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ABLACS, its beginning and journey so far …..

The Association of Banks’ Legal Advisers and Company Secretaries ABLACS) was established out of an initiative to forge a common front to issues affecting the industry as a whole. Following the receipt of a letter from the Federal Inland Revenue Service (“FIRS”) several banks where the Commissioner for Stamp Duties of the FIRS asked each of the banks to provide evidence of payment of ad valorem stamp duties on various categories of documents listed in the letter for the period 2011 to 2015 and a newspaper publication by the FIRS dated 1st December 2016, Mrs. Sola Fagbure, Company Secretary/Legal Adviser of Citibank Nigeria Limited reached out to colleagues across the industry who were General Counsel and Company Secretaries of their banks on the need to hold a meeting to discuss how to address the issues. That meeting took place on 1st June 2017 at Citibank Nigeria Limited’s head office at Kofo Abayomi Street, Victoria Island, Lagos.

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