The Federal Government of Nigeria has warned the general public who have accounts with financial institutions like banks or insurance companies to either submit self-certification forms or pay monetary penalty for not doing so or better still, you get your accounts frozen, as you might be unable to operate your account.
This is contained in information released by the federal arm of the government verified twitter handle @NigeriaGov.
The tweet reads thus; “INFORMATION: this is to notify 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.”
Also, it is said that if you have 10 accounts with 10 different banks, you are expected to go to each of the banks to submit the Self-certification forms. The tweet which reads further confirms that saying, “Persons holding accounts in different financial institutions are required to complete and 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 forms is said to be in 3 categories, namely:
- Form for entity
- For controlling person (individuals having controlling interest in a legal person, trustee, etc.)
- Form for individual.
Failure to comply with this requirement towards submitting the Self-Certification forms include a monetary penalty or inability to operate the account.
Nigerians in a quick succession have reacted to this development, many unhappy with it due to the fact that existing structures are already in place.
Olusegun Adeniyi, says, “BVN, Drivers’ license, National I.D. card, INEC registration, International Passport; biometrics were taken in all these places. So, what is the meaning of this?
Another user of the Twitter app says this will cause unnecessary and avoidable panic inside banking halls as many will scramble for an opportunity to register. In her words, she says; “What in the blue hell is this supposed to mean? No date, no deadline. So you just want everybody to start crowding banks to fill forms, of which many branches are still closed due to COVID. Do you people have sense at all? Please tell me what is the essence of having a BVN?
Dr. Dipo Awojide also voiced his opinion on the Self-Certification Forms matter, he says; “Small time they will ask us to go and bring the left finger of our dead grandmothers. Because after BVN, Drivers’ License, International Passports, Birth Certificate, SIM registration, National I.D. card, I don’t know what else they want.”
Ayodeji Ebo quizzed if the directive is even compliant with the social distancing practice that has greeted the entire world since the outbreak of the new coronavirus pandemic. He says, Hmm! Is this COVID-19 compliant? Why can’t BVN solves this? I hope implementation will be in the next 5 years to enable everyone complete and submit this form? Another data base? Scan and archive? What do I know? Just asking