The Federal Government of Nigeria has apologised for its directive that all account holders in the nation’s financial institutions to register their details despite the Bank Verification Number (BVN) and the National Identification Number being held by many Nigerians.
The Nigerian Federal Government had asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.
The FG threatened that failure to comply with the directive would attract an imposition of restriction to bank accounts or monetary penalty.
However, the Nigerian government in a tweet on Friday apologized for the order,
to fill another self-confirmation form despite BVN and NIN, which Nigerians have vehemently condemned.
It tweeted, “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.”
According to a statement it released in Abuja on Friday, the Federal Inland Revenue Service (FIRS) explained that only “reportable persons” are expected to submit the form.
“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.”
