Buhari’s Government Makes U-turn, Apologises for Misleading Nigerians over Bank Self-certification

The President Muhammadu Buhari-led Federal Government has tendered unreserved apologies for misleading Nigerians over the recent directive on bank self-certification form.

The government’s apologies came some few hours after Nigerians from all walks of life condemned and criticised the Buhari administration’s directive on bank self-certification, describing it as unnecessary, distractive and ill-conceived, indicating poor management of information on the part of government.

As at Friday morning, the Federal Government admitted to have deleted the tweet from its verified Twitter handle (@NigeriaGov), explaining that the Federal Inland Revenue Service (FIRS) would issue appropriate clarification as soon as possible.

“We apologise 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 Federal Inland Revenue Service (FIRS) notice does not apply to everybody,” the Federal Government tweeted Friday morning.

The Buhari administration Thursday drew the ire of Nigerians when it announced that all account owners in financial institutions must register and submit a self-certification form or risk forfeiture of their bank accounts.

It would be recalled that the Federal Government, in a circular on Thursday by FIRS Chairman, Muhammad Nami, said notified 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.

The circular added that persons holding accounts in different financial institutions is required to complete and submit the form to each one of the institutions, noting that the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

Nami explained that the self-certification form is in three categories: Form for Entity; For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc); and Form for individual.

The Federal Government threatened that failure to comply with the requirement to administer or execute this form shall attract sanctions which may include monetary penalty or inability to operate the account.