Nigerians have reacted angrily to an order by the federal government led by President Muhammadu Buhari mandating all persons holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.We had reported earlier that the Federal Government made this known in a social media statement on Thursday evening, where it warned that failure to comply may include a monetary penalty or inability to operate the account.
The federal government said the certification forms would be in 3 categories, which are “Form for Entity – For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc) – Form for individual”.
The statement reads as thus; “INFORMATION: 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 @firsNigeria website (http://firs.gov.ng) for more details.”
Moments after the news broke, Nigerians took to the micro-blogging site, Twitter to berate the federal government.
See some of the reactions below…