September 27, 2022

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“We are sorry”, FG begs Nigerians for asking all bank, other account holders to re-register despite BVN

The Federal Government has begged Nigerians for forgiveness after asking all account holders in the country’s financial institutions to register their details again despite having the Bank Verification Number.

The

The Laurels Mag gathered that the government apologized through a tweet on Friday, conceding that it was a case of misinformation. 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.”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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