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US fintech Mercury Bank blocks accounts linked to Nigeria, others

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US fintech Mercury Bank blocks accounts linked to Nigeria, others

American financial technology company, Mercury, has announced plans to terminate the accounts of businesses based in several countries, including Nigeria, effective August 22, 2024.

The decision is part of the revised eligibility criteria for opening accounts, which the company recently updated. Mercury will cease serving companies whose founders hold passports from countries like Belarus, Cuba, Iran, North Korea, Syria, Ukraine, and Venezuela.

However, this is not the first time Mercury has taken action against African tech startups. Founded in 2017, Mercury serves over 100,000 businesses, with a significant portion being startups. READ MORE

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US Secret Service Chief, Kimberly Cheatle, resigns

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US Secret Service Chief, Kimberly Cheatle, resigns

US Secret Service Director Kimberly Cheatle has resigned, US media reported Tuesday, a day after she acknowledged that the agency failed in its mission to prevent the assassination attempt against Donald Trump.

Cheatle was facing bipartisan calls to step down after a 20-year-old gunman wounded the Republican presidential candidate at a July 13 campaign rally in Pennsylvania.

Details later…

AFP

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Desist from triggering man-made disasters – NSCDC warns Nigerians

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Desist from triggering man-made disasters – NSCDC warns Nigerians

The Nigeria Security and Civil Defence Corps, NSCDC, has issued a stern warning to Nigerians against activities that could lead to man-made disasters.
The Commandant-General of the corps, Ahmed Audi, gave the warning on Tuesday in Abuja.
Audi said that the Corps had consequently launched a nationwide campaign against building on waterways and indiscriminate disposal of wastes in water channels.
He said the sensitisation programme was a precautionary attempt to avert flood disasters that might emerge across the country as rainfall intensifies.
“This advocacy campaign which began at the NSCDC headquarters, down to some Area Councils in Abuja, is a proactive measure to mitigate against flooding associated with rainy seasons.
“It is so unfortunate that people dump refuse while some erect structures along waterways and without properly channelling the tide, during flooding, this can lead to loss of lives and property,” Audi said.
The CG added that the Corps was saddled with the statutory responsibility of disaster management and rescue operations, hence, a major reason why the campaign had become imperative to the Corps.
“We engage in rescuing victims in the face of emergency and provide security for the National Emergency Management Agency, NEMA, during distribution of relief materials to victims or displaced persons,” he said.
Audi said he had directed the NSCDC Commandants in the 36 States of the Federation, including the FCT, to replicate the same campaign in various communities within their jurisdiction.
He said some of the messages on the campaign fliers were: “Let’s stop the flood before flood stops us; If you block my natural ways, I will meet you in your homes, on the highway inside your car”.
“The fight against flood starts with you and I; If you leave me, I will leave you; if you disturb me I will disturb you the more, be warned, among others.”
Desist from triggering man-made disasters – NSCDC warns Nigerians

Your All-in-One Financial Companion in Nigeria

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Your All-in-One Financial Companion in Nigeria

Managing your finances can feel overwhelming, but what if you had a reliable and supportive friend to walk with you through the journey? Wealthbuddy by Meristem is that friend that will help you on your financial journey, offering a comprehensive suite of features designed to help you save, invest, and grow your wealth effortlessly.

A World of Investment Options at Your Fingertips

Since every friend is unique, wealthbuddy understands that everyone has distinct financial goals and risk tolerance. That’s why the platform offers a diverse range of investment options to cater to your specific needs. Whether you’re looking for a secure haven for your savings or aiming for long-term growth, wealthbuddy has got you covered.

Merging Convenience with Competitive Returns

Launched in 2021, wealthbuddy is the trusted friend for thousands of users seeking a seamless and secure platform to manage their finances.The app offers a user-friendly interface for saving, investing, and bill payments, all from the comfort of your smartphone.

When Wealth Buddy was created, the main goal was to ensure seamless and easy transactions while maintaining a high level of importance beyond convenience, wealthbuddy offers competitive interest rates that have always been a cornerstone of the platform’s value proposition.Now, we have expanded to provide users with an accessible and rewarding financial solution right from the comfort of their phones.

Here’s a glimpse of the investment possibilities available on Wealthbuddy:

  • Fixed Savings: Looking for a safe and reliable way to grow your wealth? Wealthbuddy’s fixed savings plans offer competitive returns with guaranteed security.
  • Target Savings: Have a specific goal in mind, whether it’s a dream vacation or a down payment on a car? Set up a target savings plan on Wealthbuddy and watch your savings accumulate effortlessly. The app even allows you to automate your contributions, making saving a seamless habit.
  • Mutual Funds: Invest in a professionally managed portfolio of stocks and bonds through Wealthbuddy’s mutual funds options. This allows you to diversify your investments and potentially achieve higher returns with a lower risk profile compared to investing in individual stocks.
  • Treasury Bills: Looking for a low-risk investment option with competitive returns? Wealthbuddy provides access to Nigerian Treasury Bills, a secure way to grow your money.
  • Dollar Investments: Want to diversify your portfolio further? Wealthbuddy allows you to invest in US Dollar-denominated portfolios, offering a hedge against currency fluctuations and the potential for higher returns.
  • Ethical Earnings Investment: Align your investments with your values. Wealthbuddy offers ethical investment options that prioritize your beliefs.

Effortless Money Management: Your Finances, Simplified

Wealthbuddy’s intuitive interface makes managing your finances a breeze. The app is designed for users of all technical backgrounds, allowing you to navigate your accounts, monitor investments, and make transactions with ease. Here are some features that contribute to Wealthbuddy’s user-friendliness:

  • Simple and Clean Design: The app boasts a clear and clutter-free interface, making it easy to find the information you need and complete actions quickly.
  • Educational Resources: Wealthbuddy goes beyond just being a platform for transactions. They offer educational resources through their weekly blog posts to help you understand different investment options and make informed financial decisions.
  • Customer Support: Have a question or need assistance? Wealthbuddy’s dedicated customer support team is available to ensure a smooth and worry-free experience.

Beyond Saving and Investing: A Holistic Approach to Financial Wellness

“At Wealthbuddy, we believe that financial literacy is crucialfor individual and national prosperity”. Our platform goes beyond offering competitive rates by providing educational resources and personalized investment guidance tailored to users’ financial needs. This holistic approach empowers users to make informed financial decisions and build a secure future. By combining these efforts, we aim to help ourcommunitygrow their wealth.

About Wealthbuddy by Meristem

For many years now, Meristem has been at the forefront of financial innovation, leading the way and being the go-to source for financial services for both individuals and businesses in Nigeria and globally. As a capital market conglomerate Licensed by the Securities and Exchange Commission (SEC), Meristem offers a wide range of distinct financial services, one of which is wealth management.

In 2021, Meristem launched Wealthbuddy, a comprehensive savings and investment app. The app offers a variety of investment options, user-friendly tools, and educational resources to enable customers to save, invest, and manage their finances in a convenient and secure manner. Wealthbuddy caters to users with a range of financial goals and aspirations, assisting all users can attain financial independence and make a positive contribution to a more prosperous nation.

Ready to start your wealth-building journey with Wealthbuddy? Download the app on Apple App Store or Google Play Store.

With Wealthbuddy by your side, you have a reliable partner for achieving your financial goals.

Kindly reach out to us @[email protected] or visit our website @www.wealthbuddy.ng

Stay connected with us on social media! Follow us for updates, news, and more on Instagram:@wealthbuddyng and X: @Wealth_buddyng

Destroying Dangote bad for Nigeria —AfDB president, Adesina

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Destroying Dangote bad for Nigeria —AfDB president, Adesina

President of the African Development Bank Group, Akinwumi Adesina, has added his voice in defence of Alhaji Aliko Dangote, the CEO of the Dangote Group, following his vilification by the Nigeria National Petroleum Corporation Limited on alleged monopolistic practices in the oil sector.
Adesina, a former Minister of Agriculture, in a statement on Tuesday, said destroying and disparaging Dangote was sending a wrong message to potential investors who will be sceptical about investing in the country.
The AfDB chief expressed shock at the controversy surrounding Dangote’s operations, warning that it is creating bad waves for Nigeria globally.
In the statement shared by businessman Femi Otedola via X, Adesina stated that monopolies often arise in industries with high entry barriers or capital costs, citing railways and large-scale refineries as examples.
“This whole issue on Dangote is shocking and creating bad waves for Nigeria globally,” Adesina argued.
“Monopoly often exists where there are high barriers to entry or high capital costs.
“How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?
“In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal.
“No smart investor would make a $19.5 billion investment and want it to be undermined by importers.
READ ALSO:NNPC boss, Kyari, denies Dangote allegations, vows to punish staff involved in overseas petroleum plant
“To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of “simply import it” is always so easily rationalized and chorused to solve any problem.
“Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence?
“Has Dangote refineries prevented any other company from setting up refineries? Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back?
“But Dangote refineries surely cannot be asked to compete with importers of petroleum products.
“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That is fair and justified competition.
“We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialisation in Nigeria.
“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximizing forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.
“We must not be myopic. This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor?
“Investing is tough. Pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed,” he stated.
The post Destroying Dangote bad for Nigeria —AfDB president, Adesina appeared first on Latest Nigeria News | Top Stories from TVN.

ASUP suspends planned industrial action

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ASUP suspends planned industrial action

The Academic Staff Union of Polytechnics, ASUP, has suspended its plan to embark on strike to protest the new scheme of service approved by the National Board for Technical Education, NBTE.
Chairman of the union, Federal Poly, Offa chapter, in Kwara State, Dr Atilola Moses Idowu, disclosed this to TVN in Ilorin on Tuesday.
He said the institution is in full session following the suspension of the strike action on Monday.
The decision to suspend the strike action was taken at the union’s NEC emergency meeting on July 22, 2024, to review its position on the controversial new scheme of service approved by the NBTE.
“The NEC resolved to suspend the earlier scheduled industrial action in recognition of the fact that the demands of the union have been met substantially,” a statement by the National President of the union, Shammah Kpanja, stated.
The statement appreciated the productive intervention of the Federal Minister of Education and the receptive disposition of the Executive Secretary of the NBTE in arriving at the decision as well as the media for being worthy partners.
TVN reports that the two weeks ultimatum which was to expire on Monday, July 22, 2024, involved vexed issues in the new scheme of service for polytechnics as released by the NBTE on June 19, 2024.
The union has reviewed the document and identified several positions that fundamentally altered the tertiary education system of polytechnics in the country, and deepened the condemnable and age long discrimination against holders of the Higher National Diploma certificates.
The new scheme of service, according to the union, distorted employee relativity in the Nigeria polytechnic system and unnecessarily expanded the overheads of the institutions, among others misgivings.
The union, therefore, demanded a suspension of the implementation of the contentious provisions and the commencement of a thorough review through a stakeholders’ engagement process.
The 15-day ultimatum was to provide the government ample time to address the grievances of the union or face diverse forms of industrial action by the aggrieved members.
TVN gathered that the union’s leadership,was invited to a tripartite meeting with the leadership of the NBTE and Federal Ministry of Education on July 19, 2024, where it was resolved that the implementation of the flawed document on the new scheme of service be suspended and a review process be initiated in line with the demands of the union.
ASUP suspends planned industrial action

No need for protest, Tinubu tells Nigerians

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No need for protest, Tinubu tells Nigerians

President Bola Tinubu on Tuesday appealed to Nigerians who plan to stage nationwide hunger protest to shelve the plan.

He also called on citizens to give his administration enough time to respond to their requests.

The Minister of Information and National Orientation, Mohammed Idris, revealed this to State House Correspondents after closed-door talks with President Tinubu at the Aso Rock Villa, Abuja, on Tuesday.

He said, “On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and he has asked them to await government’s response to all their pleas.

“So, there is no need for strike. The young people out there should listen to the President and allow the President more time to see to the realisation of all the goodies he has for them.”

His comments come days after calls for nationwide protests from August 1-10 against the rising cost of living and the economic hardship.

Details shortly…

Stephen Angbulu

With three years of experience, Stephen, The According correspondent, has been covering Nigeria’s presidency, politics, security, immigration and trafficking in persons

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Hardship: Atiku backs nationwide protest, blasts Tinubu

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Hardship: Atiku backs nationwide protest, blasts Tinubu

The 2023 Peoples Democratic Party, PDP, presidential candidate, Atiku Abubakar, has backed the planned nationwide protests against hunger and widespread hardship in the country, scheduled to begin on August 1.
In a statement, Atiku slammed the government of President Bola Tinubu for attempting to suppress the protesters, saying it was an exercise in futility.
He noted that Nigerians, including supporters of Tinubu and the ruling APC, are affected by the hunger, anger, and hopelessness caused by the government’s incompetence and cluelessness.
He warned that any attempt to suppress these rights is not only unconstitutional but a direct affront to democracy.
Atiku’s statement reads, “For the avoidance of doubt, the rights of citizens to protest are ENSHRINED in the Nigerian Constitution and AFFIRMED by our courts. Section 40 of the 1999 Constitution (as altered) unequivocally guarantees the right to peaceful assembly and association.
“Chasing shadows and contriving purported persons behind the planned protests is an exercise in futility when it is obvious that Nigerians, including supporters of Tinubu and the ruling APC, are caught up in the hunger, anger, and hopelessness brought about by the incompetence and cluelessness of this government.
“It is deeply ironic that those who now seek to stifle these rights were themselves leading protests in 2012. A responsible government must ensure a SAFE and SECURE environment for citizens to exercise their constitutionally guaranteed rights to PEACEFUL PROTEST. Any attempt to suppress these rights is not only unconstitutional but a direct affront to our democracy.”
Hardship: Atiku backs nationwide protest, blasts Tinubu

Kano distributes fertilizers worth N1.2bn to farmers 

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Kano distributes fertilizers worth N1.2bn to farmers 

The Kano State Government has procured a total of 52 trucks of fertilizers at the cost of N1.2 billion and distributed them free to small-scale farmers across the 44 local government areas of the state.

The State Commissioner of Agriculture and Natural Resources, Dr Danjuma Mahmoud, disclosed on Tuesday while briefing newsmen on the State government’s intervention in agriculture in the State.

Similarly, the government had purchased 180 additional trucks of fertilizer at the cost of N5 billion from the State Fertilizer Production Company, and are now being sold to the 44 Local Governments at a subsidized rate of half price of the commodities.

The commissioner also disclosed that the Federal Government is giving to the state  NPK, and urea, which would also be distributed to farmers free of charge.

“We are to receive NPK from Minna, Kaduna, and urea from Port Harcourt on the Federal Government support,” he said.

The commissioner explained that a committee had already been constituted under the interim chairmen of the local governments to ensure the effective distribution of the commodity at each of the wards across the 44 LGAs.

“The government has set up a committee of traditional, religious institutions, police, and other stakeholders, to ensure that the commodities reached out to real farmers in the state, “ he added.

According to him, the fertilizers that had already been delivered to the local government areas were procured as parts of the state government’s efforts to make the commodities available and accessible to farmers, especially smallholder farmers in the state.

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Nurses suspend 2-month indefinite strike in Oyo

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Nurses suspend 2-month indefinite strike in Oyo

The National Association of Nigeria Nurses and Midwives, NANNM, Oyo State chapter, has suspended its two-month indefinite strike.
The union chairman, Dr Samuel Adeyemi, made this known on Tuesday in Ibadan.
Recall that the nurses and midwives in the state government-owned hospitals and health centres began an indefinite strike on May 21.
The industrial action had taken its toll on the patients who throng the hospitals daily with no nurses and midwives to attend to them.
The NANNM demands include: urgent mass recruitment of nurses and midwives and correction of wrong notational date on the promotion letters of members who were due in 2017/2018.
Others are the adoption and implementation of lateral conversion/career progression for the nurses, as it is in other states of the federation.
The association is also demanding for the payment of their withheld 2011 salary arrears which, according to it, had been paid to other workers.
Adeyemi said the strike was suspended for one month following the commitments of the state government to attend to their demands.
He added that it was also to allow the implementation of the remaining approved agitations.
“In the light of the above, all our members across the state have been directed to resume duties from Wednesday. We are optimistic that the government will not relent in its effort to meet all our demands,” Adeyemi said.
Nurses suspend 2-month indefinite strike in Oyo

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