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The Federal Government has announced that all account holders in Financial institutions such as Banks and Insurance companies are required to obtain complete and submit self certification forms to their respective financial institutions.

This new directive was posted on the official Twitter handle of the Federal Government @NigeriaGov.

The Federal government stated that all persons holding accounts in different financial institutions are required to complete & submit the form to each one of the institutions.

According to the new directive, the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

While enumerating the categories of the self-certification form, it was clearly stated that failure to comply with the
requirement to administer or execute this form attracts sanctions.

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It 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 is required to complete & 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.

“he self-certification form is in 3 categories: – Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual.

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“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. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.

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