FG Orders All Account Holders To Re-register Their Details At Banks Nationwide

Posted by Thandiubani on Fri 18th Sep, 2020 - tori.ng

Nigerians across all states have been ordered by the FG to go to their respective banks and re-register their accounts.

Muhammadu Buhari

According to a report by Punch, the Federal Government has ordered all account holders in the country’s financial institutions to register their details again.

The controversial order was disclosed via FG's Twitter account, @NigeriaGov on Thursday.

The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders.

It 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.”

The government, however, did not give more explanation on this order.