For allegedly involving in illegal capital market activities, the Securities and Exchange Commission (SEC) has sealed off the premises of Oxford International Group/Oxford Commercial Services, Farmforte Agro Allied Solutions Limited/Agro Partnerships as well as Vektr Capital Investment/Vektr Enterprise.
Investors King gathered that the companies’ offices in Lagos, Port Harcourt and Abuja were shut down for allegedly carrying out investment operations that fall within the ambit of fund management without registration with the apex regulator.
According to a statement by the commission, this is contrary to the provisions of the Investments and Securities Act, 2007.
“These companies do not have registration of the SEC to conduct fund management activities and have been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut them down.
“The Commission hereby notifies the investing public that none of these entities or their investment platforms are registered by the SEC.
“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007”, the commission said in the statement.
Meanwhile, SEC has advised members of the public to always confirm whether an entity providing investment services had been duly registered and whether the investment schemes are authorised by the Commission. It warned that any member of the investing public dealing with unregistered entities was doing so at their own risk, further advising the public to exercise due diligence and caution when making investment decisions.
The commission also disclosed that a list of valid operators can be obtained on its website.
Investors King recalls that SEC had sealed other similar companies engaging in illegal market activities which are within the purview of its regulation. The commission had also created a dedicated email account for the submission of Annual Financial Statements by all Capital Market Operators (CMOs). According to the commission, those who do not comply with the submission directives will be penalized, as prescribed in the SEC Rules and Regulations.
Walmart, Amazon, Apple, Others Top 2022 Fortune 500 List
Walmart took the top spot for the tenth year in a row, generating $5.1 trillion cumulative revenue over that time
Fortune Magazine has released the 68th edition of their annual list of the top 500 US companies with Walmart, Amazon, and Apple topping the list.
Fortune 500 list is an annual list of the top 500 largest companies in the United States, ranked based on the total revenue each of the companies generated in their respective fiscal years. It is compiled by Fortune Magazine.
A check by Investors King shows 2022 top 500 largest companies in the United States earned a combined $16.1 trillion in revenue and realised $1.8 trillion in profits. Indicating that the 2021 revenue grew by $6.4 billion, or 19% when compared to 2021 numbers.
Breaking down this year’s list, Walmart took the top spot for the tenth year in a row, generating $5.1 trillion cumulative revenue over that time. Amazon.com came second with a 22% increase in revenue in 2021 to cross the $450 billion threshold.
Apple, perhaps the most profitable company on the list for the eighth time in eight years, generated profits of $95 billion to sit in the number three position.
CVS Health and CEO Karen Lynch strive to produce Fortune 500 history as the highest-ranking firm ever led by a female CEO, at number 4.
UnitedHealth Group maintained its position as USA’s largest health insurance provider, with considerable growth in 2021. The corporation served 2.2 million more individuals this year than the previous year, and revenue increased by 12% to $287 billion, making it claim the 5th spot.
Exxon Mobil has risen from 10th to 6th place on the Fortune 500 after a difficult, pandemic-affected 2020. After COVID-related limitations drove energy consumption and oil and gas prices to plunge, Exxon Mobil trimmed costs to shore up its balance sheet, laying off 9,000 employees. These measures, combined with a resurgence in oil prices, let the business earn more than $23 billion in 2021, its highest annual profit in seven years.
Warren Buffet’s Berkshire Hathaway generated the second-largest profits among Fortune 500 firms last year, with $90 billion in net income. Its stock also soared, returning 23.2 percent in 2021, putting it in the 7th position.
Alphabet had a spectacular record, reaching $200 billion in sales for the first time. Alphabet was the best-performing Big Tech stock in 2021, with shares up nearly three times the Nasdaq’s 22 percent gain. It also put aside $50 billion for share repurchases and announced a 20-to-1 stock split to stimulate more investment. With steady growth in revenue and profit from 2006, Alphabet took the 8th spot.
Mckesson, one of the largest drug distributors in the country ranked 9th with a clear revenue of $238,228 million in the 2021 fiscal year despite a $4.5 billion loss.
Despite a fall in this year’s ranking, AmerisourceBergen increased its revenue by 12.7%, to $214 billion for the 2021 fiscal year. The company ranked 10th, following its counterpart, Mckesson.
2022 Top 10 Fortune 500 List
- CVS Health
- United Health Group
- Exxon Mobil
- Berkshire Hathaway
Toyota Marks 25th Anniversary of Sienna, Lauches Limited Edition
Toyota launches Sienna 2023 to celebrate the model’s first quarter-century of popularity with a limited edition to mark its 25th Anniversary.
The ultra-sporty XSE model, on which the Toyota 25th Anniversary Edition is based, features dark 20-inch split-5-spoke wheels, bolder front and rear bumpers, black-painted caps, and a sport-tuned suspension that is exclusive to the XSE. The XSE Plus Package adds roof rails, Premium Audio with JBL speakers and GPS, wireless charging, and a 1500-watt converter to the Sienna 25th Anniversary Edition, which is available in front-wheel drive or all-wheel drive.
The Sienna 25th Anniversary Edition is available in Celestial Silver and Wind Chill Pearl, both of which are appropriate for the occasion. The two exterior colors are accented by special black badging and exterior trim, including mirror caps and shark fin antenna.
The external mirrors with memory, auto-dimming, puddle lights, power-fold, and reverse-tilt down function are among the amenities added to this celebratory model from the Limited grade.
The Limited additionally includes heated and ventilated front seats with memory, as well as black leather-trimmed seating with silver-colored stitching.
Onboard comfort is enhanced by the Limited’s memory steering column and second-row seats with ottomans, while lighted door sills greet front passengers.
A customized black key fob cover with silver-colored stitching bears a “25th Anniversary” logo, and special “25th Anniversary” floormats pamper the feet.
Also, the Toyota Audio systems in the 2023 Sienna provide a plethora of connectivity and entertainment options, with something for everyone. The LE grade’s base Toyota Audio system comes with a 9-inch touchscreen, six speakers, Android AutoTM, Apple CarPlay, and Amazon Alexa compatibility, seven USB media ports, hands-free phone capability, and music streaming via Bluetooth wireless technology, SiriusXM with a 3-month Platinum Plan trial subscription, Safety Connect with a 1-year trial, and Wi-Fi Connect with up to 3 GB within a one-month trial.
When minivans initially became popular in the 1980s and 1990s, Toyota first imported its rear-drive Van and then the more market-friendly Previa. Meanwhile, Toyota was working on a far more focused entry, the Sienna, which debuted in 1998.
The Sienna has shown to be right on target for the market, evolving to a degree of family car perfection with each design iteration.
Toyota as a brand has retained a great lead in car sales globally despite chip shortages. Investors King explained that in 2021 Toyota surged by 10.1 percent, beating its German counterpart, Volkswagen, and Electric Vehicle, Tesla to having the highest sales record in the world.
Investors King gathered that maintaining the top sales record for two years in a row, Toyota Motor Co. stated that it sold 10.5 million vehicles in 2021, including those by affiliates Daihatsu Motors and Hino Motors. That is 5 percent fewer than the number sold in 2020, its lowest sales figures in 10 years, and more than 8.88 million vehicles delivered by Volkswagen AG within the same year.
Dangote Seeks Over N300 Billion To Complete Refinery
Business tycoon, Aliko Dangote has finalized plans to seek over N300 Billion ($750 million) through bonds to complete his refinery project in Lagos State.
Investors King gathered that the refinery project was supposed to be finished in 2019, but funding issues and the COVID-19 pandemic threw a wrench in the works, forcing the deadline to be moved back to 2023.
Dangote sought to raise $750 million from the Nigerian bond market with Dangote Oil Refining Company Limited and Dangote Fertiliser Limited, both Dangote Industries Limited companies, serving as co-obligors under the proposed programme, according to Fitch Ratings.
In order to prevent another extension and complete the refinery project next year, a portion of the funds will be used to cover the $1.1 billion needed to complete the refinery project while the remainder will come from either a Dangote Cement asset sale or the refinery project itself, equity sales.
“If the transaction is not successful, or should completion costs overrun or market conditions in the cement or urea sector deteriorate materially, we do not believe that DIL’s existing creditors would have further lending capacity.
“We believe that further asset sales, either in cement, or stakes in the projects, would be the more likely options to address funding of the refinery,” Fitch’s report reads.
About nine months ago, recall that Dangote opted to increase the workforce of his refinery by 17,000. Investors King reported that “the project currently employs 29,000 Nigerians and 11,000 foreigners at the 650,000 barrels-per-day world’s largest single refinery project located in the Ibeju Lekki area of Lagos. This is a ratio of around three Nigerians to one expatriate presently, which will increase local talent with the new additions.”
Speaking in a broadcast, Investors King quoted Dangote saying “When we started the project, we were supposed to bring a lot of foreign workers, but as we speak today, we have less than 11,000 expatriates. We have almost about 29,000 Nigerian workers that are getting massive training. We are also creating a lot of capacity in the country, which will be of great help for future oil projects in Nigeria, most especially with the opening up of the oil industry through the new Petroleum Industry Act….”
As a matter of fact, the idea of a successful Dangote Refinery project has been the expectation of both citizens of Nigeria and the Government, because, it will help bring a stop to the importation of crude oil.
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