FG orders Nigerians to re-register their bank accounts or lose it

The Federal Government has directed all Nigerians with an account with financial institutions to register their details again. The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders. This new order was disclosed by the government on its Twitter account, @NigeriaGov, on Thursday. The tweet reads;
“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 an entity for controlling person (individuals having controlling interest in a legal person, trustee, etc) Form for the 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.”
INFORMATION:
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.Government of Nigeria (@NigeriaGov) September 17, 2020