The office of the President has informed general Public that they are required to obtain Self-Certification forms in their respective financial institutions.

The information was issued by the office of the presidency, via its official Twitter page as they state that all account holders are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions(banks and Insurance companies ).

“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”.

Those operating in different banks are required to submit the forms in the different banks they operate, this is in line with the Income Tax Regulation 2019. The memo states;

“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) and 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 (firs.gov.ng) for more details.”