Adejuyigbe, SAN Charges Creditors to Comply with The Stamp Duties Act for Successful Perfection of Securities

Mr Olatunde Adejuyigbe, SAN also charged analysts to adhere to and comply with all conditions for the exercise of their rights, under the security instrument in accordance with section 22 (4) of the Stamp Duties Act. Speaking at a Seminar on “Loan Documentation and Strategies for Debt Recovery in Nigeria” in Lagos, Mr Olatunde Adejuyigbe, SAN stated that, a lender must ensure that the instrument is stamped based on the duty chargeable. Where the stamps on the instrument are found to be insufficient the Court may not receive the instrument in evidence until the unpaid duty and penalty in respect of the same are paid.

Other speakers at the event, were Mr Akinniyi Obisesan, Partner, a Rocksmith Partners and Mrs Adeola Sunmola, Partner, Udo Udoma & Belo Osagie, who led the participants in practical discussions on different modern strategies of debt recovery emerging economy as well as critical processes of loan documentation and events of defaults.

The seminar was organised by Commercial Law Development Services (CLDS) as part of its executive development programme for legal practitioners, risk/credit managers, financial analysts, bankers etc.