Nigeria on Thursday ordered all account holders with banks, insurance companies and other financial institutions to register their details, drawing criticism from the public.
The Federal government gave the order in a statement tweeted on its verified handle, @NigeriaGov late Thursday.
Before now, bank account holders have various forms of identification, including Bank Verification Number, and the National Identification Number.
“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 order has already elicited a flurry of criticism from Nigerians, who are becoming weary of the unending registrations they are being subjected to.
Olusegun Adeniyi, a prominent Nigerian journalist, tweeting at his handle (@Olusegunverdict), said: “BVN. Driver’s license. National ID card. INEC registration. International passport. Biometrics were taken in all these places. So, what is the meaning of this?”.
Another commentator, Dr. Joe Abah, tweeting from @DrJoeAbah, asked: “what is this about please and why is it being put in place? Your communication does not provide sufficient information and, as currently communicated, seems like another never-ending verification exercise that will frustrate the public for little or no gain”.
