‘Self-certification’: FG Backtracks, Apologises For Asking Nigerians To Re-register

Hamilton Nwosa
Writer
Electoral Act Amendment Bill Yet to be Signed by Buhari - Presidency Officials

Ad

Nigeria’s FX Reserves Surge to $41bn Under Tinubu, But Still Lower Than Obasanjo’s $67bn

By Abiola Olawale Nigeria’s foreign exchange (FX) reserves have reached a 44-month high, climbing to $41 billion as of August 19, 2025, according to data from the Central Bank of Nigeria (CBN). According to recent data from the CBN, this milestone reflects a steady accumulation driven by strategic economic reforms, increased oil production, and enhanced…

Trump slaps sanctions on Canadian International Criminal Court judge

The Trump administration slapped a Canadian judge on the International Criminal Court with sanctions as the U.S. State Department continues to push back on the tribunal. The State Department said Wednesday that Kimberly Prost was sanctioned for “ruling to authorize the ICC’s investigation into U.S. personnel in Afghanistan.” The ICC website says Prost has been…

Reprieve as Trump’s half-billion-dollar civil fraud penalty is voided by court

By Obinna Uballa A New York state appeals court on Thursday overturned a civil fraud penalty of more than $500 million imposed on President Donald Trump, ruling that the monetary sanction violated the U.S. Constitution. The Appellate Division of the New York State Supreme Court held that the fine—initially set at $454 million and now…

Ad

  • Says All Account Holders Don’t Have To Re-register With Banks

By Gbenga Abulude

The Federal Government on Friday has backtracked on its directive that all account holders in the country’s financial institutions should register their details again.

FG apologised for misleading the public when it gave the directive, saying that not everyone would have to re-register with the banks.

The FIRS Chairman, Mr Muhammad Nami in a circular on Thursday, announced that it is mandatory for all Nigerians operating bank accounts to register for self-certification at their respective banks.

This directive angered Nigerians as the parallel registration exercise was an indictment on government failure to harness citizens’ data collected over the years and feed them into a central database.

But the Federal Government has apologised for the misleading information, “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly,” it said on its twitter handle.

The Federal Inland Revenue Service, FIRS, on its twitter handle explained that the publication for financial institutions account holders in Nigeria to complete the self certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfillment of Automatic Exchange of Information Requirements.

It explained that the self-certification form was basically to be administered on Reportable persons holding accounts in Financial institutions that were regarded as “Reportable Financial Institutions” under the CRS, saying that Reportable persons were often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country.

“Financial institutions are expected to administer the Self-Certification form on such account holders when information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes for the KYC and AML purpose,” the FIRS explained.

Ad

X whatsapp