The Nigerian government’s play for billions in global tax revenues


In Nigeria, every financial account holder, both individual or corporate, will now be expected to obtain a self-certification form and submit it at their respective financial institutions. These institutions include banks, insurance companies, investment firms, stockbrokers, dealers, mortgage firms, assets management firms, among several others.

On Thursday, September 9, 2020, the Government of Nigeria made this announcement through its twitter handle (now deleted). It states that people holding accounts in different financial institutions are required to obtain, complete and submit the form to each one of the institutions.

According to the Nigerian government, the self-certification is in 3 categories:

  • Form for entity
  • For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc)
  • Form for individuals

A failure to execute this form could lead to a fine or the suspension of the account.

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Upon reading this, one might wonder about the need for such a form given the existence of identity services like the BVN,…



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