The Federal Government, through Twitter, on Thursday ordered all account holders in the country’s banks and other financial institutions to register their details again.
There was no explanation on what led to the new re-registration order or what values it will add to Nigeria’s banking or financial services sector or added benefit to account holders.
It was also not clear which agency of the federal government was leading or implementing the new order.
The new social media order comes as account holders in banks and other financial institutions already have registered for the Bank Verification Numbers (BVN) and the National Identification Number (NIN).
Speaking through its Twitter account, @NigeriaGov, the federal government said: “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.”