Declaration And Certification Of Finances for Nigeria

Declaration And Certification Of Finances Template for Nigeria

A Declaration and Certification of Finances is a formal legal document used in Nigeria to officially declare and certify an individual's or entity's financial status, assets, liabilities, and sources of income. This document, governed by Nigerian financial regulations and laws including the Evidence Act 2011 and Money Laundering (Prevention and Prohibition) Act 2022, serves as a sworn statement of financial position. It requires detailed disclosure of financial information and must typically be authenticated by authorized officials such as a Notary Public or Commissioner for Oaths to be legally valid under Nigerian law.

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What is a Declaration And Certification Of Finances?

The Declaration And Certification Of Finances is a crucial document in Nigerian financial and legal practice, commonly required for various purposes including loan applications, visa processing, business transactions, and regulatory compliance. This declaration serves as an official record of an individual's or organization's financial status, requiring comprehensive disclosure of assets, liabilities, income sources, and financial obligations. The document must comply with Nigerian financial regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and anti-money laundering legislation. It typically requires notarization or official certification to be legally valid and may be requested by financial institutions, government agencies, or other authorized bodies for verification purposes. The importance of this document has increased with stricter financial regulations and the need for transparency in financial transactions.

What sections should be included in a Declaration And Certification Of Finances?

1. Declaration Header: Title of document, date, and declaration number/reference

2. Declarant Information: Full legal name, contact details, identification numbers (BVN, NIN, etc.), and current address of the person making the declaration

3. Purpose of Declaration: Clear statement of the purpose for which this financial declaration is being made

4. Income Declaration: Detailed statement of all sources of income, including employment, business, investments, and other revenue streams

5. Asset Declaration: Comprehensive list of all assets owned, including real estate, vehicles, investments, and valuable personal property

6. Bank Account Information: Details of all bank accounts held, including account numbers, banks, and current balances

7. Financial Obligations: List of all debts, loans, mortgages, and other financial obligations

8. Verification Statement: Statement confirming the truth and accuracy of all information provided

9. Sworn Declaration: Legal declaration under oath confirming the authenticity of the information

10. Authentication: Space for notarization or official certification of the document

What sections are optional to include in a Declaration And Certification Of Finances?

1. Foreign Currency Holdings: Declaration of any foreign currency accounts or holdings, required if the declarant has international financial interests

2. Business Interests: Details of any business ownership or partnerships, required for business owners or shareholders

3. Trust Beneficiary Status: Information about any trusts where the declarant is a beneficiary, required if applicable

4. Guarantor Information: Details of any financial guarantors, required if the declaration is for loan or credit purposes

5. Source of Wealth Declaration: Detailed explanation of how wealth was acquired, required for high-value declarations or regulatory compliance

6. Previous Financial History: Statement of past financial status or previous declarations, required for comparative purposes or ongoing monitoring

What schedules should be included in a Declaration And Certification Of Finances?

1. Schedule A - Income Documentation: Detailed breakdown of income sources with supporting documentation (pay slips, tax returns, etc.)

2. Schedule B - Asset Documentation: Detailed list of assets with supporting documentation (property deeds, vehicle registration, etc.)

3. Schedule C - Bank Statements: Recent bank statements from all declared accounts

4. Schedule D - Investment Portfolio: Detailed breakdown of investments, including certificates and current valuations

5. Appendix 1 - Supporting Documents: Copies of all relevant identification documents, tax certificates, and other supporting documentation

6. Appendix 2 - Third Party Verifications: Any third-party certifications or confirmations of declared information

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Declaration Form

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Banking & Financial Services

Government & Public Sector

Legal Services

Real Estate

Education

Healthcare

Immigration Services

Investment & Securities

Insurance

International Trade

Corporate Services

Relevant Teams

Legal

Compliance

Risk Management

Finance

Corporate Secretariat

Audit

Credit Administration

Wealth Management

Customer Relations

Operations

Relevant Roles

Financial Controller

Compliance Officer

Legal Counsel

Bank Manager

Credit Officer

Risk Manager

Corporate Secretary

Financial Advisor

Wealth Manager

Immigration Officer

Tax Consultant

Audit Manager

Notary Public

Commissioner for Oaths

Investment Manager

Relationship Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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