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United Capital Launches Special Dollar-denominated Fund

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United Capital Plc, the nation’s foremost investment bank and financial services group, has kicked off the new year with the launch of its new mutual fund, the United Capital Global Fixed Income Fund, a specialised open-ended dollar-denominated fund that invests in securities and Eurobonds, floated by the Federal Government of Nigeria and other sovereigns, as well as top-tier corporates, money market instruments, and alternative investment assets.

The United Capital Global Fixed Income Fund is the eighth mutual fund managed by United Capital Asset Management Limited, a subsidiary business of the group, and one of Nigeria’s leading fund managers.

The fund exposes investors to a broader range of asset classes, allowing them to generate regular income streams by investing in select dollar-denominated global fixed income instruments issued by non-Nigerian issuers, sovereign bonds, and top-tier corporate Eurobonds.

Subscribers can expect competitive short- to medium-term capital appreciation on their (USD) dollar-denominated holdings in the fund, which is said to be higher than the return rate on domiciliary deposits.

With rising inflation and exchange rate volatility, the fund allows local investors, particularly, to diversify their portfolios and hedge against currency devaluation while generating potentially higher returns.

Odiri Oginni, the Managing Director/CEO of United Capital Asset Management Limited, commented on the fund saying “The current macroeconomic clime in Nigeria has prompted a rise in demand among investors for high-yielding investment options in foreign assets.

At United Capital Asset Management, we are constantly exploring new ways to meet the ever-changing demands of our clients, which led to the creation of this fund.

The United Capital Global Fixed Income Fund is an avenue for investors to diversify their portfolios and income streams while providing long-term capital preservation and appreciation, through investment in a selected portfolio of global fixed income assets.

She added “Our existing mutual funds, have continuously provided attractive returns for investors, and we are certain that this new fund will do the same.”

The United Capital Global Fixed Income Fund is now open for subscription to Qualified Institutional Investors, High Net Worth Individuals (HNIs), Africans and Nigerians in the diaspora, and Institutional investors with USD-denominated liquidity. With $50,000 and multiples of $500, investors can access the fund and benefit from the attractive returns it offers.


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FG to Activate Surveillance for Passengers from China amid Virus Scare

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Federal government has announced plans to implement surveillance measures for inbound passengers from China, following a surge in respiratory virus cases attributed to the Human Metapneumovirus (HMPV).

FG to Activate Surveillance for Passengers from China amid Virus Scare

This decision comes in response to reports of overcrowded hospitals, emergency interventions, and growing public concern in China, where HMPV cases have spiked across northern provinces, particularly affecting children during the winter season.

The Nigerian authorities aim to monitor the situation closely to prevent potential spread within the country.

Neighboring nations such as Cambodia, Taiwan, and Hong Kong are also taking precautionary measures, though they have reported only a few cases and no widespread outbreaks thus far.

Health experts describe HMPV as a respiratory virus that can cause symptoms ranging from mild cold-like issues to severe complications, especially in children, the elderly, and those with compromised immune systems.

According to Chinese authorities, there has been a noticeable increase in HMPV cases, especially among children under 14 years old in northern parts of the country. Social media posts, accompanied by videos of overcrowded hospitals, have sparked fears of a larger-scale health crisis.

In response to the rising cases, the Chinese government announced measures, including constant monitoring of cases, the adoption of masks, social distancing and disinfection of public spaces to curb the increase of the virus.

The new virus outbreak is coming five years after the emergence of a novel coronavirus – COVID-19 – in Wuhan, China, which was declared a global pandemic by the World Health Organisation on March 11, 2020.

So far, COVID-19 has infected 777 million people globally and killed over seven million, according to WHO.

However, while both HMPV and COVID-19 are respiratory illnesses, there are important differences. HMPV typically causes milder symptoms such as a cold or flu, while COVID-19, caused by the SARS-CoV-2 virus, can lead to more severe health complications and long-term effects.

HMPV is also a seasonal virus, similar to other cold-causing pathogens like RSV, and infections usually peak during the winter months.

HMPV, like COVID-19, spreads through respiratory droplets when an infected person coughs or sneezes and it can also spread via contaminated surfaces.

However, officials from the National Health Commission stated that while respiratory diseases are expected to rise during the winter months, the overall situation this year is less severe than last year.

Beijing also downplayed the developments as an annual winter occurrence.

China’s foreign ministry spokesperson Mao Ning said on Friday, “Respiratory infections tend to peak during the winter season.

The diseases appear to be less severe and spread with a smaller scale compared to the previous year,” she said.

 

A pilot programme was launched by China to track pneumonia of unknown origin, ensuring labs and health agencies reported and managed cases more effectively, state broadcaster CCTV reported, quoting an administration official at a news conference.

The US Centers for Disease Control and Prevention said HMPV could cause upper and lower respiratory diseases in people of all ages, especially among young children, older adults and people with weakened immune systems.

The U.S CDC noted that HMPV is most likely spread from an infected person to others through secretions from coughing and sneezing, close personal contact and touching objects or surfaces that have the viruses on them, then touching the mouth, nose, or eyes.

“Symptoms commonly associated with HMPV include cough, fever, nasal congestion and shortness of breath. Clinical symptoms of HMPV infection may progress to bronchitis or pneumonia and are similar to other viruses that cause upper and lower respiratory infections. The estimated incubation period is three to six days, and the median duration of illness can vary, depending upon severity but is similar to other respiratory infections caused by viruses,” the US CDC stated.

Meanwhile, health authorities in Nigeria are already implementing emergency measures to monitor and manage the spread of the HMPV.

Dr John Oladejo, director, Special Duties, Office of the Director-General of the Nigeria Centre for Disease Control and Prevention, said that the Federal Government would implement preventive measures by activating surveillance measures to curb the spread of the virus.

“The FG will activate surveillance measures, like quarantine, for passengers coming in from China,” Dr Oladejo said.

Earlier in November 2024, global health body WHO noted that it was closely monitoring the situation and was in close contact with national authorities in China, adding that it would continue to provide updates as warranted.


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EFCC Sacks 27 Officers for Fraud, Misconduct

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Economic and Financial Crimes Commission (EFCC) has dismissed 27 officers from its workforce in 2024 for various offences related to fraudulent activities and misconduct.

EFCC Sacks 27 Officers for Fraud, Misconduct

In a statement issued on Monday by Dele Oyewale, spokesperson, the EFCC revealed that the dismissal followed recommendations from its Staff Disciplinary Committee and was ratified by Ola Olukoyede, executive chairman.

The statement read, “In its quest to enforce integrity and rid its fold of fraudulent elements, the Economic and Financial Crimes Commission dismissed 27 officers from its workforce in 2024.

“Their dismissal, following the recommendation of the Staff Disciplinary Committee of the EFCC, was ratified by the Executive Chairman, Ola Olukoyede.”

Olukoyede reaffirmed the commission’s zero tolerance for corruption, emphasising that no officer is immune to disciplinary measures.

He assured the public that all allegations against EFCC staff would be thoroughly investigated, including a trending $400,000 claim against a Sectional Head by a supposed EFCC staff member.

He stressed that the commission’s core values remain sacrosanct and will always be upheld.

“Olukoyede reiterated the commitment of the commission to zero tolerance for corruption, warning that no officer is immune to disciplinary measures.

“Every modicum of allegation against any staff of the commission would always be investigated, including a trending $400,000 claim of a yet-to-be-identified supposed staff of the EFCC against a Sectional Head. The core values of the commission are sacrosanct and would always be held in optimal regard at all times.”

The EFCC also warned the public about the activities of impersonators and blackmailers exploiting the name of its Executive Chairman to extort money from high-profile suspects under investigation.

According to the statement, two members of an alleged syndicate, Ojobo Joshua and Aliyu Hashim, were recently arraigned before Justice Jude Onwuebuzie of the Federal Capital Territory High Court, Abuja, for allegedly contacting a former Managing Director of the Nigerian Ports Authority, Mr Mohammed Bello-Koko, and demanding $1 million to secure “soft landing” on a non-existent investigation.

“The commission noted that similar criminal elements are still at large and urged the public to report such individuals,” the statement added.

Oyewale stated that the EFCC chairman is a man of integrity who cannot be induced.

He said, “Olukoyede remains a man of integrity who cannot be swayed by monetary influences. The public is enjoined to always report such disreputable elements to the Commission.

“Additionally, the EFCC is aware of moves being hatched in some quarters to blackmail officers of the Commission through unwholesome means. Suspects being investigated for some economic and financial crimes who have failed to compromise their investigators would always clutch at any straw. Such blackmailers should not be accorded any form of attention.”


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KPMG Recognizes PalmPay for Excellence in Its 2024 West Africa Banking Industry Customer Experience Survey

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PalmPay, Africa-focused fintech platform, has been recognized in the 2024 KPMG West Africa Banking Industry Customer Experience Survey for delivering exceptional customer experiences and surpassing traditional banks in key areas of service delivery.

The survey highlights PalmPay’s strong performance across multiple stages of the customer journey, with customers praising the platform’s seamless transaction processing, reliability, and innovative features.

PalmPay achieved a notable Customer Experience (CX) score of 81.6, ranking among the top fintechs in the region and cementing its position as a leader in Nigeria’s fast-evolving digital financial services landscape.

The KPMG survey evaluates customer experience across six key pillars of excellence:  Integrity, Resolution, Expectations, Time & Effort, Personalisation, and Empathy. PalmPay excelled in delivering seamless experiences, streamlining processes to reduce customer effort, and fostering trust through proactive and transparent communication.

“We are honored to receive this recognition from KPMG, which underscores our unwavering commitment to providing accessible, reliable, and innovative financial solutions to Nigerians,” said Chika Nwosu, Managing Director at PalmPay.

“At PalmPay, we continuously strive to redefine the banking experience by addressing customer pain points, streamlining transactions, and ensuring that our customers can trust and rely on us for their everyday financial needs.”

According to the survey, PalmPay was commended for its minimal network downtime, swift issue resolution, and proactive communication with users. Customers highlighted the platform’s ability to notify them in advance of scheduled maintenance, reinforcing trust and reliability.

A customer featured in the report stated, “PalmPay hardly has network issues and they have saved me from embarrassment”, reflecting the platform’s reliability and user satisfaction.

PalmPay’s recognition aligns with the company’s mission to drive financial inclusion by offering user-friendly, tech-driven solutions that meet the needs of underserved communities.

Through strategic partnerships and continuous innovation, PalmPay remains dedicated to enhancing the customer journey and expanding access to financial services across Nigeria.


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