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Disquiet As FG Asks Bank Account Holders To Re-Register



By GWG Staff

Despite the Bank Verification Numbers documented by all account holders in the country, the Muhammadu Buhari led Federal Government has ordered all account holders to provide fresh registration for every bank they hold accounts.

Unlike the BVN where account holders did the registration in a bank and the number transmitted across other banks, the new registration is to be done for every bank where an account is held.

The new directive was issued by the Federal Government through its twitter handle on Thursday.

It 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.”

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