The Nigerian Government said each individual must carry out this registration in all the various financial institutions where they have accounts.
The announcement reads: “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 is 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.”
The FG added that “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.”
This announcement angered Nigerians and they responded, expressing their outrage.
Chinedu Ekeke wrote: “You guys are mad! I repeat: you guys are mad!!!”
@ThuggaGram_ wrote: “Notifying the general public on Twitter? Can’t the president come out and have a Q&A session with the press live on the usefulness of this? Majority of Nigerians aren’t on Twitter.”
@rmzyville wrote: “What is the essence of BVN?”
Below are more reactions to this announcement.