The Nigerian Postal Service, NIPOST has disclosed the essence of stamp denotation launched in Alaba International Market, Lagos over the weekend was to protect the consumers.
The Post Master General (PMG) Dr. Ismail Adebayo Adewusi, who was represented by Malam Usman Danlamin, GM, Stamp Denotation noted that fixing of stamp on every transaction receipt was important as the 2020 Finance Act spelt out the implication.
Danlamin expressed that any transaction receipt that has no stamp on it would be invalid in the court of law should there arise any issue, adding that the N50 stamp legitimizes any transaction as stipulated by law.
According to the PMG, “Any transaction receipt above N1000 must carry 50Naira stamp to make it legal. The cost is born by the buyer. The buyer is so protected in case the commodity is fake and so, can sue the seller.
“I wish commend Tradewyse Concept Limited for championing the implementation. It is essential for all of us to comply with the use of stamp duty laws so that it could be tenable in the court when there are issues with such transactions.”
The Managing Director of Tradewyse Concept Limited, Kenneth Ibe Kanu who championed the initiative, stated that the launch was to officially sensitize both the traders and the public on the benefits of stamp denotation.
In his speech, Barrister Benard Ekawon stated that stamp ordinance has been on since the 1930s when NIPOST started its operation in Nigeria.
He noted that the Finance Act of 2020 made the use of stamp on documents and every transection above N1000 clear, adding that stamp on document makes it a legal document.
A market leader, Hon. Vincent Chibueze said, “As an official of the market, we all the support the implementation, that is why this launch was a success.
“We welcome the project. I request that we will enjoy the benefit of contributing to this new project. I request that the government should not abandon the market in terms of bringing amenities into the market.”