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FG orders Nigerians with bank accounts to fill, submit Self-Certification forms

The FG warned that failure to comply may include monetary penalty or inability to operate the account.

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FG orders Nigerians with bank accounts to fill, submit Self-Certification forms, Buhari orders payment of stranded NDDC scholarship students, commision gives reason for delay, President Buhari Democracy Day speech

The Nigerian government has ordered all persons holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.

This was announced by the Federal Government in a social media statement on Thursday. The FG warned that failure to comply may include a monetary penalty or inability to operate the account.

It stated, “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 & 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.”

READ: CBN wants to be able to freeze bank accounts linked to suspected criminals

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According to the government, the certification forms would be in 3 categories, which are “Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual”.

Comply or face sanctions: The Government urged Nigerians to comply with the requirements and execute all forms needs, if not sanctions may be introduced in the forms of monetary penalty or inability to operate the account.

  • The government did not explain what those sanctions will be and how it will be implemented.
  • The inability to operate the account suggests the government could end up freezing the bank account of Nigerians
  • Nigerians have over N30 trillion in bank deposits according to Nairalytics research.

READ MORE: Details of CBN’s new intervention schemes for non-interest financial institutions

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What this means: It appears this is part of the government’s efforts to widen the tax base as it steps up its strategy of relying on taxes to increase its revenue. Government revenue has been hard hit by the drop in oil prices and the Covid-19 Pandemic affecting its ability to pay for development programs, meet overheads and offer palliatives to Nigerians who are reeling from economic crunch.

The government has over the years introduced several measures targeted at increasing tax revenues. For example…

  • Last year, the FIRS launched a new universal TIN aimed to boost tax compliance and revenue collection in the country.
  • Former FIRS Boss, Fowler, stated then that “the new system is able to generate TIN automatically for newly registered cooperate taxpayers from CAC, verify TIN details and print TIN certificate, using the TIN Verification Portal.
  • And that “The system also allows tax officials and taxpayers to initiate TIN registration from the comfort of their homes/offices and at their convenience, as the system also notifies the taxpayer through a robust and secured system-system integration, with transparent and convenient benefits.”

What they are Saying: Social media in Nigeria erupted in a frenzy as twitter users reacted to the tweets by the government’s handle.

  • Tweets had gathered over 3,800 comments, over 8,000 retweets, over 3000 tweets.
  • Here are some tweets;

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7 Comments

7 Comments

  1. Terry Ohis

    September 17, 2020 at 10:16 pm

    It a welcome idea,but not under this present pandemic. I’m sure even for bank to treat issues that have occur since the beginning of lockdown, they are finding it hard to accommodate customers. Yes if these form can be obtained online and submitted online I feel it would go well with all customers. But for one to risk going to their various banks would only increase the rate of infection of Covid-19.

  2. Anonymous

    September 17, 2020 at 10:38 pm

    Real madness

  3. Anonymous

    September 17, 2020 at 11:15 pm

    Absurdity of the highest order! Whatever happened to BVN, NIN etc?

  4. Abiodun Oludare

    September 17, 2020 at 11:30 pm

    There is no need for anyone going to the bank to fill any form.
    If the government is sincere, CBN has the data of all bank account holder in Nigeria, government can get the information better Nathan making things difficult for the mass all the time

  5. Iduma Emeka

    September 18, 2020 at 8:14 am

    What those who are in abroad how are their going to participate in it?

  6. Peter

    September 18, 2020 at 9:13 am

    Nigeria government before you make any law first think about Nigerian’s in abroad why don’t you make it to be done online do you want all Nigerian’s abroad to come back to Nigeria because of this….or should we say you are looking for away to eat our money that we save with our hard labour

  7. Austin

    September 18, 2020 at 12:10 pm

    This is the disease called buhari the northerners has brought to the rest of Nigeria

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#EndSARS: NCAA denies alleged shut down of airspace, as Turkish Airlines takes off tonight

FAAN has reportedly shut down the air space of the nation due to alleged unrest in the country.

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Murtala Muhammed Airport (MMA), FAAN recruitment, FAAN in recruitment scandal as politicians takeover, Federal Airports Authority of Nigeria, 2019: Lagos airport records growth in passenger, aircraft and cargo movement  

The Nigerian Civil Aviation Authority (NCAA) has denied the alledged shut of the nation’s airspace due to the unrest, arising from the hijacked #EndSARS protests in Lagos, Abuja, and some other states in the country.

Though, the authority has not issued an official statement on the development, a source in the apex regulatory body told Nairametrics that the airspace remains open in Lagos and Abuja.

He said, “It is not true that the airspace is shut as rumoured on some social media platforms. Turkish Airline is attending to its passengers at the moment and the flight is tonight. So, where is the airspace being shut coming from.

“Delta Airline decided to divert the Lagos bound flight to Dakar, Senegal before going back to New York not because our airspace is shut but its Lagos office informed the Pilot that there is curfew in Lagos. Expectedly, American airlines are so sensitive to issues like that.”

Back story: A Twitter user, Osasu Onayiuwana, whose friend is one of Delta Air passengers en-route Lagos from Atlanta, USA, had alleged that Delta Airline returned ti New York because Nigerian air space was shut.

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He tweeted, “A friend returning to Lagos, from Atlanta on @Delta has been informed, during their Dakar, Senegal stopover, that @Nigeria’s airspace has been closed. They are now flying back to Atlanta!

“Actually, his plane is currently on the way to New York, from Dakar. Before this, some passengers asked @Delta to allow them to find their way to Lagos from Dakar. Understandably, the airline refused.”

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Update: US embassy shuts down consulate in Lagos over violent #EndSARS protests

The US Embassy in Nigeria has announced closure following violent clashes in many parts of the country.

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The United States embassy and consulate in Nigeria, has announced the shutting down of its consulate in Lagos State for two days with effect from Tuesday, October 20, 2020, due to the ongoing nationwide #EndSARS protest which has been hijacked by hoodlums, with several properties destroyed and lives lost.

This was disclosed in a statement to American citizens, issued by the US embassy and consulate in Nigeria, on Tuesday, October 20, 2020.

This is also coming after the Lagos State Government declared a 24-hour curfew due to the outbreak of violence across the state during the protests.

The US embassy and consulate in its statement said,

Multiple demonstrations are ongoing across Nigeria – to include areas within the consular districts of Abuja and Lagos. Although most demonstrations are peaceful, some have become violent and have shut down major thoroughfares and bridges.

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“Some police stations have been targeted. Lagos State closed all schools indefinitely as of October 19, due to protests and implemented a 24-hour curfew starting at 4:00 p.m. on October 20. Consulate General Lagos is closed for the rest of today and tomorrow.”

In the statement, the US embassy advised all its citizens in Nigeria to avoid areas around protests and demonstrations, check local media for updates and traffic advisories, continue to be vigilant and avoid areas affected by the protests.

It also urged their citizens to take the following actions, avoid the areas of the demonstration(s), exercise caution if unexpectedly in the vicinity of large gatherings or protests, keep a low profile, be aware of their surroundings, monitor local media for updates and review the travel advisory for Nigeria.

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Soldiers fire gunshots to disperse #EndSars protesters.

Soldiers have reportedly shot at #EndSARS protesters gathered at the Lekki toll gate.

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Several social media accounts reveal peaceful protesters are being shot at by the military at the Lekki toll gate holdout for the #EndSars protest.

Reports seen online indicate several protesters shot were been treated on the roadside by fellow protesters. Nairametrics cannot verify the authenticity of the videos.

However, in one video seen, a protester who was reportedly shot in the leg was being treated by protesters after bullets were removed.

In another gripping image that has perhaps captured the image of these protests, one of the protesters was seen covered in blood while the flag was used to reduce the bleeding apparently from an injury.

A curfew was imposed by the Lagos State Government earlier in the day starting from 4pm but was later moved to 9pm today. However, the protesters were defiant choosing to continue the protest until their demands are met.

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The videos show protesters defiant as several rounds were being shot. The shooting came on the back of the protesters refusing to leave the Lekki toll gate after the State Governor, Babajide Sanwo-Olu declared a 24 hours curfew in the state from 4pm today.

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