“We Have BVN, National ID, Voters Card & Yet You Want To Stress Us” — People React To FG’s New Directive

Nigerians both home and abroad, have expressed their displeasure over the new announcement by the Federal Government of Nigeria to all account holders in Financial institutions such as Banks, Insurance Companies, etc.

In the announcement made at exactly 5pm on Thursday, September 17, the aforementioned people are required to visit their various banks, Insurance companies, obtain a Self-Certification form, fill it and submit bank to them.

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For instance, if you have 3 accounts with either First Bank, UBA, Access, you’re expected to visit the 3 banks and ensure to fill the forms.

The Self-certification form is in 3 categories;

1. Form for Entity

2. For Controlling Person (such as trustee, etc.)

3. Form for individual

The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

What this means is that sooner or later, you’ll begin to be taxed from your accounts as long you have money in it or them.

The Federal Government in the announcement warned that failure to comply with the new directives might risk you losing your account or getting a fine.

People are now asking why do the Federal Government want to stress her citizens when they have BVN, National ID, Voters card, Sim Registration which contains all our details and particulars.

The announcement has equally sparked panic, with people planing on withdrawing all the money in the accounts and start saving at home.

In my opinion, Nigerian Banks would start downsizing when people stop banking and commence with this plan of theirs.