JUST IN.. FG apologizes for asking all account holders in financial institutions to re-register.

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By Mukwuzi Joseph

The Federal Government has apologised for asking all account holders in the country’s financial institutions to register their details again.

The FG had announced that all account holders in financial Institutions are to undergo another compulsory registration exercise different from BVN, baring which there will be consequences

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

Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.

Nigerians reacted, asking why everyone has to go to their banks again to undergo the rigorous exercise of registering again. People also asked what then is the usefulness of BVN and National Identity Numbers if we still have to go through this process.

Having seen Nigerians reactions therein, FG in a riposte retracted its statement and deleted its earlier tweets

“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,” it

FIRS on its official handle @firsNigeria, however, clarified the information noting that the directive was for ‘Reportable Persons’ with accounts in ‘Reportable Financial Institutions.’

“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 fulfillment 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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