You should know The Reason Nigeria Wants Financial Account Holders to Submit Self-certification Forms! There is an uproar presently in Nigeria, due to the fact that the Federal government has issued a new decree. The decree states that every financial account holder, both corporate and individual, are now to obtain a form of self-certification and submit at their various financial institutions.
These institutions include insurance companies, mortgage firms, dealers, banks, assets management firms, stockbrokers, investment firms, and many others. Although a lot of Nigerians are assuming that the self-certification form is an avenue for the federal government of Nigeria to violate their privacy and steal directly from their bank account, believing that with the use of BVN, driver’s license, and national ID there is no need for self-certification unless there is another motive behind the decree.
According to THEGuardian, This brought about different reactions from Nigeria, as a lot of people did not understand the reason for the decree. Don’t just guess anymore as the article is meant to enlighten you more on the reasons for the decree, just read down.
The Reason Nigeria Wants Financial Account Holders to Submit Self-certification Forms
The reason for the uproar is because a lot of people didn’t know the reason behind the decision. According to the federal government, there is a strong need for strengthening international cooperation in the effort to globally curtail the menace of the illegal financial flows, as the current international mechanisms are not strong enough. The federal government also It is a well-known fact that Nigeria has become a den for thieves as a lot of illicit financial transaction takes place day in day out, without anybody been held accountable. This menace is damaging the name of the country and slacking our relationship with the international bodies, a lot of people hear Nigeria and the first thing to come to mind are scammers. Let’s check out the reasons below.
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Reasons for Financial Holders to Submit Self-certification Forms
Below are the reasons why the federal government of Nigeria took the decision of the self-certification forms;
- First off, this decree is to intensify the fight against financial fraudsters known as yahoo.
- To help the country strengthen international cooperation in the effort to globally curtain menace of illegal financial flows.
- This is to also strengthen the slacking bond with international bodies. The financial fraudsters in the country have started to target international countries and giving a bad picture of the country to foreigners, with this decree, it will lessen as any money entering into your accounted for.
- This decree was also meant to boost the compliance of Nigerians towards the payment of their taxes and revenue collection in the country, as there are a lot of tax defaulters.
- According to FIRS boss, the self-certification system also helps to automatically generate TIN for newly registered taxpayers from CAC, you can verify the TIN details and print TIN certificate, with the use of the TIN verification portal.
- Lastly, the self-certification system allows officials of tax and the taxpayers to be able to initiate the registration of TIN registration from their homes or offices with ease at their convenience, as the system will also bring to the notice of the taxpayers through a robust and a well-secured integration system, with convenient and transparent benefits.
Conclusively, many Nigerians are not so comfortable with this, as they believe that the BVN and NIN cover for whatsoever reason the federal government is introducing the self-certification order.