The Nigerian Postal Service (NIPOST) has embarked on a sensitization programme to educate stakeholders on the importance of stamp denotation and authentication in transactions. The programme, which is being held in various parts of the country, aims to enlighten the public on the need to use stamps produced by NIPOST to denote transactions above N1,000.
According to Chidi Sydney Ndu, CEO of P.C. Ndu Nigeria Limited, which has been appointed by NIPOST to provide electronic and adhesive stamps for EEDC, departmental stores, and supermarkets in the Southeast and Plateau states, the use of stamps is a legal requirement. “Any transaction you do that is above N1,000, you need to authenticate by giving it legal life using stamp denotation,” he said.
Ndu explained that stamp denotation is different from stamp duty, which is a percentage of the transaction value. “Stamp duty is based on a percentage of your transactions, but stamp denotation is fixed at N50,” he said. “It means that you use the N50 stamp to denote that you paid for a transaction, and it will note that this transaction was carried out at a particular date.”
The CEO noted that the use of stamps provides legal backing to transactions, making them valid and enforceable in court. “You can present it in court, and we can come and prove that this stamp was given at a particular time,” he said. “By so doing, we give evidence testifying to the authenticity of our product.”
Samuel Oguntayo, Director of Retail Services and Chairman of the Stamp Denotation Committee of NIPOST, explained that the law recognizes the use of stamps produced by NIPOST to denote duty on transactions. “The stamps can be physical or electronic, and they are used for the purposes of authenticating and validating transactions,” he said.
Oguntayo noted that the new tax law, which is set to take effect in January, makes NIPOST an advisory body to the Joint Tax Board to determine the different modes by which duties could be denoted. “The essence of the sensitization is to let the residents of Enugu know that their receipts of transactions should be denoted so that such receipts of transactions can be legally enforceable,” he said.
The use of stamps, Oguntayo explained, helps to detect fraudulent transactions and resolve misunderstandings. “We’ve had instances where stamps on receipts have assisted in determining the genuineness of such receipts,” he said. “Every stamp has its own peculiar and special specifications, so if a particular stamp is used on a document, we can determine whether truly that stamp was used at the period it claimed to have been used or not.”
The sensitization programme is aimed at educating the public on the importance of using stamps to denote transactions. “It’s unfortunate that our people are not aware of some of these things,” Oguntayo said. “But we’re here to sensitize them, and we believe that this will help to improve our commercial transactions.”
The programme has been welcomed by stakeholders, who see it as a step in the right direction. “This is a very important initiative,” one stakeholder said. “We need to educate our people on the importance of using stamps to denote transactions. It will help to reduce fraud and improve our commercial transactions.”
NIPOST has engaged the services of stamp retailers, such as P.C. Ndu Nigeria Limited, to provide stamps to the public. The stamps can be obtained from these retailers, and they are designed to be secure and tamper-proof.
The use of electronic stamps is also being promoted by NIPOST. “Our electronic stamps are designed to be secure and tamper-proof,” Oguntayo said. “Whenever you trace the electronic stamp back, you can determine which instrument it was used, when, and where, because all these peculiarities are there.”
The sensitization programme is part of NIPOST’s efforts to improve the use of stamps in Nigeria. The programme is being carried out in collaboration with stakeholders and partners.
