The Nigeria Postal Service (NIPOST) on Friday officially launched the stamp denotation implementation for traders at the Alaba International Market, Ojo, in Lagos.

Dr Ismail Adewusi, the Postmaster-General, NIPOST urged the market leaders and traders to give all required cooperation to Tradewyse Concept Ltd, the accredited stamp retailer for the market.

Adewusi, who was represented by Malam Abubakar Usman, the General Manager, Stamp Denotation, NIPOST, said that the Financial Act 2020 made it compulsory for all receipts and documents to be stamped.

“We are here to give a lot of support to our accredited retailer, Tradewyse Concepts Ltd. NIPOST registered stamp retailer for the purpose of selling stamps to organized private sector.

“We are here for the launch of the stamp in the market.

“Our message is for all to comply because there are extant rules and there are consequences for breaking the rules.

“Everyone needs to comply, because the receipts or documents issued to customers without the NIPOST stamp denotation will not be tenable in the court of law.

“There is a need for stamp denotation for the receipts or any other documents to be validated,” he said.

Adewusi said that all NIPOST retailers were registered with the mandate to make returns quarterly, urging market leaders and shop owners to support the Federal Government as part of their civic responsibility.

According to him, there is the need for all receipts and documents issued for goods and commodity above N1,000 to carry the stamp denotation to authenticate and validate such documents.

Adewusi said that the sensitisation and implementation exercise had been going round the country with various NIPOST accredited agents, who had been allocated to different places.

Also, Mr Bernard Ekawon, NIPOST’s Legal Adviser and Chairman Stamp Denotation Committee said that the Stamp Duty Act 2004, amended in Finance Act 2020, stipulated that in order to denote duty or fee, the stamp produced by NIPOST must be used.

Ekawon said that NIPOST was working hard to ensure that people comply with the stamping protocol.

NIPOST, according to him, is the sole authority that produces all authentic stamp as a national symbol.

“People need to validate documents. Many a time, lawyers write to us to give an answer to certain questions when they come to court,” he said.

Also, Mr. Kenneth Ibe-Kalu, the Managing Director/Chief Executive Officer of Tradewyse Concepts Ltd, said that the firm was working hard to ensure implementation of the Federal Government’s stamp denotation in the market.

“Our service here is to ensure that every shop receives their stamps on daily basis to denote those stamps on all invoices and receipts issued for every purchase by customers that is above N1,000.

“The law says it has to be denoted with revenue stamps. We urge people to comply because in every law, there are also repercussions.

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“We are selling this to the people. We are committed to ensuring that everyone understands why the Federal Government insists on this and how it is beneficial to them,” Ibe-Kalu said.

In his remark, Mr. Vincent Chukwumezie, the Chairman, Alaba International Market, advised the government to allow the traders benefit from the proceeds.