Senate Confirms Babatunde Fowler As FIRS Chairman
The Senate has confirmed Babatunde Fowler as chairman of the Federal Inland Revenue Service, FIRS.
He was appointed acting chairman of the agency by President Muhammadu Buhari on August 20 to replace Samuel Odugbesan, a former coordinating director at the agency, who was appointed to the position by former President Goodluck Jonathan in March this year.
Fowler was the Executive Chairman of the Lagos State Board of Internal Revenue from 2005 to 2014.
He had his higher education in the United States where he obtained a Bachelor’s degree in Economics from the University of Wisconsin and a Master of Business Administration degree from the California State University.
Before joining the service of the Lagos State Government, Fowler worked in the banking sector for about 20 years with long stints at Credit Lyonnais Nigeria Limited and Chartered Bank.
Business News
Lagos State Government orders building owners to conduct structural stability tests
There will also be stricter enforcement of regulations and safety precautions to ensure that building owners and developers across Lagos metropolis comply with it, she reiterated.
In response to the partial collapse of a 3-storey building at Alagomegi-Yaba on Monday, the Lagos State Government has ordered owners of buildings in the state to immediately carry out structural stability tests on their properties. This is expedient, given the onset of the rainy seasons, and the presence of statistics to show that many buildings collapse during the season.
In a series of tweets that were posted last night on the Lagos State Government’s official Twitter handle, the state’s Building Control Agency (LASBCA), disclosed that the affected building at 6, Olonode Street, Alagomeji-Yaba, Lagos, collapsed in the early hours of Monday due to the heavy rainfall in the area over the night.
Kosegbe emphasised that with the raining season upon us, owners of old buildings in the State should ascertain the level of structural stability of their property to avert collapse, stressing that statistics have shown high incidence of building collapse during this period#LASG
— The Lagos State Govt (@followlasg) May 25, 2020
The General Manager of the agency, Engr. Biola Kosegbe, noted that the collapsed building had earlier been marked for demolition. In other words, all occupants of the building were evacuated by the Agency before the incident, thereby averting a disaster.
(READ MORE:Lagos increases health workers’ allowances, commissions local production of face masks)
Kosegbe went on to explain that statistics from previous years show that there is a higher incidence of building collapse during the rainy season, hence the need for building owners to ascertain the level of structural stability of their properties to avert collapse. She added that the Lagos State Government would not hesitate to remove illegal or distressed buildings, or any other structure that is not in conformity with the State’s building laws and standards.
There will also be stricter enforcement of regulations and safety precautions to ensure that building owners and developers across Lagos metropolis comply with it, she reiterated.
She maintained that the present administration will leave no stone unturned in sanitising the building construction industry removing all illegal or distressed buildings, that are not in conformity with the State building laws, regulations and standards#LASG #ForAGreaterLagos
— The Lagos State Govt (@followlasg) May 25, 2020
Why it matters
This type of pro-active government regulation will help prevent future catastrophes that could occur in the events of building collapse. Incidents of building collapses are not alien to Lagos, a city-state with more than 20 million estimated population, a significant number of whom live in squalid conditions due to extreme poverty and housing deficits.
Coronavirus
Dollar drops against major world currencies
The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on Tuesday.
The American dollar dropped on Tuesday afternoon, owing to the strengthened global investors’ risk appetites as more countries cautiously ease lockdowns caused by the deadly COVID-19 virus.
The U.S. Dollar Index that tracks the American dollar against a basket of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), was down 0.64% to 99.252 by 12-noon Nigerian time on Tuesday, after global investors retreated from the safe-haven asset.
What it means: Nigerians hoping to meet foreign exchange payment obligations, via dollar transactions to countries like Europe, and Japan, would need to pay more dollars to fulfil such transactions.
(READ MORE: Why Forex trading is becoming popular in Nigeria )
But the U.S dollar upside was capped as global investors continued to track the U.S.-China relationship. Tensions between the two most powerful world economies flared up last week after China enacted national security laws for Hong Kong.
“Markets are caught between two conflicting currents,” Michael McCarthy, CMC Markets’ chief strategist, told Reuters.
“Rising tensions between China and the U.S. are raising concerns while easing COVID-19 lockdown measures are fueling growing optimism.” Michael McCarthy added.
NM Partners
Unveiling FTX cryptocurrency derivatives exchange in Africa
FTX is a rapidly growing cryptocurrency exchange that has been proving itself worthy by gaining a larger share of the crypto trading market.
FTX is a rapidly growing cryptocurrency exchange that has been proving itself worthy by gaining a larger share of the crypto trading market. The founder Sam Bankman-Fried is driven by an unstoppable drive to donate the largest amount of capital he can to the most effective charities; this can be seen by the speed in which FTX innovates and stays on the forefront of the crypto worlds mind.
FTX has a powerful positive sentiment among the crypto trading community who appreciate the innovation and responsiveness being brought to the field. This is directly seen in the $500m – 1b dollars of volume daily traded on the exchange. An imposing amount when taken into consideration that FTX is only a year old, having launched in May of 2019. The exchange provides its users with a wide variety of products, spot markets for Bitcoin, Ethereum, Litecoin, and 20+ cryptocurrencies. Bitcoin futures and 30 other futures which allow traders to trade up to 101x leverage. Leveraged Tokens that enable users to access leverage without having to worry about margin, liquidations, or funding and exotic products such as MOVE contracts which capture the absolute value of the movement of Bitcoin rather than a directional play.
FTX believes that Africa has enormous potential for the adoption of cryptocurrencies. This is driving their initiative to provide a reliable, low fee and trustworthy platform for users from every African country to easily have a fiat on and off-ramp to the cryptocurrency market. Currently, FTX is working in Nigeria with some fantastic local people such as Adebayo Juwon to build a community, educate on blockchain, and provide customer support. FTX is also working towards integrating Paystack, which would allow for a quick and reliable way to convert NGN into cryptocurrencies. FTX also offers a 24/7 Africa support group on telegram at: https://t.me/FTX_Africa.
The exchange is a great trading option for the people of Africa with some of the lowest fees in the industry, best products, and unique no withdrawal fees. There is a wide range of educational content to teach the user base about the FTX products and how to trade on FTX. Visit https://t.me/FTX_Africa with any questions and visit the exchange here: https://ftx.com/.
Ftx (https://ftx.com/)
Cryptocurrency Derivatives Exchange
EDITOR’S NOTE: This is a sponsored content.
