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Mercury Bank to close ALL accounts associated with Nigeria August 22

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Mercury Bank has announced the addition of Nigeria to a list of countries prohibited from its banking services.

This decision aligns Nigeria with other countries on the ban list, including Afghanistan, Iraq, Somalia, South Sudan, Ukraine Liberia, Syria and 30 others.

Mercury Bank is a prominent America-based financial institution known for its tech-driven banking solutions.

Checks on the company’s website also confirmed that Nigeria is on the list of prohibited countries.

The company said it supports U.S. companies founded by people across the globe, as well as founders and venture capital firms.

However, the bank said it currently cannot open accounts for founders living in prohibited countries and regions.

The prohibition means businesses and individuals living in Nigeria can no longer open new accounts or conduct transactions through the bank.

This move is expected to impact a substantial number of Nigerian entrepreneurs and startups that have relied on the bank’s services for their financial operations.

Explaining the importance of Mercury Bank to Nigerian founders, Seye Bandele, CEO of PaidHR, a Nigeria-based HRTech startup, said the bank simplifies the process for startups in Nigeria to conduct business in the U.S.

“Mercury provides banking services for Delaware C companies, which is usually a requirement for the kind of investment that most founders raise money on,” he said.

“So Mercury provided those banking services whether you’ve been to the US or not, from the US or not, we use something called a registered agent to register your company in the US, and then that registered agent will give you a physical address that the bank use to create your bank account.”

‘MERCURY HAS BEEN A SUBJECT OF REGULATORY CHECKS’

Bandele said although Nigerians are caught in the middle of the policy, Mercury has also been subject to numerous regulatory and compliance checks by their authorities.

“So whatever the reasons for their policy, I understand is just how Nigerians are caught on the wrong side of it,” he said.

John Opeyemi, one of the bank’s customers, expressed his displeasure on X (formerly Twitter) on Monday.

Opeyemi said the bank had requested some documents a few weeks ago, which he promptly provided.

He said he was surprised to receive a notice of his account closure shortly after.

“We regret to inform you that, due to recent changes in how we determine account eligibility, we are no longer able to support accounts for businesses with associated addresses located in these countries,” Mercury’s message to Opeyemi reads.

“Please know that his decision was not made lightly. We apologize for the disruption this may cause, and our team is here to help you work through the account closure over the next few weeks.”

The bank also stated that the closure would take effect on August 22, 2024.

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Student loan scheme is part of anti-corruption efforts, says Tinubu

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President Bola Tinubu says Nigeria’s new student loan regime could be considered an anti-corruption mechanism.

Tinubu was speaking about his government’s anti-corruption efforts during a presidential media chat that aired on Monday night.

He was asked if he considers anti-corruption an integral element among his governance priorities.

Tinubu said any policy intervention that aims to address the driver of corrupt practices could be considered anti-corruption.

“Corruption, in all its ramifications, is bad. But first, you must pay enough attention to its causes,” the president said.

“Why are the people corrupt? Lack of social amenities, lack of funding for their children’s education. There are so many anti-corruption mechanisms that you can put in place to help the people not be corrupt. Pay them good living wages.

“I have moved from 35,000 to 70,000. To me, that’s anti-corruption. I have given more money to the state and local government levels. I have been transparent with my earnings. Every month, there is a publication on how much this country is making.

“The ability to stem corruption is part of the instrument of the EFCC. That is why they are discovering all sorts of inefficiencies in the system, blocking all the loopholes where anybody can just game the system. That is part of anti-corruption.”

Tinubu said enabling equitable access to tertiary education through a loan scheme is just as important in the anti-corruption struggle.

“The removal of subsidies is also anti-corruption. It is very difficult to say you would eliminate it. You can only reduce it to the barest minimum. Help the people grow. Help them with the education of their children. Our student loan is part of anti-corruption,” he said.

“No parent should lament how to encourage their children in university education. Today, it’s working for a larger part of the population. The society is moving from illiteracy to literacy.

“I enjoy debate on what type of courses are being offered in the university these days to improve science, knowledge, and technology. We continue to work on it. We’re not taking our eyes off these serious matters.”

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APPLY: FIRS begins recruitment of senior managers, directors

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The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to fill specialised positions in the organisation.

Announcing various vacant roles on Monday, the FIRS said the recruitment exercise is part of its consolidation strategies.

The advertised positions include assistant manager and deputy manager roles in tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).

Other available roles are assistant manager and deputy manager in PRS (risk management), assistant manager and deputy manager in legal, and senior manager and assistant director roles in tax (audit).

“Applicants must have qualifications and relevant professional certificates as specified in the positions they are applying for and must also fulfill the following requirements,” the agency said.

“Applicant must possess Bachelor’s degree/HND with at least second class lower/lower credit.

“Applicant must have completed NYSC not later than 31st December 2017.

“Applicant for the position of assistant manager and deputy manager must not be more than 40 years of age while senior manager and assistant director must not be more than 45 as at 31st December 2024.”

The revenue agency said candidates must possess strong leadership and management skills, team spirit and ability to effectively delegate, interpersonal and communication skills, and strong Analytical skills.

“Knowledge of the Nigerian tax laws and appreciation of their application and understanding of the regulatory framework within which the FIRS operates,” the FIRS said.

“Knowledge of business/industry environment within which taxpayers operate.

“Ability to work as a regulator with the courage to ensure full compliance with laws.

“Interested candidates should apply via official FIRS career portal: careers.firs.gov.ng and or FIRS verified social media handles.”

The FIRS said the application portal will open on December 23, 2024, noting that the deadline for submissions is January 11, 2025.

The service advised applicants to carefully review the eligibility criteria before applying to ensure they meet all requirements and understand the qualifications needed for successful selection.

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UBA GMD calls for public-private partnership to accelerate economic growth

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Oliver Alawuba, group managing director (GMD) and chief executive officer (CEO) of United Bank for Africa (UBA), has called for public-private partnership (PPP) to accelerate economic growth.

Alawuba spoke on December 20 during the launch of the newly renovated departure section of the Murtala Muhammed International Airport (MMIA), Lagos, refurbished by UBA.

According to a statement on Sunday by the bank, the project, which signifies a transformative moment in Nigeria’s aviation sector, shows UBA’s commitment to national development, highlighting the immense value of strategic PPPs.

The ceremony was attended by stakeholders, including Festus Keyamo, minister of aviation and aerospace development, and Olubunmi Kuku, managing director of the Federal Airports Authority of Nigeria (FAAN).

Alawuba commended the collaboration that led to the execution of the project, emphasising the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he said.

“Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy.

“The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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