The seal of Nigeria president on display as Self-Certification takes centre

The Nigerian government has announced that a new set of financial data capture; Self-Certification is mandatory for all account holders with any financial institution in the country, and that failure to comply with the new policy will attract punishment.

A public notice shared on the official Twitter handle of the Federal Government, @NigeriaGov on Thursday confirms this development.

The notice informed all account holders to obtain, complete, and submit Self-Certification Forms to their respective Financial Institutions.

Also, financial institutions according to the notice review by Broom News are banks, insurance companies and others.

“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.”

Additionally, persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions.

Instructively, financial institutions are to carry out due diligence procedures on submitted forms, the notice also added.

Consequently, Nigerians are expressing their displeasures online over the development saying the country has enough means of identification already.

The self-certification form is in three categories:

  • Form for Entity.
  • For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc).
  • Form for an individual.

Furthermore, Federal Inland Revenue Service’s Website has further details.

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