All account holders in Nigerian financial institutions have been ordered by the Federal Government 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 directive was disclosed by the Federal Government on its Twitter account, @NigeriaGov, on Thursday.
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.
Although the Federal Government did not give more explanation on this order, it came under heavy criticism as many Nigerians wondered why the government, which already has their data in various forms, in BVN, National ID Card, Voters Card and Drivers Licence, wants to subject them to stress, by queueing for ‘self certification at banks.
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
Meanwhile, the government’s directive is coming at a time when the country and the rest of the world is battling the spread of the Coronavirus pandemic.
Nigerians argued that the call by the Federal Government is coming at a wrong time as the country risks having a spike in the virus and may lead to another wave of infections.
Recall that the Secretary to the Government of the Federation, Boss Mustapha, announced that the country is already witnessing a reduction in the number of daily infections.