Sanity prevails as FG backs down, apologises over call for re-registration in banks, others

After a few hours of mad reactions from Nigerians over a directive for all account holders to go through the rigours of re-registering their personal details with banks, just a few years after doing same, sanity has finally prevailed, and the federal government has backed down, apologised, and changed its mind.

Angry Nigerians had advised government to reverse the order and use details it got from Bank Verification Number (BVN) and National Identity Number registrations .

“We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons.

“The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”

FIRS was to later explain lthat the self certification form was pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 and in fulfilment of Automatic Exchange of Information Requirements.

FIRS said that the form would be administered on reportable persons holding accounts in financial institutions regarded as “Reportable Financial Institutions” under the CRS.

Recall that the Federal Government ordered all account holders in the country’s financial institutions to re-register their details again.

On its Twitter account, @NigeriaGov, on Thursday, the government said, “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 are 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 three 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.”