FG Apologises For Asking Bank Account Holders To Re-register Their Details

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The federal government has apologized to the public for asking all account holders in the county’s financial institutions to register their details again.

Recall that, in a tweet through the Nigeria government’s verified Tweeter handle on Thursday, the federal government directed all account holders in banks, including insurance companies to to fill and submit a Self-Confirmation form.

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

Also, the government threatened to block access to defaulters’ accounts or impose a monetary, should anyone fail to register his or her details again.

The order to fill another Self-Confirmation form, despite the existing BVN and NIN, has been spring outrage amongst Nigerians on social media since Thursday.

However, the federal government through it verified Tweeter handle again, on Friday, apologized to the public for misinformation.

“We apologise 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.”

In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.

The statement read, “This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.

“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents. And other persons who have a residence for tax purposes in more than one jurisdiction or Country.

“Financial Institutions are expected to administer the Self Certification form on such account holders when the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose.”

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