FG Introduces Annual Vehicle Ownership Verification Fee of N1000

June 27, 2023
FG Introduces Annual Vehicle Ownership Verification Fee of N1000

By Modupe Gbadeyanka

The federal government has introduced a yearly vehicle ownership verification fee of N1,000 for motorists across Nigeria.

The fee, known as Proof of Ownership Certificate (POC), is aimed at tracking the real time status and the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database.

The government said it is line with the National Road Traffic Regulation 2012 as amended, No. 101, Vol. 99; Section 73 (1), according to the Permanent Secretary of the state’s Ministry of Transportation, Mr Abdulhafiz Toriola.

The Lagos State government has already keyed itself into the initiative, and will commence its implementation from July 2033.

At a press conference in Lagos on Tuesday, the Permanent Secretary said, “To this end, the federal government has introduced the issuance of annual Proof of Ownership Certificate for all registered vehicles. This certificate will serve as official documentation of a vehicle’s legal owners upon successful completion of the necessary requirements and procedures.

“The POC will contain vital information including the vehicle’s registration details, such as, license number plate, model, year of manufacture in addition to owner’s name and address,” he told newsmen today.

“We believe that the POC will help track the real time status and guarantee the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database and it is based on the safety and security it guaranteed that the Governor of Lagos State, Mr Babajide Sanwo-Olu, has approved for its commencement in Lagos State, hence this briefing to enlighten the public,” Mr Toriola added.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

Volatility Index for Nigerian Stock Market
Previous Story

Nigerian Stock Market Breaks 60,000-point Barrier

three oil marketers
Next Story

Crude Oil Sinks on Plans for Further Interest Rate Hikes

Latest from Auto

repair third mainland bridge

FG Reopens Third Mainland Bridge

By Adedapo Adesanya The federal government on Thursday reopened the Third Mainland Bridge for traffic with the Lagos State government warning road users to