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SEC Regulates Capital Market And Not CAC

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SEC Nigeria

Most times when i advise some clients to make sure they carry out due diligence before investing on any platform they are quick to point out that they have done their homework and that they have checked if the company they want to invest in is registered with the corporate affairs commission (CAC) and it is registered, therefore the company been registered with the CAC must be genuine.

This line of thought that every company registered with the corporate affairs commission is genuine and legit is marred with ignorance.

For the record, not every company or business registered with the CAC is genuine; some fraudsters register their businesses or companies with the corporate affairs commission too.

It should be noted that although CAC is expected to make sure that every business or company registered with them is legit, their main function as a governmental body as set out in section 7 of the Companies and Allied Matters Act, includes: administering the Act, the regulation and supervision of the formation, incorporation, management and winding up of companies.

But when it involves investment companies, that the company is registered with the CAC does not prove the authenticity of the company. CAC documents and certificates that the company holds mean nothing when it comes to proving their authenticity.

It is the Securities and Exchange Commission (SEC) that is a body that regulates all capital market operators including investment platforms. The Securities and Exchange Commission (SEC), is the Apex Regulator of the Nigeria Capital Market and they are responsible for developing and regulating the capital market.

Some of the functions of the Security and Exchange Commission include;

To Develop and Regulate a Capital Market that is Dynamic, Fair, Transparent and Efficient, to Contribute to the Nation’s Economic Development.

The Securities and Exchange Commission is mandated to Regulate and Develop the Nigerian Capital Market.

The Securities and Exchange Commission oversees securities exchanges, securities brokers and dealers, investment advisors, and mutual funds in an effort to promote fair dealing, the disclosure of important market information, and to prevent fraud.

If you want to confirm or verify if an investment platform is genuine, first you will need to confirm if they are registered with SEC or licensed by SEC to carry out the business of crowdfunding, capital investment, capital market, etc, SEC is the right body to approach, you can go to their website and you will see the list of all licensed capital market operators.

The SEC maintains surveillance over licensed capital market operators and investment platforms with the mandate of ensuring orderly and equitable dealings and protecting the market against fraudulent activities.

You can always contact them or write to them for your inquiries.

Their Contact details are:

SEC TOWERS,

Plot 272, Samuel Adesujo Ademulegun Street, Central Business District

P.M.B:315, Garki, Abuja

+234 (0) 94621100; +234 (0) 94621168

Email: sec@sec.gov.ng

Website: sec.gov.ng

Tekedia Live: Starting A New Company – Case of HRTech, Ropay

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Join Tekedia Mini-MBA Live tomorrow as we examine a case study on how to build a new company. HR technology startup, roPay, will be the case study. The company helps organizations manage payroll and other HR matters. It offers many HR technologies to organizations of all sizes. Ropay CEO Adedokun Agunbiade will lead the session. Zoom link in the Board.

To register for the next edition of Tekedia Institute Mini-MBA before the price increases after the early bird deadline, go here 

Dorsey Joins Musk to Criticize Twitter Board As Argument for Twitter Acquisition Heats On

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Elon Musk has taken a swipe at the Twitter board after his push to purchase the microblogging app was undermined by the ‘poison pill’ that the board adopted on Friday.

Musk went on to criticize the board on Twitter during the weekend for turning down his offer. He accused them of holding the company back from growth, saying they’re irresponsible for turning down his bid.

Last week, the Tesla CEO made a $43 billion takeover bid for Twitter. Musk said he invested in Twitter because he believes in its potential to be the platform for free speech around the globe. But now realize “the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Earlier, before making the bid for a hostile takeover, Musk had bought a 9.2% stake in Twitter, making him the largest shareholder. But that was quickly countered by one of Twitter’s biggest shareholders, Vanguard Holdings, who upped its shares to 10.3 percent, toppling Musk.

Musk had asked that Twitter shareholders, not only the board, be allowed to vote on his bid. He believes his offer, which is roughly $6 billion above Twitter’s current $37 billion market capitalization, is “best and final.”

Weighing in on the matter, Twitter co-founder and former CEO Jack Dorsey, joined Musk in criticizing the board. Dorsey said in a series of tweets where he responded to questions that as a public company, Twitter has always been “for sale.”

When asked why he owns close to nothing as Twitter founder, Dorsey said the board took most of his shares when he was booted out as the CEO in 2008, labeling the board as “consistently the dysfunction of the company”. He also agreed with venture capitalist Gary Tan, who said that a badly run board “can literally make a billion dollars in value disappear.”

Musk had implied that the board had no economic interest in Twitter to protect as they own little to nothing of the company’s shares. “With Jack departing, the Twitter board collectively owns almost no shares!” Musk wrote. “Objectively, their economic interests are simply not aligned with shareholders.”

Out of 12 members of the Twitter board, only Dorsey owns more than 1% at 2.253%, and he will be leaving the board next month.

The unexpected criticism from Dorsey is not clearly going to pave the way for Musk as some shareholders had criticized the bid, saying it doesn’t measure up to Twitter’s value. Musk said he will not make another offer, giving the board a seeming win as investors are unlikely to back his bid that some have already said it’s not enough.

However, there is another hurdle to Musk’s push to acquire Twitter. Investors have been skeptical that he would be able to cobble together the funds needed to buy Twitter, according to a report by New York Times. Analysts have estimated Mr. Musk would need $15 billion to $20 billion in debt to fund his efforts.

This is because Musk’s wealth is largely tied up in stock.

But there is a potential participation in the bid. The Times reported, citing sources, that private equity firm Apollo Global Management is considering participating in the bid by offering debt financing to potential buyers, including the Tesla chief executive Elon Musk.

The Times also reported on other potential buyers. At least one other private equity firm, Thoma Bravo, has expressed interest in acquiring Twitter. However, it is not clear if Musk is willing to team up with others to push his bid. What is clear is that Musk’s bid to acquire Twitter, though stagnant for now, is still possible.

Nigeria is experiencing its lowest point since the end of the Biafra war

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“I have a statement to the world. It may be my last statement, because we have only a few days, or even hours, left. We appeal to world leaders to apply the extraction procedure to the military of the Mariupol garrison…We are completely surrounded. There are about 500 wounded military, it is very difficult to provide them with medical care. They literally rot,” Maj. Serhii Volyna, commander of Ukraine’s 36th Separate Marine Brigade to CNN.

People, what is going on in Ukraine? I am finding this unbounded heroism thing irritating because it may be doing more harm than good to Ukraine. I mean, why can’t the Ukrainian soldiers in Mariupol surrender under this hopeless situation?

I do not understand the logic anymore. I hope the United Nations is looking at this because if indeed Ukrainian soldiers in Mariupol are prevented from surrendering by their national leaders in Kyiv, and end up eliminated by Russians, President Zelendesky may have questions to answer in future.

Sure – you may ask me why worry about Ukraine when Kaduna and Orlu continue to bleed. Nigeria is experiencing its lowest point since the end of the Biafra war. I mean, death is so common that many newspapers do not waste space reporting on them!

Comment on LinkedIn Feed

Comment: The year may be 2022 but humanity remains the same. Many civilizations have committed mass suicide before surrendering to an enemy. I’m sure you know this. Questioning the motives of both the oppressors and the oppressed is futile. Lest us make different choices in the same circumstances. My prayers go to both. The oppressors to be lenient and the oppressed to be wise.

My Response: “The oppressors to be lenient and the oppressed to be wise.” – I think I am helping the oppressed on the path of wisdom here. It is not everything written in history is right. It is like that sound by the Fugees with lyrics “killing me softly”. Yes, the person is “dying”, but softly, but the destination is the same! I do not buy that suicide is bravery in the 21st century. These men can be used for POW swaps but they have to be alive.

Apple Store Workers Move to Unionize

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The season of unionism seems to have kicked off for workers in the Big Tech, inspired by the success of Amazon workers. The workers, who resisted the e-commerce giant’s attempt to stop them from unionizing, appear to have set the balling rolling. Now Apple workers are following suit.

The Washington Post reports that workers at Apple’s flagship Grand Central Terminal retail location in Manhattan have begun to formally collect signatures to form a union, according to a newly updated website launched by the organizers, setting the stage for a showdown between the iPhone maker and the employees who sell them.

According to the report, the organizers, who have dubbed themselves “Fruit Stand Workers United,” say they voted Feb. 21 to affiliate with Workers United, a national labor union that has supported the successful unionization efforts of Starbucks employees around the country, according to the site. People involved in the organizing effort told The Washington Post that they have endured months of efforts by Apple to convince employees that unionizing is a bad idea, accusing the company of “union busting” tactics. Now, they are handing out signature cards to would-be union members.

If the organizers of Fruit Stand Workers United are successful in gathering enough votes to form a union, the Grand Central location would become the first of Apple’s retail stores to do so. That would add the Cupertino, Calif., company to a growing list of corporate behemoths, including Amazon, Starbucks and Activision-Blizzard, facing a wave of unionization efforts in a labor landscape that has fundamentally shifted in the wake of the global pandemic. At least three other Apple retail locations are in the process of forming a union, according to employees who spoke on the condition of anonymity to keep their jobs.

“Grand Central is an extraordinary store with unique working conditions that make a union necessary to ensure our team has the best possible standards of living in what have proven to be extraordinary times with the ongoing covid-19 pandemic and once-in-a-generation consumer price inflation,” the website says.

Apple declined to say whether they would support or fight the union effort, but said in a statement that “we are fortunate to have incredible retail team members and we deeply value everything they bring to Apple. We are pleased to offer very strong compensation and benefits for full time and part time employees, including health care, tuition reimbursement, new parental leave, paid family leave, annual stock grants and many other benefits.”

Inside the report, the Post said Apple employees it interviewed had said the move has been mainly as a result of salary disparity that does not reciprocate smartphone’s makers high-rise revenue, among other concerns.

Apple has more than 500 retail locations around the world and more than 270 in the United States, according to its website. It employs more than 65,000 retail workers. Sales through Apple’s retail stores and website made up 36 percent of the company’s $366 billion in total revenue in the fiscal year that ended in October, according to Securities and Exchange Commission filings.

Apple has seen astonishing revenue growth in recent years, bringing in $378 billion in the last calendar year, compared with $240 billion in 2017. Its strong cash position has allowed the company to spend tens of billions a year in stock buybacks and dividends for investors, buoying its share price.

Apple retail employees interviewed by The Post have said that despite the company’s success, their pay has not kept up with inflation, and some complain of difficult working conditions, including the inability to hold managers accountable for alleged unfair or abusive practices. Apple retail employees can earn from $17 to more than $30 per hour, depending on their market and position, and receive between $1,000 and around $2,000 in stock, they said. Employees say Apple’s hourly rates are usually in line with other retail jobs in the regions where they’re employed. But Apple, valued at $2.7 trillion, is no ordinary company. An Apple spokeswoman said the minimum hourly rate at Apple retail stores is $20.

Apple retail employees say they have been instrumental to the company’s success, helping to drive sales using their knowledge and passion for the products . Even when they were kept home during the pandemic, retail workers continued to contribute, nimbly fulfilling new duties such as offering technical support to customers from home, and they say they haven’t been compensated for the extra time and stress of quickly adapting. Despite raises early in the year at the company’s retail locations, and new benefits including more vacation time and family leave, some Apple employees still feel shortchanged.

Apple has said it is “deeply committed to creating and maintaining a positive and inclusive workplace. We take all concerns seriously and we thoroughly investigate whenever a concern is raised and, out of respect for the privacy of any individuals involved, we do not discuss specific employee matters.”

The news comes on the heels of an upset victory by Amazon warehouse workers on Staten Island — just across the bay from Apple’s Grand Central Terminal location — where a majority voted to unionize despite fierce efforts by the e-commerce giant to convince them otherwise. And Starbucks employees at 16 locations, including one in downtown Manhattan, have successfully unionized. More than 100 stores have announced efforts to follow. Employees at REI’s SoHo location in Manhattan voted 88-14 in March to unionize, the first of REI’s 170 stores to do so. Quality assurance workers for Activision Blizzard’s Raven Software are in the hard-fought process of forming a union, part of a growing trend in video games.

On Dec. 24, Apple retail employees staged a walkout and launched a website, Apple Together, to help retail employees.

The employees at Apple’s stores have mostly been working in secret, hoping to informally gauge interest before making a public push to gather official signatures. Workers believe the company will find a reason to fire them if management learns of their effort to unionize.

Fruit Stand Workers United’s website says employees have been communicating on an encrypted messaging service, albeit anonymously to protect them from possible retribution.

The union organizers in Apple retail locations have allies in the corporate offices, according to employees. Apple’s high tech workers have also been pushing for better working conditions.

Last year, software engineers and other “corporate” workers formed #Appletoo, a movement aimed at improving working conditions at the company, particularly for traditionally underrepresented groups, including workers with disabilities.

Apple fired Janneke Parrish, who helped organize #AppleToo. Parrish said she was being investigated for leaking information from an all-hands company meeting, a charge she denies.

And Cher Scarlett, a software engineer who encouraged employees to share their salaries in a survey to expose possible wage disparities hurting underrepresented groups, alleged that she was pushed out in retaliation for her efforts.