going by the government’s statement, defaulters of this directive will be sanctioned through fines or may have their financial assets frozen.

Nigerians have shown their dissatisfaction with the government’s Self-certification decision which, according to many of them, defeats the whole essence of obtaining Bank Verification Numbers (BVN) in the first place.

Read more here - https://technext.ng/2020/09/18/what-is-the-essence-of-bvn-nigerians-slam-fgs-self-certification-form-for-bank-and-insurance-customers/