FG issues apology for asking account holders in financial institutions to re-register
By Emmanuel Awosika
The Federal Government has issued a public apology over an order asking account holders in Nigerian financial institutions to re-register their details.
Earlier, the FG had, in a statement on Twitter, said all account holders in insurance companies and banks must complete and submit a Self-confirmation form.
According to the FG’s statement, anyone who failed to comply with the directive would have access to their accounts restricted and will pay a fine.
Nigerians had kicked against the order, noting that account holders had already submitted their details whilst registering for the Bank Verification Number and National Identification Number.
However, the Federal Government has recanted its initial statement, saying the order was the result of a miscommunication.
“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 said via a tweet.
The Federal Inland Revenue Service also released a statement to clear on the issue. In it, the agency clarified that order did not apply to all account holders.
It said: “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.”
