Buhari Govt Directs All Account Holders In Financial Institutions To Re-Register Or Face Penalties Despite BVN

September 18, 2020
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The Nigerian Government yesterday directed its citizens with accounts in any financial institutions to obtain, complete and submit Self – Certification Forms to their respective financial institutions.

The financial institutions comprise of banks and insurance companies, among others.

According to a tweet thread from the verified account of the Government of Nigeria, the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

“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,” it noted.

See Twitter thread below:

It would be recalled that in 2014, the federal government forced everyone into banking halls to obtain something called the Bank Verification Number (BVN)The BVN was seen as a novel financial policy in these climes at the time.

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