The Federal Government has ordered all account holders in the country’s financial institutions to register their details again.

The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders. This new order was disclosed by the government on its Twitter account, @NigeriaGov, on Thursday

It said,

“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.

“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 form is in three categories: Form for entity – for controlling person (individuals having controlling interest in a legal person, trustee, etc) – 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.”

The government, however, did not give more explanation on this order but this is very inconsiderate knowing there is a pandemic out there.


1 Comment

  • Milesbtc, September 18, 2020 @ 4:52 am Reply

    Why is this government frustrating it citizen for even sake what is the your of BVN. The government have drawn people to the worst economy in history and now they want the masses to go for another verification what happen to ur database

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