Just In: FG apologises, says account re-registration, not for everyone.

Newsie Events:-
The Federal Government has apologised and made some clarification regarding the directive asking all account holders in the country’s financial institutions to register their details again.
There were reports yesterday that the FG asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.
Nigerians have been reacting in total condemnation to the order, citing that every account holder had gotten Bank Verification Number and the National Identification Number and wondered why the need for re-registration.
Even as the Nigerian government had threatened to block access to defaulters’ accounts or impose a monetary penalty.
However, In a twist of event on Friday, the Federal Government via a tweet regretted the misinformation and apologised

It tweeted, “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 press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.

The statement read, “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.”

Earlier, the Nigerian government said all persons holding accounts in different financial institutions are required to complete and submit the form to each one of their institutions.

It had tweeted, “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.
“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.”

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