Mr. Babajide Olusola Sanwo-Olu, Lagos State Governor
Motor Vehicle Dealers registered as limited liability companies operating in Lagos state will from the 1st of March 2024, be paying the sum of N150,000 (One hundred and fifty Thousand Naira) Only, as the annual fee. While those dealers registered under a business name or operating as an Individual will pay the sum of N100,000 (One hundred Thousand Naira) Only.
According to the General Manager of Motor Vehicle Administration Agency, MVAA, Mr. Rasheed Muri-Okunola, the Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has directed total compliance with the provisions of the Lagos State Transport Sector Reform Law of 2018, under Schedules 1&2 of the Registration and Regulation of the Activities of Motor Vehicle and Motor Spare Parts Dealers in the state, Pages 95 and 96.
The MVAA helmsman, Muri-Okunola, also added that in compliance with the transport sector law of 2018, the registration fees for Motor Vehicle Spare Parts Dealers registered as Limited Liability Companies will be the sum of N70,000 (Seventy Thousand Naira) Only, while those operating as Individual or with Registered Business Name will pay a fee of N50,000 (Fifty Thousand Naira) Only.
He further stated that once the approved fees take effect from the 1st of March 2024, anyone who defaults in making the correct payment will be prosecuted under section 208 of the Lagos State Transport Sector Law of 2018.
Muri-Okunola also highlighted penalties on conviction of anyone or organization in any of the classes such as a corporate entity or trading as an individual shall be liable to a fine, and the business premises sealed up or business premises confiscated by the State Government.
Hence, he appealed to every individual and corporate organization concerned with this adjustment to endeavor to comply so that everyone continues with his enterprise without fear or hindrance to their lawful enterprise.
He however expressed optimism of compliance by businesses concerned with the position of the law on the new fees as prescribed by the law.
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