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FG apologises over misleading tweet ordering accounts holders to re-register

Friday, September 18, 2020

/ by Bobby Adams


Federal Government has apologised for posting a misleading tweet on Thursday 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." 


The FG in a tweet Friday morning clarify that the order regarding the completion of self-certification forms does not apply to all account holders but only to Reportable Persons.

The tweet reads," We apologize 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. 


The federal government had in a tweet on Thursday ordered all account holders in financial institutions to re-register their accounts. 

It even threatened to block access to defaulters' accounts or impose a monetary penalty.

The tweets read, "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.

"The 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.

"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 FIRS' website."

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