At First Bank of Nigeria Limited (FirstBank) and/or its Subsidiaries (FBNBank), we put you first and are thus committed to protecting and respecting your privacy. We are committed to being transparent about how we collect, process, share and manage data about you (our customers and other natural persons where applicable).
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The Criminal and Penal Codes prohibits and imposes fines/imprisonment on an agent who accepts, for himself or for any other person, any gift or consideration as an inducement or reward for doing or not doing any act in relation to his principal’s affairs or business….
FirstBank is committed to conducting business with utmost level of integrity, transparency, and compliance with legal, ethical and regulatory standards. Our reputation and success as an organization is built upon this foundation as we strive to maintain our position as a leading organization both locally and internationally.
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COMPLETION OF SELF-CERTIFICATION FORMS BY REPORTABLE PERSONS
Please be informed that the Income Tax (Common Reporting Standard) Regulation, 2019 requires all Financial Institutions to collect and report certain information on financial accounts of individuals, entities and controlling persons with tax residency in any of the following 107 jurisdictions (subject to review by the FIRS):
|Antigua and Barbuda||Dominica||Lebanon||Saint Kitts and Nevis|
|Aruba||Estonia||Liechtenstein||Saint Vincent and the Grenadines|
|Azerbaijan||France||Macau (China)||Saudi Arabia|
|Barbados||Gibraltar||Marshall Islands||Sint Maarten|
|British Virgin Islands||Hong Kong (China)||Morocco||Sweden|
|Canada||India||New Zealand||Turks & Caicos Islands|
|Cayman Islands||Indonesia||Niue||United Arab Emirates|
|Colombia||Isle of Man||Pakistan||Vanuatu|
As part of this new requirement, all reportable customers that are tax resident in any of the above jurisdictions are required to complete a Self-certification form in any of these categories:
- Self-certification form for individual customers (CRS- I)
- Self-certification form for entities (CRS-E)
- Self-certification form for controlling persons (i.e. individuals having controlling interest of 25% or more in an entity (CRS-CP)
First Bank of Nigeria Limited has put measures in place to ensure that the relevant customers are duly contacted and that this requirement forms part of the account opening procedure going forward.
The Self-certification forms can be downloaded below:
- Controlling Person Tax Residency Self Certification Form
- Controlling Person Tax Residency Self Certification Form APPENDIX
- Entity Tax Residency Self Certification Form
- Entity Tax Residency Self Certification Form APPENDIX
- Individual Tax Residency Self Certification Form
- Individual Tax Residency Self Certification Form APPENDIX
For further enquiries, please call FirstContact on 01-4485500, 0708-062-5000 or send a mail to firstname.lastname@example.org. You may also visit any open FirstBank branch nationwide.
Thank you for banking with us.
|Provision of the Circular||
|1.||Ultimate Supplier of Products shall be construed to mean “the direct party selling the goods to the importer irrespective of whether the party involved is the manufacturer or internationally recognized buying company/supplier/agent”.||The beneficiary on the Form M should not necessarily be the manufacturer of the item of import.
Internationally recognized Buying company/supplier/agent are deemed to be companies that does the trading activity in their normal course of business and not restricted to a specific member of a Group of company.
|2.||The name of the, “Ultimate Supplier of products” should be the same as the beneficiary on the Form “M”, Invoice, Bill of Exchange, Letter of Credit Instrument, and any other relevant document to the transaction.
|The name of the beneficiary on the Form M must be same as the name on Letters of Credit issued, all shipping documents presented for payment on the Letters of Credit and Bills for Collection as applicable.
Third Party document is not acceptable
|3.||Authorized Dealers should ensure that payments are made only to the beneficiary whose name appears on the documents stated point (2) above||Payments will only be paid to the beneficiary on the Form M, Letters of Credit and Bills of Collection.|
|4.||Where it is unavoidable that an importer chooses to use a buying company (other than the primary manufacturer, the importer shall make available the following documents (as applicable) for consideration and approval by the CBN before opening Form M.
||Importers using personal agents must provide the items listed above for pre-registration with CBN before Form processing.
Related companies (Parents and subsidiaries) must be onboarded in line with CBN approvals where the Seller is not an internationally recognized buying house.
What should I do as an Importer?
Review my Supplier’s status vis-à-vis clarification from CBN to determine the category they fall into as defined in the circular:
- Direct Party selling
- Manufacturer of the good
- Internationally recognized buying company/supplier/agent
- Other Buying Company
Suppliers that fall into category (4) should provide the listed documents above for CBN approval and onboarding to avoid delays at the point of Form M registration.