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Nigerian Government Apologises Over Controversial New Registration Order For Bank Account Holders

The Nigerian Government has apologised for ordering bank account holders in the country to register their information again.

The new rule by the government raised some dust on Thursday as Nigerians kicked against it, saying it was a unnecessary especially since the Bank Verification Number and National Identification Number was in place.

In a tweet on Friday, the Nigerian Government apologised for situation.



The tweet reads, “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.”

In a statement by the Federal Inland Revenue Service, it was revealed that only “reportable persons” should now submit the said form.

It reads, “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.”

 

















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