"What is the essence of BVN?" - TwitterNg upset FG announces that all bank account owners are to undergo compulsory registration exercise different from BVN

#jaiyeorie

The Federal Government of Nigeria took to Twitter to inform citizens that all account holders in financial Institutions are to undergo another compulsory registration exercise different from BVN.

 

The Nigerian Government said each individual must carry out this registration in all the different financial institutions where they have accounts.

 

The announcement reads: "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 is required to complete & 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 FG added that "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."

 

 

Below are more reactions to this announcement.

 

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