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Lagos Revenue Service Clarifies: Stamp Duty As A Revenue Stamp And Not Postage Stamp

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Lagos Revenue Service Clarifies: Stamp Duty As A Revenue Stamp And Not Postage Stamp....KINDLY READ THE FULL STORY HERE▶

Mr. Tokunbo Akande, the Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, has provided clarity on the misconception surrounding stamp duty, emphasizing that it is a revenue stamp, not a postage stamp.

During his appearance on the Tax Talk program on Channels Television, Akande explained that a stamp’s purpose extends beyond courier services. It is intended to certify transactions between two entities, be they corporate entities or individuals. The stamp duty framework ensures that documents related to these transactions are admissible in court should disputes arise.

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He highlighted the historical significance of stamp duty, which dates back to 1939, and clarified that it remains in effect today, with updates through various finance acts. Stamp duty imposes a responsibility on parties involved in specific transactions to provide documented evidence that outlines the transaction’s details. For instance, when someone purchases an item from another person, a receipt is issued to record the transaction. This receipt must bear a stamp to be considered admissible evidence in court.

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Regarding revenue generation in Lagos State, Akande mentioned that stamp duty has contributed significantly, generating over N5 million in revenue for the state in recent years. However, he noted that there is room for improvement, and the agency is considering reintroducing revenue stamps for wholesalers and distributors for transactions exceeding N10,000. This approach was used in the 1970s and is now being revitalized.

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Akande highlighted the agency’s efforts to digitize its stamp duty operations, moving from manual to electronic processes. He emphasized that the Joint Tax Board (JTB) and LIRS have been actively promoting awareness about stamp duty and engaging with professional bodies.

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Despite these efforts, he stressed that it is the legal requirement that all transactions between two entities be stamped, even including items like cheques. Proper stamping is essential to ensure the admissibility of documents in court, and individuals and entities are responsible for ensuring that documents related to transactions above a specific expense threshold receive proper stamping.

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LIRS has expanded its presence across various states and has offices strategically located to assist taxpayers, including those seeking assistance with legal proceedings. Their team of experts ensures proper stamping and verification of necessary documents, with a strong emphasis on record-keeping to authenticate documents passing through their hands. Proper stamping of documents is crucial, as it ensures their legal validity in various transactions, such as borrowing from a bank or renting a property. Failure to stamp documents appropriately may render them inadmissible in court, and LIRS is committed to assisting in certifying documents with the necessary stamps.

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“Adeyanju Tells Nigerian Govt: Terrorists Deserve Death, Not Forgiveness”.

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Activist lawyer Deji Adeyanju has insisted that terrorists and their collaborators deserve the death penalty, not forgiveness.....KINDLY READ THE FULL STORY HERE▶

Adeyanju made the statement while urging the Federal Government to adopt a stricter approach in tackling terrorism. On his X page, he argued that anyone involved in terrorism—or those supporting them—should face capital punishment rather than leniency.

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He criticized what he described as the government’s tendency to show mercy toward terrorists, warning that such leniency could undermine national efforts to combat insecurity.

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Adeyanju called on authorities to end policies that appear to pardon or reintegrate terrorists, insisting that a firm and uncompromising stance is essential to deter violent extremism and protect citizens.

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“Terrorists and their sympathizers deserve death, not forgiveness. The Nigerian government must stop forgiving and romancing terrorism,” he wrote.

The comments come as Minister of Defence Christopher Musa assured Nigerians that terrorists and bandits are sustaining heavy losses in ongoing military operations. Speaking after a security briefing with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, Musa said the Armed Forces had updated the President on the latest security situation and clarified what he described as “misleading interpretations” circulating in the media.

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“Lagos Residents Hit the Streets Over Constant Power Outages”.

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Residents of Lagos took to the streets on Friday to voice their frustration over persistent electricity outages, describing the state’s power supply as “epileptic” and unsustainable for both daily life and business operations.....KINDLY READ THE FULL STORY HERE▶

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A video shared widely on social media showed dozens of protesters, mostly youths, marching through the Fadeyi area, holding placards and chanting for consistent electricity.

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The demonstrators criticized what they called the collapse of the nation’s power sector, insisting that erratic electricity is disrupting livelihoods and making life increasingly difficult across Lagos.

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Placards carried by the protesters included messages such as:

  • “No More Estimated Billing”

  • “No More Epileptic Power Supply”

  • “No Light, No Life, No Nation”

  • “You’re Destroying Businesses; Give Us Regular Light”

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One protester shouted, “We are not asking for too much. Give us light!” as the march continued.

Local business owners highlighted the heavy toll of inconsistent electricity on their operations, noting that reliance on fuel-powered generators has driven up costs. A shop owner said, “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”

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The protest reflects growing public dissatisfaction with power supply in Lagos, with residents calling on authorities and electricity providers to ensure a stable and reliable service.

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“Ikeja Court Seizes Responsible Leaders Hotel Over Alleged Forex Fraud”.

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The Federal High Court in Lagos has ordered the temporary seizure of a multi-billion naira hotel linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry, and Agriculture, following allegations that the property was purchased with funds obtained through a fraudulent forex and investment scheme.....KINDLY READ THE FULL STORY HERE▶

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According to a statement by the Economic and Financial Crimes Commission (EFCC), Justice A.O. Owoeye, sitting at the Federal High Court in Ikoyi, Lagos, on Wednesday, March 12, 2026, ruled that the Responsible Leaders Hotel, located at 1 Ostra Close, Jobi Fele Way, Alausa, Ikeja, be temporarily handed over to the government. The property is valued at approximately ₦1.3 billion.

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The order followed an urgent application by the EFCC, presented by its lawyer, C.C. Okezie, who provided evidence suggesting the hotel was acquired through illicit means. The application was supported by an affidavit sworn by Obed Tanko, an EFCC investigator.

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According to the EFCC, Olutoke allegedly convinced numerous Nigerians to invest billions of naira in a capital-guaranteed forex trading and investment scheme, promising secure funds and high returns.

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“The suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme,” the commission said.

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Investigations revealed that neither Olutoke nor his company had the required legal permits to operate an investment business. Instead of trading the funds as promised, the EFCC claims the money was used to acquire expensive properties, including the Ikeja hotel.

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During the hearing, Okezie argued that the hotel should be seized as it was reasonably suspected to have been purchased with proceeds from unlawful activities. After reviewing the evidence, Justice Owoeye agreed, ruling that the asset should be temporarily taken over while the case proceeds.

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The judge also ordered the EFCC to publish the decision in a national newspaper, allowing anyone with a legal claim to the hotel to come forward and explain why the property should not ultimately be forfeited to the Federal Government of Nigeria.

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