aiteo group is an integrated , global-focused nigerian energy conglomerate founded in february 2008 .

the company is the successor entity to sigmund communnecci limited .

the company has significant business interests in oil and gas exploration and production ; bulk petroleum storage ; refining of petroleum products ; trading , marketing and supply as well as power generation and distribution .

its subsidiaries are aiteo eastern exploration and production company limited ( aeepco ) and aiteo power .

the group is owned by benedict peters .

its business activities are conducted from several nigerian locations , including international financial capitals ; united states , united kingdom , switzerland and brussels .

aiteo

aiteo <EOT> the deal conferred on aiteo group titleholder rights for the competition , which was renamed aiteo cup .

oil company aiteo signs n2 . 5bn sponsorship deal with nff - complete sports nigeria

as the official naming rights sponsor of the nff federations cup , now christened aiteo cup , aiteo will continue its funding of the tournament – nigeria’s longest running football tourney .

the tournament , formerly called federation cup , will now be known as aiteo cup .

aiteo group is one of africa’s fastest - growing energy leaders . it operates through her subsidiaries of which aiteo eastern e & p ; co . ltd is her main subsidiary . aiteo has a clear vision for the future , with the experience and assets necessary to provide oil and gas products on a regional and global scale . aiteo discovers , produces , stores , delivers energy resources and brings timely solutions for her clients worldwide . aiteo is based in various locations in nigeria . more information about aiteo group is available at urltoken

at aiteo we have a long standing commitment to conduct business in accordance with the highest ethical standards .

we look forward to an aiteo powered football administration that would make positive history with its national teams .

through its subsidiary sigmund engineering , aiteo provides a full range of oilfield services in the niger delta region .

lagos . 26 / 04 / 2017 aiteo group invests n2 . 5b in the development of nigerian soccer .

the chairman of the aiteo group , benedict peters , feels it is important for nigerian companies to share their success .

with aiteo generating power , at least 7 . 6 million nigerians will gain access to a power grid . as we expand into other african countries , aiteo is poised to bring the benefits of readily available electrical energy to millions more .

energy company aiteo group is allegedly considering its options following alleged poor mileage from its sponsorship deals with the nigeria football federation .

aiteo group ndiana matthew , senior mgr . corporate communications . + 234 815 - 314 - 7539 ndiana . matthew @ urltoken

" this lucrative deal with aiteo will cover all the national teams and has an option of a one - year extension . "

one of our main exploration targets , the niger delta basin , may contain as much natural gas as any reserve ever discovered . tapping this reserve will provide aiteo with abundant resources to not only sell directly , but also to fuel aiteo electrical generation plants .

the financial obligation to aiteo group for this partnership is been valued at ₦500 million annually and the official marketing agency is mediterranean .

we at aiteo wish to state emphatically that contrary to media reports , there is no ongoing review of this agreement with the nff .

aiteo group has reached an agreement with the nigeria football federation ( nff ) to acquire the federation cup naming rights for five years .

why choose aiteo ? because we are the future of energy development in africa and beyond . whether you are beginning your career as an energy professional , or if you are a veteran of the oil and gas industry , aiteo offers a future filled with growth and exciting opportunity

the attacks by the militant group niger delta avengers ( nda ) on oil installations in bayelsa state have effectively grounded the operations of agip , aiteo and shell , with production outages by agip and aiteo alone now put at 140 , 000 barrels daily as from may 2016 .

strategically located on - shore petroleum storage terminals in lagos and port harcourt form the nucleus of aiteo’s bulk petroleum storage and retail distribution network .

aiteo is a leading supplier of petroleum products to nigeria and between 2009 and 2011 imported nearly 4 million metric tons of refined petroleum products .

aiteo encourages a culture of excellence . we value and reward the contribution of high - performing individuals and teams in achieving the company ' s objectives

" it is an exciting time for the nigerian football federation and for aiteo - two organisations which are increasingly seeing global success , competing with global players .

aiteo owns and operates several petrol stations strategically located in eastern and northern nigeria , and aims to expand its network . it also supplies independent filling stations .

people are one of the main reasons for our success . at aiteo , our strategy is to hire only the best and the brightest people in our industry .

the nff and aiteo group in april signed a n2 . 5bn federation cup sponsorship deal that will see the competition run without hitches for the next five years .

in 1999 after gaining extensive experience in the multi - layered global energy industry , peters founded sigmund communecci , a company which would later become the aiteo group . while sigmund communecci’s main focus was tank farms and other aspects of the downstream sector , aiteo group is active in both upstream and downstream sectors of the petroleum industry .

aiteo’s power generation group is working to harness nigeria’s vast natural gas resources and generate energy from nigeria’s indigenous and renewable resources , with a particular focus on hydroelectric power .

benedict peters is the founder and ceo of the aiteo group , and has nearly 30 years of experience in the trading , banking and oil and gas industries . his vision for the aiteo group is built on an integrated business approach that combines many aspects of the energy industry in order to provide an extensive solution and add value to the resources sector .

on its part , the nff is expected to provide , through different activations , visibility for the aiteo group , especially during the federation cup competition and matches of the national teams .

aiteo plans to acquire a number of smaller ( 5 , 000 - and 10 , 000 - metric ton ) vessels for cargo shuttle purposes , thereby improving the efficiency of its downstream operation .

benedict peters is a successful businessman , innovative entrepreneur and oil and gas industry pioneer . peters is best known as the founder and ceo of the large - scale nigerian energy conglomerate aiteo group .

following the acquisition of a 45 per cent stake in the oil mining field oml 29 , nigerian oil company aiteo says it has ramped up oil production to ninety five thousand barrels a day .

" aiteo group is proud to sign this multi - million dollar partnership , which will help to support the super eagles to success in the 2018 world cup , the 2019 afcon and beyond . "

also , shola omole , spokesman for aiteo , said the nembe creek trunk line , which conveyed crude to bonny export terminal but came under attack by nda on may 28 , had been shut .

“this is a long - awaited injection of funds the nff has earnestly yearned for . we are convinced that we are turning a new chapter in nigerian football with this agreement in place . as aiteo group is breaking grounds in all spheres , we share a vision of excellence to promoting the delight of football - loving nigerians , ” said global vice president , aiteo group , mr . benedict peters .

recruitment summit may 17 - 19 aiteo will be participating in the upcoming careers in africa summit . we are looking to recruit high - calibre candidates with international experience and local knowledge to join our team .

at aiteo , we set ambitious goals and achieve them through strategic planning and a dedication to strong work ethics . we are looking for individuals who will take on that challenge . we have great plans for the future and we want you to be part of it . across the country , or across the globe ; a career with aiteo can take you as far as your talent and ambition will go .

as “official optimum partner of the nff” , aiteo group is granted exclusive rights to cover all local and foreign components of the nff’s financial obligations for the main team . the possibilities in the aiteo - nff deal are numerous . besides prompt payment of salaries and benefits of coaches , which will eliminate needless friction and enable them to focus on their jobs ; players , who used to turn down honouring national assignments on the excuse that their bonuses were not guaranteed if they turned up , will be accorded priority . aiteo group , through this deal , has brought resurgence to interest in nigerian football and joy to the lives of football - loving nigerians .

" aiteo group is as passionate about leadership as nigerians are about football , so we are proud to be working together with the nff and its coaching staff to reach a shared goal of a more prosperous nigeria . "

the past provides evidence for what the future holds . a ship , set on a known course will reach its destination . similarly , aiteo ' s successful past is strong indication of our energy leadership for the future .

aiteo , operator of the nembe creek trunk line , which conveys crude to the bonny export terminal , came under attack by the nda on may 28 , and spokesman shola omole said the line has been shut down .

aiteo supplies the global market with oil and gas products , which are refined and produced in - house , while also conducting resources exploration projects . since its inception , the company has become one of the most successful energy providers in nigeria and is considered a major player in the international industry . as founder and ceo , peters drives aiteo group to continued success by designing innovative strategic models , collaborating with local communities and forming international joint ventures .

aiteo works closely with the ministry of petroleum resources and other agencies of the nigerian federal government . the company believes that , once enacted , the petroleum industry bill ( pib ) currently going through the national assembly will deliver :

aiteo ' s ultimate aim is to serve the needs of communities across africa , helping the continent to reassert its energy independence and building a high - quality asset base , while increasing market share , revenue and shareholder value .

the attacks by the militant group niger delta avengers ( nda ) on oil installations in bayelsa state have effectively grounded the operations of agip , aiteo and shell , with production outages by agip and aiteo alone now put at 140 , 000 barrels daily as from may 2016 . at $ 48 per barrel , an estimated $ 6 . 72 million daily is lost by the two operators due to the attacks on oil export pipelines being operated by those two companies .

aiteo encourages a culture of excellence . we value and reward the contribution of high - performing individuals and teams in achieving the company ' s objectives . we invest in training and leadership development to help our employees reach their full potential .

aiteo has risen to the occasion . it now behoves the nff to ensure it tightens all loose ends , seeks ways to make the super eagles the power - house they used to be and justifies the big faith reposed in them by the sponsor . kudos goes to the amaju pinnick - led nff for pulling this through . it is hoped this brings about renewed faith in football administration as the league is in need of another bold sponsor in the mould of aiteo .

aiteo has acquired a 17 , 000 - square metre property in port harcourt for the construction of a world - class fabrication facility . current upgrades to the port harcourt site will create the largest and most technically - advanced storage facility outside lagos .

the deal makes aiteo group the ‘official optimum partner of the nff’ . the funds shall be disbursed on a quarterly basis via a financial agency , and the other cadres of the national team shall share whatever is left after the super eagles have been covered . unlike previous sponsorships , the accounts will be open to periodic auditing to guard against misappropriation of funds . aiteo group has even expressed its willingness to extend the sponsorship to the national football league depending on the success of the current deal .

aiteo’s relationship with nff is unfettered in any way , and the organization will continue to ensure that nff gets the required financial support it needs to perform optimally . we will ensure that all stakeholders are kept abreast of any development in this regard .

nigeria’s foremost integrated energy solutions company , aiteo group has taken up sponsorship of the nigerian football federation ( nff ) . the partnership started on may 1 , 2017 and will last five years with an initial option of a one - year extension .

aiteo is aggressively pursuing exploration and production . africa is the next growth frontier and is central to our vision and ambitions for the future . we see opportunities where others do not look , and employ expertise and innovation to turn opportunity into rewarding reality .

as it stands , agip , shell , aiteo and other oil firms operating oilfields in bayelsa cannot export crude until the vandalized export lines are fixed , and there are no indications as to when repair work can commence or how long they might take .

benedict peters ' aims to improve his country ' s infrastructure and economy by offering multifaceted power solutions that include mining , extraction , production , processing , manufacturing and marketing . his vision for the aiteo group is built on an integrated business approach that combines many aspects of the energy industry in order to provide an extensive solution and add value to the resources sector . under mr . peters ' leadership , aiteo group has created more than 11 , 000 job opportunities and continues to grow and expand into new fields .

abuja yesterday that while the nigerian agip oil company ( naoc ) has shut its bayelsa production facility which produces 65 , 000bpd , indigenous operator , aiteo , which operates the nembe creek trunk line , has also stopped its 75 , 000bpd facility in bayelsa .

“aiteo group’s overarching social responsibility objectives are to encourage a positive impact , through our activities , on the society - at - large and has successfully done for several years . football brings joy to the lives of nigerians and each moment celebrated by families in their living rooms over a goal scored or friends catching up on highlights of a well taken free - kick by their local heroes leaves an edible mark with memories for a life time , ” ndiana - abasi matthew , aiteo group’s senior manager , corporate communications said .

aiteo is not necessarily the first company to make this move , nor will it be the last . nonetheless , its executive vice chairman benedict peters deserves our commendation for disproving that corporate bodies are all talk and no substance . let’s also bear in mind that aiteo is not drawn from a sector traditionally associated with sports promotion . all the more reason to applaud this gesture which has not only wrested control of the beloved sport from telcos , but also created an avenue for industry - wide contributions towards the growth of nigerian football .

based in lagos , nigeria , aiteo group is a major player in the oil , gas and power industries . it was founded by benedict peters in 1999 , and has been experiencing exponential growth ever since . in 2016 the company was trading petroleum products to the value of over $ 11 billion . after acquiring an 85 % stake in the oml 29 block from shell for $ 2 . 56 billion , aiteo group also secured the potential to hold as much as 300 million cubic feet of gas and 2 . 2 billion barrels of oil .

but the oil and gas outfit has alleged that the nff had not lived up to the agreements . a senior aiteo group official told reporters last week that the company was reviewing its partnership with the nff because it was not satisfied with the way the federation was “handling things” .

aiteo aims to address the long - term problem of petroleum imports by developing a 100 , 000 - barrel per day ( bpd ) greenfield refinery . the project is at conceptualisation stage , and the company hopes to fast - track development and construction with a view to operation by 2017 .

the nigeria football federation have reached a big sponsorship agreement with oil company aiteo group , urltoken reports . the company announced the partnership on their twitter handle on wednesday after the nff had hinted that a huge deal was about to be signed . “aiteo group is now the official optimum partner of the nff for the next five years , ” the company stated . “great to be the official sponsor - partner of nigerian football . great days ahead . the love of the game is universal . we are proud to sponsor the biggest footballing nation on the continent . ” urltoken learnt that the contract is worth n2 . 5 billion over five years , n500m for each year . aiteo group is also expected to pay the salaries of super eagles coaches as part of the deal . the nff will issue their own statement later on wednesday to shed more light on the deal .

the official , who spoke on condition of anonymity , said , “they told us that the aiteo cup would be a media event , which means the competition will be widely publicised . but it is almost coming to an end and the newspapers and broadcast media seem not to know what is happening .

its gas subsidiary is participating in gas gathering and processing facilities , lpg production , storage and distribution , pipeline infrastructural network development and ngl ( natural gas liquids ) processing , transportation and logistics ( including compressed natural gas solutions ) . aiteo gas is continuing to discuss joint development of opportunities with international partners .

in the final analysis , the aiteo / nff deal is a beacon of hope to not only the super eagles but nigerian football in general . nigerians have taken to the social media to commend this effort , and rightly so . aiteo group has expressed its intentions to sponsor every cadre of nigerian football , beginning with the super eagles if all goes well . in the next few weeks and months , we can be sure that the usual excuses offered by every party involved in satisfying the yearnings of our national team and sports - loving nigerians will cease and the team can concentrate on being world giants again .

aiteo is one of africa ' s fastest - growing energy leaders . we are an integrated energy group with a clear vision for the future and the experience and assets necessary to provide oil and gas on a regional and global scale . we discover , produce , store and deliver energy resources to marketplaces worldwide .

the news agency of nigeria ( nan ) reported in abuja yesterday that while the nigerian agip oil company ( naoc ) has shut its bayelsa production facility which produces 65 , 000bpd , indigenous operator , aiteo , which operates the nembe creek trunk line , has also stopped its 75 , 000bpd facility in bayelsa .

“this is a long - awaited injection of funds the nff has earnestly yearned for . we are convinced that we are turning a new chapter in nigerian football with this agreement in place . as aiteo group is breaking grounds in all spheres , we share a vision of excellence to promoting the delight of football - loving nigerians” .

" aiteo is one of africa ' s fastest - growing energy leaders . we have a clear vision for the future with the experience and assets necessary to provide oil and gas on a regional and global scale . we discover , produce , store and deliver energy resources , and bring timely solutions for clients worldwide . " - benedict peters

barely two months down the line , aiteo has walked its talk , giving us a reason to believe in nigerian football and the genuineness of corporate nigeria yet again . news making the rounds has it that through the instrumentality of aiteo’s sponsorship , the nff has paid an impressive 27 coaches their outstanding salaries with a whopping n100million from the first tranche of the funding agreement . according to reports , the salary of the super eagles’ manager gernot rohr has also been settled up to date from the forex component of the sponsorship . god enough , all the payments were deposited directly into the beneficiaries’ accounts through the nff’s consultants financial derivatives , which adds a measure of credibility to the transaction .

aiteo group deserves all the kudos it can get for this timely csr initiative . the sponsorship deal is impactful and likely to change the face of nigerian football as we know it . it is even more commendable when we consider that aiteo is a player in the energy sector , not telecommunications from which most major football sponsors have been drawn in recent times . this is what csr really means when all is said and done . it is about initiatives likely to impact not just a small crop of people , but the generality of the populace . after all , football is one sport that unites us as a nation despite our tribal differences . other corporate bodies would do well to follow suit .

the deal is the first in - country sports sponsorship for the energy giant who will be referred to as the “official optimum partner of the nff” . the deal also grants exclusive rights to aiteo group and will cover all local and foreign components of the nff’s financial obligations for the main team which is dissimilar to the recent deal with zenith bank .

partnering with global e & p companies , aiteo’s focus in this area is on the development , operation and management of upstream oil and gas assets in nigeria and the gulf of guinea , leveraging present opportunities in nigeria to maximise asset value . the company aims to benefit its shareholders by investing in development and production in nigeria , both on land and offshore .

the nff deal is by no means the first philanthropic move aiteo will be making . recently , the energy conglomerate also donated n100 million worth of office supplies to the 16 brigade in bayelsa state , and is currently in talks with several stakeholders across the economic spectrum on how to make a considerable difference in cash or kind that will positively impact the citizenry .

time and again , aiteo has argued that csr is more than just an acronym but simply the way it does business . as such , it has supported whole communities and groups over the years through informal grants and donations , seed capital and philanthropy . its support of the super eagles should be seen in that light and given all the commendation it deserves .

it is therefore considered a timely ingenious masterstroke from aiteo group with its ‘blue oceanique’ approach to sponsorship . with the n2 . 5 billion five - year - contract ( with likelihood of renewal for one year after expiration ) recently signed with the nff , aiteo has fashioned a model hitherto unexplored in the history of football sponsorship in nigeria . it examined the administrative architecture of the nff , and pinned its corporate social responsibility ( csr ) focus on the terms of contracts of the super eagles’ coaches . what the nff used to have was a system where the burden of sponsorship of the whole nigerian football ecosystem was placed on one sponsor ; the league management , national teams’ management , and other related aspects . but the aiteo - nff deal is unique in that it singles out and takes care of “a critical area” of the nff’s expenditure , a fact which the nff president , amaju pinnick , echoed during the signing ceremony of the deal on wednesday , 26th april , 2017 . it was truly a “heart - warming landmark in the history of football sponsorship in nigeria , ” amaju said .

understandably , some nigerians may be a bit skeptical about this since previous sponsorship deals fronted by other companies have been run aground while our teams have been left high and dry . however , in aiteo group we have a company with the financial capacity and moral will to follow through its contractual obligation with the nff without fail , and i think they deserve all the support they can get .

the aiteo group continues to grow and expand into new ventures in order to diversify the power services and resources it offers the local and global community . peters uses an integrated business expansion model to incorporate all aspects of the agribusiness sector into the company ' s work , including mining , extraction , processing , production , manufacturing and marketing . new projects include petroleum exploration and production and power generation and distribution .

lagos - based international energy company aiteo has big plans for the future . it currently operates extensive depot and storage facilities in port harcourt and lagos , and has 40 , 000 square metres of land in kano for the development of an integrated energy solutions centre . the company is a keen supporter of the government’s local content initiative and is committed to the development of sustainable solutions to meet nigeria’s growing energy needs .

at aiteo , we understand what ' s important when you are considering a rewarding and satisfying career . we ' re focused on new challenges , new opportunities and new experiences like growing our business responsibly and making sustainability a key part of our operations . we offer stability with a forward focus , a strong commitment to training and employee development and a dedication to being the best employer you will ever work for .

benedict peters is a nigerian entrepreneur and veteran businessman . he is the founder and ceo of aiteo group – a leading oil and gas company in west africa . throughout his long career , peters has held executive roles in top nigerian companies like mrs oil , gas limited and ocean and oil limited . aside from his vast experience in the oil and gas industry , his professional background also includes commodity trading and banking . :

peters began his career in 1990 as founding partner of ocean and oil , a petroleum trading and exploration company . after four years with the company , which later became oando , he moved on to become a managing partner at mrs , a leading downstream petroleum firm . in 1999 , after gaining much knowledge and experience , peters left to start his own company - the aiteo group - one of the most prominent downstream and upstream energy companies in west africa .

aiteo’s electricity distribution division is participating in the current privatisation of nigeria’s electricity industry . it has been shortlisted by the government to bid for several electricity distribution regions in nigeria , together with international technical partners including eta power projects of the uae and aydem elektrik of turkey . the division is in the process of identifying a suitable location in eastern nigeria for the construction of a 250 - mw independent gas - fired power plant to supply the national grid by 2016 .

amidst this back and forth , the recent announcement of integrated energy group aiteo’s 5 - year sponsorship of the super eagles was a breath of fresh air . the n2 . 5 billion sponsorship , unprecedented in recent times , is aimed at boosting the morale of the national team and meeting their coaching , staffing and other technical needs . it will be disbursed in n500 million tranches annually to the super eagles through the nff , as part of the sponsorship agreement between both parties .

the niger delta basin , off the shores of west africa , is a core area for aiteo , where we expect to contribute high - margin production . with tens of billions of barrels of oil reserves remaining untapped , there is enough capacity there alone to support the country ' s oil industry for decades to come . we have a strong inventory of follow - up prospects , and expect that the niger delta basin will be our primary focus for many years of profitable operations .

leaving mrs in 1999 to start his own business , in 2000 benedict peters founded sigmund cummenicci – a company that would focus on downstream oil and gas activities , beginning with tank farms . sigmund cummenicci ' s initial success was followed by a shakeup in the economic markets , leading peters to restructure the business and in 2008 form the aiteo group . mr . peters maintained his position as ceo after the restructure . he oversees all company operations , growth and development as the company continues to diversify its holdings and increase its influence across the energy marketplace .

due to his connection to his country and people , and based on his belief in social and environmental accountability , benedict peters is involved with several philanthropic initiatives . through aiteo group , he provides selective grants , donations and seed capital to local individuals and groups . in 2014 he decided to increase his investment in local society and founded the joseph agro foundation . the goal of the foundation is to provide relief to rural farmers and to drastically improve their standard of living . the foundation works to develop educational options , reduce unemployment and promote responsible water usage .

viewed in this light , aiteo’s sponsorship of the super eagles has rightly dominated headlines in the past few months . it is even more commendable when we consider how frantically the nigerian football federation ( nff ) shopped for sponsors when glo pulled out of its 10 - year sponsorship contract with the football body and no sponsors from the telecommunications industry were forthcoming . when the respected energy conglomerate signed a 5 - year contract with the nff to sponsor the super eagles in a deal worth n2 . 5 billion over the next 5 years , many applauded the gesture but were sceptical about follow - through consistent with their experiences from previous sponsors .

beyond the business world , peters is involved in several community initiatives . in july , 2014 , he founded the joseph agro foundation , where he serves as chairman . the foundation is focused on improving the lives of farmers in rural regions , by giving them the tools they need to be economically successful . to this end , the joseph agro foundation supports employment initiatives and projects that improve the school system in nigeria , and also runs a number of awareness programs to promote responsible water consumption among farmers . benedict peters and the aiteo group have donated generously to the adamawa state emergency management agency to assist the state in dealing with the acute problem of internally displaced persons in nigeria . he is also chairman of the otuoke university council , which supervises and monitors the university’s implementation of its strategic plan and executive policies .

according to the agency , earlier attacks on naoc oilfield on may 18 and 24 resulted in the shutdown of some 5 , 200 barrels of its equity share of oil output . it said a spokesperson for agip confirmed the development in a short e - mail response to it . “the total deferred production due to the attack is 65 , 000 barrels of oil equivalent daily , ” read the e - mail sent to nan . it further said : “i can confirm that . there is no further impact on production , since all production from the swamp area has already been stopped days ago . ” according to crude production figures provided by the oil firm , the country is losing about $ 3 . 12 million in revenue each day its facility remains out of production . also , shola omole , spokesman for aiteo , said the nembe creek trunk line , which

for good 48 hours , the news of aiteo group signing one of the most lucrative deals with the nigerian football federation ( nff ) trended on different platforms of the social media . the fact that the nigerian media space went agog for two days is a pointer to the fact that we are a nation of football devotees excited at the news of any development aimed at promoting the sport . this nationwide excitement is not out of place when placed against the background of where we were heading prior to this heart - warming feat . it is a global acclaim that nigeria occupies a prime spot in the comity of nations with inexhaustible sporting potential , especially in football , a game for which nigerians have insatiable passion and religiously follow . one of the banes of the game has been perennial paucity of fund , which has undermined the fulfilment of the nff’s financial obligations to its coaches .

the cash - strapped nigeria football federation ( nff ) has received a financial boost from an energy company worth around us $ 8 . 2 million over the next five years .

" this will make it easier for us to plan adequately for our national teams , " nff boss amaju pinnick said .

" it is important to note that this will also take care of the national team coaches ' salaries . "

pinnick hopes that this means no repeats of problems paying national team coaches that has troubled the nff in the past .

" there will be no owing of coaches for the next five years , " he added .

" we are happy to have a sponsor come in at this crucial time and this is a big boost for our football . "

former nigeria coaches christian chukwu , shaibu amodu , samson siasia , austin eguavoen , sunday oliseh and the late stephen keshi have all previously complained about outstanding salaries in recent years .

" as nigerian companies grow , i believe the benefits of that growth should be spread as widely as possible , " he explained .

get latest scores and headlines sent straight to your phone , sign - up to our newsletter and learn where to find us on online .

the latest news , debate , analysis and big - name guests - plus interviews from inside the england camp - at the fifa 2018 world cup .

how to get into football - the most popular sport in the world , with clubs and facilities throughout the uk .

benedict peters was born in nigeria on december 5th 1966 . he grew up in a middle income family with his three brothers and two sisters . his father was a banker and his mother a homemaker . after completing his basic education at the federal government college of enugu in 1983 , peters went on to study geography and regional planning at the university of benin . he graduated with a ba in 1989 , after which he launched his career . in 2014 he joined africa’s billionaires list with a reported net worth of more than $ 2 . 7 billion .

benedict peters is a family man . he is married to ella peters and has four children . peters is passionate about business management . besides being interested in travelling to other areas and developing new initiatives , he is also interested in exploring his religion and listening to uplifting gospel music .

benedict peters and his wife ella greet the president of the republic of ghana , nana akufo - addo , alongside the former president of nigeria , olusegun obasanjo , and former president of ghana , jerry rawlings , at the 2018 caf awards in accra .

html public " - / / w3c / / dtd xhtml 1 . 0 transitional / / en " " urltoken "

the port harcourt petroleum storage terminal has a capacity of over 110 million litres , with demand driving an upgrade to accommodate a further 130 million litres . the state - of - the art storage terminal in apapa , lagos is the largest privately - owned storage facilities in sub - saharan africa . storage capacity is approximately 210 million litres , serving 600 trucks each day . to optimise access by sea , a new jetty has been constructed accommodating vessels of up to 30 , 000 metric tons .

germany’s dea buying e . on norway oil , gas business for $ 1 . 6b | abc news

compensation : rumuwoji , abonnema wharf residents sing discordant tunes - : : : . . . the tide news online : : : . . .

the recent demand by the residents of abonnema wharf in rumuwoji community ( mile 1 diobu ) , port harcourt that companies operating in the area should pay them compensation , arising from their oil exploration , storage and distribution operations does not go down well with rumuwoji community , who felt slighted that they were not consulted by the residents before making such demands .

the community is insisting that the right group to make such demand is the community and not the residents of abonnema wharf , and that the community would do so in partnership with the residents , with whom they have co - existed over the years without rancour and acrimony , and have always co - operated in matters relating to the area . that is why they are surprise that the abonnema wharf residents did not contact them before making any demand from the companies that operate there .

residents of abonnema wharf , operating under the aegis of the abonnema wharf community house owners association are taking the companies operating in the area to task over the payment of compensation to them for the hazards they suffered from the activities of the companies , which include messrs sigmund communecci ltd , shorelink oil and gas ltd . dozzy oil and gas ltd and bua ltd ( which facility is under construction ) .

aside these companies , there is the shell petroleum development corporation ( spdc ) which operates from kidney island which is adjourning island to abonnema wharf and one of the other companies – communecci has its premise located opposite the kidney island . thus , there is a correlation between these companies and shell in their operations and activities .

while shell undertakes oil exploration in the area , the basic activity of these other companies is the operation of tank farms to facilitate the storage of petroleum products , to enable the end users get speedy and conventional access to them . this explains why long queue of tankers are often seen stretching from abonnema wharf to njemanze street junction and sometimes behind the silverbird cinemas along the ever busy aba - port harcourt express way – hampering free - flow of traffic .

the tankers usually contain a mixture of fuel , including gas with various octane ratings and diesel , along with fuels like propane and natural gas . tank farms , most times are sited near refineries , major trucking terminals , rail yards and ports .

such farms usually pose major fire risk . residents of the areas where the farms are sited are also at risk of being consumed in the infeno , in the event of an outbreak of fire – which could occur anytime .

thus , abonnema wharf and indeed rumuwoji residents and non - residents alike who do business there are in danger because if there is any uncontrollable fire disaster , what should follow is an accidental release of fuel , explosions – sometimes unprecedented fire and related problems . all these threats are visible at the tank – farms in abonnema wharf .

the rumuwoji community is not contesting this truism neither is the community against the payment of compensation or whatever monetary reward at that , by the oil companies in the area . the community’s grouse is not on this but on the method adopted by the abonnema wharf community owners association , which excludes them , the land owners .

the community’s grouse with the process adopted by the residents’ association came to the fore last wednesday , june 29 in port harcourt .

at a joint meeting by the community’s council of chiefs , town council and youth association , chaired by the nye - nwe - ali ( paramount ruler ) , chief john dike and ably supported by chief ( hon . ) ogbonda worlu , secretary to the council of chiefs , the community did not mince words in condemning the approach adopted by the abonnema wharf residents , while expressing its readiness to partner with them on the issue of compensation and any other one that affects them .

the community was categorical that it was wrong for the residents of abonnema wharf to bye - pass them in their demand for compensation from two of the oil companies , operating there – sigmund communecci ltd and shorelink oil and gas ltd . the community did not fault the need for the two companies to pay compensation since there is an established case of pollution in the area , arising from the oil exploration activities of these companies but said such compensation should be directed to them – the land owners and not their tenants , the abonnema wharf residents .

the rumuwoji chiefs’ council and rumuwoji town council which spoke on behalf of the community on the issue after their meeting called to review the situation in the area , pledged to carry the residents of abonnema wharf along and expressed surprise further , that they failed to consult them before making such demand and even went on air ( ait ) to lend credence to it .

the community believes there is need for apology by abonnema wharf residents for what they consider a slight on them , inspite of the cordial relationship existing between them over the years , describing the abonnema wharf resident’s demand for compensation as a ‘mistake’ which they want corrected .

in a statement issued by the community at the end of its deliberation and signed by the nye - nwe - ali chief dike and chief hon . worlu , the rumuwoji council of chiefs and rumuwoji town council on behalf of the community . land owners said : just recently , we had our brothers – the residents here in abonnema wharf which was traditionally ohia – esilaru rumuwoji ( making claims for compensation for oil pollution in the area ) .

ohia – esilaru – rumuwoji – that’s the traditional name of that place ; based on that place being a waterfront to abonnema , bukuma , bakana — and our other riverrine communities , that place was named abonnema wharf – a wharf , just a road , linking these other places but the place is rumuwoji community .

being a waterfront that has attracted a lot of business all these while , people from all walks of life are residing there but that doesn’t make them owners of that place . we’ve been having good working relationship with them all this while ; even in the matter that they took shell to court , they also said in their own statement of claim that that place does not belong to them , that the place belongs to rumuwoji community but they are residents there and most activities going on there affect them , so that’s why they’re making their case .

but we as a community , after hearing the recent claim they made about pollution as it affect sigmund and shorelink operations there at the wharf , we decided to come out to correct such impression so that , that will not continue . “since we have good working relationship , we expect whatever demand , whatever agitation , they want to do , that they should pass through rumuwoji community . ”

we have not denied them most of the basic things of life that they want to get through us because we are all from the niger delta , what affects them also affects us so we decided to correct that wrong impression which they sent to the air ( media ) , making claims from compensation without the consent or without passing through rumuwoji community so that’s why we decided to have this forum , and to also send this message across that that place belongs to rumuwoji community and whatever thing they have to do , they have to pass through the rumuwoji community ; what will benefit them , we’ll not deny them .

“we want to correct that impression because we have been relating very well with them and we didn’t know why they left the normal ( way ) , the procedure , the due process which we have , to do something else so if at this point they realise the mistake they have made and still come back to the community , we’ll welcome them , whatever claims we’re going to make , we’ll accommodate them like we’ve been accommodating them before .

“so that’s our position , we ‘re friendly people ; we’re very hospitable ; we love our neighbours as we also love our selves .

if they come back to say they’re sorry for what they have done , there’s no problem , we’ll work together like we’ve been working together before .

the tide on sunday asked chief worlu , if they don’t come back to say ‘sorry’ , what will be the next line of action ? and he said “we will not be in a hurry to say that for now ; let’s watch and see as events unfold” .

the tide newspaper is the most respected source of news and information for readers in nigeria , with the latest stories on politics and current affairs , business and technology , sports , culture and the arts , as well as the popular citylife supplement , with nightlife news , restaurant reviews and top events . for comments and suggestions about our website :

nigerians proud of wike , says saraki …commissions 12 . 2km obiri - ikwerre - airport road . . .

insecurity : anarchy looms , arewa , 200 groups warn fg …reasons buhari . . .

our strategy is to be a major part of the world ' s energy solution by developing our core asset areas–oil , gas , and electrical power–as a strategically balanced and complementary portfolio of opportunities . this diversity enables us to meet demand and deliver value through changing commodity cycles .

as we grow , our environmental , health , and safety programs continue to expand . our goal is to do our part to protect the health and safety of our employees and customers , and to preserve and protect the environment in the communities in which we work and live .

our joint venture with is45 energy has produced more than a highly complementary partnership . we are devoted to responsibly developing energy resources in some of the world ' s most significant basins , including the niger delta basin and the benue trough .

the potential of these key areas is enormous and we are well positioned with the expertise , production assets and strategic locations to grow the yield for the long term .

nigeria is ranked 11th in the world overall for oil production capacity and in 2010 produced roughly 2 . 45 million barrels per day . through aggressive exploration and innovative extraction techniques , we are keeping the oil flowing for an energy - hungry world .

the deep water basins off the shores of west africa represent an important source of new oil at a time when many conventional sources are becoming more challenging to develop .

it may not be easy to realize the full potential of west africa ' s offshore fields , from the niger delta to the benin basin to the west , but the rewards for doing so are significant . deepwater exploration is expected to take nigeria ' s proven oil reserves above 40 billion barrels by the middle of the decade , while retrieval of the valuable commodity could bring this figure back down to less than 28 billion barrels by 2021 .

we aim to work tirelessly across the upstream market , in both exploration and retrieval , so that our future discoveries add to the known oil reserves of the african continent as a whole and support the oil industry for the long term , while our work to tap into already - known reservoirs of oil increases output in the short term , bolstering nigeria and other african countries ' positions as world leadersin oil production .


channel stuffing is a business practice in which a company , or a sales force within a company , inflates its sales figures by forcing more products through a distribution channel than the channel is capable of selling .

also known as trade loading , this can be the result of a company attempting to inflate its sales figures .

alternatively , it can be a consequence of a poorly managed sales force attempting to meet short term objectives and quotas in a way that is detrimental to a company in the long term .

channel stuffing has a number of long-term consequences for a company .

firstly , distributors will often return any unsold goods to the company , incurring a carrying cost and also developing a backlog of product inventory .

wildly fluctuating demand , combined with this excess inventory , leads to costly overtimes and factory shutdowns .

even mild channel stuffing can spiral out of control as sales works to make up for prior over-selling .

discounts used to drive trade loading can greatly affect profits , and even help establish gray market channels as salesmen no longer adequately qualify their prospects .

occasionally , distribution channels such as large retailers have been known to identify the practice of channel stuffing in their suppliers , and use the phenomenon to their advantage .

this is done by holding back on orders until the end of the suppliers ' quota period .

the supplier 's sales force then panics , and sells a large amount of the product under more favorable terms than they would under ordinary circumstances .

at the beginning of the next period , no new orders are placed , and , barring any action , the cycle is then repeated .

this affects customers , with gluts and shortages as buyers turn to competing products .

corporations have been known to engage in channel stuffing and hide such activities from their investors .

in the united states , the u.s. securities and exchange commission has in some cases litigated against such corporations , and private class-action suits have been engaged .

channel stuffing might also be part of a broader set of financial improprieties .

channel stuffing

channel stuffing <EOT> a trading channel is a channel drawn on a security price series . . .

in industry parlance , what the sec is looking for is " channel - stuffing . " channel - stuffing is one of the most tempting — and most disastrous — ways that companies cook their books .

channel stuffing . investorguide . com . webfinance , inc . urltoken ( access : july 4 , 2018 ) .

channel stuffing is a deceptive business practice used by a company to inflate its sales and earnings figures by deliberately sending retailers along its distribution channel more products than they are able to sell to the public . channel stuffing typically would take place just before quarter - end or year - end so that management , fearful of bad consequences to their compensation , can ' make their numbers ' .

understand what a distribution channel is and how companies use them to move product . learn how to make a distribution channel . . . read answer > >

at no time during 2000 or 2001 did bristol - myers disclose that ( 1 ) it was artificially inflating its results through channel stuffing and improper accounting ; ( 2 ) channel - stuffing was contributing to a buildup in excess wholesaler inventory levels ; or ( 3 ) excess wholesaler inventory posed a material risk to the company ' s future sales and earnings .

in the meantime , it ' s worth knowing what channel - stuffing actually is . it ' s an interesting — and common — business phenomenon , but most people don ' t know that it exists . channel - stuffing can occur in almost any type of retail operation where products have to be shipped to retail sellers before they ' re actually bought by the public .

by channel stuffing , distributors temporarily increase sales figures and related profit measures for a particular period . this activity also causes an artificial bump up of accounts receivables . however , unable to sell the excess products , retailers will send back the surplus goods instead of cash to the distributor , who then must readjust its accounts receivable ( if it adheres to gaap procedure ) and ultimately its bottom line . in other words , stuffing always catches up with the company , because it cannot maintain sales at the rate it is stuffing . channel stuffing is not confined to the wholesale and retail trade ; it can take place in the industrial sector , high tech industry , and pharmaceutical industry as well . valeant pharmaceuticals is an egregious example of a company found guilty in 2016 of channel stuffing .

the problem with channel - stuffing is that although it makes a company ' s books look great in the short - term , in the long - term it ' s a sort of internal ponzi scheme : eventually it comes crashing down . in the us , it is a criminal offence : two medical device executives went to prison last year for 10 - and 20 - year stretches after they were found guilty of channel - stuffing .

in addition , as a result of its channel - stuffing , bristol - myers materially understated its accruals for rebates due to medicaid and certain of its prime vendors , customers of its wholesalers that purchased large quantities of pharmaceutical products from those wholesalers .

this sort of practice , called channel stuffing or trade loading , is often borne from the pressure of meeting sales targets . sales are recorded on shipment , thus the sales target is met in the short term . in the longer term , goods often end up being returned or sales in subsequent months are lower due to having ‘over - sold’ previously . this may seem harmless but would it still feel so to a buyer of a company which had been valued based on trading in a period where channel stuffing had occurred ?

a handful of commodity stocks continue to offer short - term trading opportunities as they move higher within a trend channel .

on august 4 , 2004 , the commission filed a civil action against bristol - myers alleging violations of the antifraud , reporting , books and records and internal controls provisions of the federal securities laws . the commission ' s complaint alleged that , from the first quarter of 2000 through the fourth quarter of 2001 , bristol - myers engaged in a fraudulent scheme to overstate its sales and earnings in order to create the false appearance that the company had met or exceeded financial projections set by the company ' s officers ( " targets " ) and earnings estimates established by wall street securities analysts . bristol - myers inflated its results primarily by : ( 1 ) stuffing its distribution channels with excess inventory near the end of every quarter in amounts sufficient to meet sales and earnings targets set by officers ( " channel - stuffing " ) ; and ( 2 ) improperly recognizing about $ 1 . 5 billion in revenue from sales associated with the channel - stuffing in violation of generally accepted accounting principles . when bristol - myers ' results fell short of the wall street analysts ' earnings estimates , the company used improper accounting , including " cookie jar " reserves , to further inflate its earnings . at no time during 2000 or 2001 , did bristol - myers disclose that : ( 1 ) it was artificially inflating its results through channel - stuffing ; ( 2 ) channel - stuffing was contributing to a buildup in wholesaler inventory levels ; ( 3 ) the buildup in wholesaler inventory posed a risk to bristol - myers ' future sales and earnings ; or ( 4 ) the company was using " cookie jar " reserves to further inflate its results . in march 2003 , bristol - myers restated its prior financial statements and disclosed its channel - stuffing activities and improper accounting .

facebook stock rallied to channel resistance above $ 190 after fourth quarter results and could trap late - to - the - party buyers in a reversal .

put that coffee down ! coffee is for channel - stuffers ! alec baldwin in the famous " always be closing " scene in the movie glengarry glen ross .

occurs when a company induces retailers along its distribution channel to substantially increase their purchases before they would , in the normal course , otherwise purchase products from a company .

the related plans can be quite ingenious – we’ve seen ‘secret’ warehouses used to store goods that are meant to have been shipped and side deals being done to force higher sales through at the year end . however , the repercussions of putting too many products into a distribution channel than the channel is able to sell can be far reaching .

artificially inflating current sales and earnings by shipping more goods than would normally be ordered . for example , an appliance manufacturer may inflate revenues and earnings in the current accounting period by shipping to retail stores more refrigerators , stoves , and dishwashers than the stores are likely to sell . the practice of channel stuffing borrows revenues and earnings from the future because overstocked customers will reduce orders in future periods .

these stocks have been within rising trend channels , but recently have broken the trend channel to the upside . such a breakout usually signals two potential outcomes : an acceleration of the trend . . .

timothy l . warren , associate regional director of the sec ' s midwest regional office , added , " for two years bristol - myers deceived the market into believing that it was meeting its financial projections and market expectations , when , in fact , the company was making its numbers primarily through channel - stuffing and manipulative accounting devices . severe sanctions are necessary to hold bristol - myers accountable for its violative conduct , and deter bristol - myers and other public companies from engaging in similar schemes . "

one of the chief responsibilities of a manager is to channel the talent and energy of each of his subordinates towards the meeting of corporate objectives . setting individual goals and monitoring progress against their achievement can be an extremely . . .

according to the complaint , mcafee defrauded investors into believing that it had legitimately met or exceeded its revenue projections and wall street earnings estimates during the 1998 through 2000 period . in reality , however , mcafee had used a variety of undisclosed ploys during the period to aggressively oversell its products to distributors in amounts that far exceeded the public’s demand for the products . while engaging in this “channel stuffing , ” mcafee improperly recorded the sales to distributors as revenue . mcafee offered its distributors lucrative sales incentives that included deep price discounts and rebates in an effort to persuade the distributors to continue to buy and stockpile mcafee products . mcafee also secretly paid distributors millions of dollars to hold the excess inventory , rather than return it to mcafee for a refund and consequent reduction in mcafee’s revenues . in other instances , mcafee used an undisclosed , wholly - owned subsidiary , net tools , inc . , to repurchase inventory that mcafee had oversold to its distributors . all of these actions were inconsistent with generally accepted accounting principles and led to mcafee’s october 2003 restatement of its financial results for 1997 through 2003 .

bristol - myers inflated its results primarily by ( 1 ) stuffing its distribution channels with excess inventory near the end of every quarter in amounts sufficient to meet its targets by making pharmaceutical sales to its wholesalers ahead of demand ; and ( 2 ) improperly recognizing $ 1 . 5 billion in revenue from such pharmaceutical sales to its two biggest wholesalers . in connection with the $ 1 . 5 billion in revenue , bristol - myers covered these wholesalers ' carrying costs and guaranteed them a return on investment until they sold the products . when bristol - myers recognized the $ 1 . 5 billion in revenue upon shipment , it did so contrary to generally accepted accounting principles .

html public " - / / w3c / / dtd html 4 . 0 transitional / / en "

bristol - myers squibb company : lit . rel . no . 18822 / august 6 , 2004

securities and exchange commission v . bristol - myers squibb company , civil action no . 04 - 3680 ( d . n . j . ) ( filed aug . 4 , 2004 ) ( hochberg , j . )

the securities and exchange commission today announced that the honorable faith s . hochberg , united states district court judge for the district of new jersey has entered a final judgment order ( " order " ) against defendant bristol - myers squibb company in the above matter . the order , to which bms consented without admitting or denying the allegations in the commission ' s complaint , provides the following relief :

a permanent injunction against future violations of certain antifraud , reporting , books and records and internal controls provisions of the federal securities laws .

monetary remedies for the benefit of shareholders , including a civil penalty of $ 100 million plus a $ 50 million shareholder fund .

various remedial undertakings , including the appointment of an independent advisor to review bristol - myers ' accounting practices and internal control systems and periodically assess the status of remedial actions undertaken or planned by the company in those and other areas , such as financial reporting .

for further information , see litigation release no . 18820 ( august 4 , 2004 ) .

washington , d . c . , aug . 4 , 2004 - - the securities and exchange commission today announced that it filed an enforcement action against bristol - myers squibb company , a new york - based company whose largest division , the u . s . medicines group , is based in new jersey . the commission ' s complaint , filed today in the united states district court for the district of new jersey , alleges that bristol - myers perpetrated a fraudulent earnings management scheme by , among other things , selling excessive amounts of pharmaceutical products to its wholesalers ahead of demand , improperly recognizing revenue from $ 1 . 5 billion of such sales to its two largest wholesalers and using " cookie jar " reserves to meet its internal sales and earnings targets and analysts ' earnings estimates .

in settling the commission ' s action , bristol - myers agreed to an order requiring it to pay $ 150 million dollars and perform numerous remedial undertakings , including the appointment of an independent adviser to review and monitor its accounting practices , financial reporting and internal controls .

stephen m . cutler , director of the sec ' s division of enforcement , said , " bristol - myers ' earnings management scheme distorted the true performance of the company and its medicines business on a massive scale and caused significant harm to the company ' s shareholders . the company ' s conduct warrants a stiff civil sanction . as our investigation continues , we will be focusing on , among other things , those individuals responsible for the company ' s failures . "

from the first quarter of 2000 through the fourth quarter of 2001 , bristol - myers engaged in a fraudulent scheme to inflate its sales and earnings in order to create the false appearance that the company had met or exceeded its internal sales and earnings targets and wall street analysts ' earnings estimates .

when bristol - myers ' results still fell short of the street ' s earnings estimates , the company tapped improperly created divestiture reserves and reversed portions of those reserves into income to further inflate its earnings .

various remedial undertakings , including the appointment of an independent adviser to review , assess and monitor bristol - myers ' accounting practices , financial reporting and disclosure processes and internal control systems .

securities and exchange commission v . mcafee , inc . , civil action no . 06 - 009 ( pjh ) ( n . d . cal . ) ( january 4 , 2006 )

the securities and exchange commission today filed securities fraud charges against mcafee , inc . ( formerly known as network associates , inc . ) , a santa clara , california - based manufacturer and supplier of computer security and antivirus tools . the commission ' s complaint alleges that from the second quarter of 1998 through 2000 , mcafee misled investors when it engaged in a fraudulent scheme to overstate its revenue and earnings by hundreds of millions of dollars in violation of the federal securities laws . the complaint specifically alleges that , during the period 1998 through 2000 , mcafee inflated its cumulative net revenues by $ 622 million and that , for 1998 alone , mcafee overstated revenues by $ 562 million ( a misstatement of 131 percent ) .

mcafee has consented , without admitting or denying the allegations of the complaint , to the entry of a court order enjoining it from violating the antifraud , books and records , internal controls , and periodic reporting provisions of the federal securities laws . the order also requires that mcafee pay a $ 50 million civil penalty , which the commission will seek to distribute to harmed investors pursuant to the fair funds provision of the sarbanes - oxley act of 2002 . in addition , mcafee has agreed to appoint an independent consultant to examine and recommend improvements to mcafee’s internal accounting controls and revenue recognition and reserves practices to better ensure compliance with the federal securities laws . this proposed settlement is subject to court approval .

the complaint further alleges that mcafee took action to conceal the fraud from investors by , among other things , wrongly recording in its books the payments and discounts that it offered to distributors , and improperly manipulating reserve accounts to increase inadequate sales reserves and cover the costs of the distributor payments . the complaint alleges that mcafee defrauded investors by reporting false and materially misleading financial and other information in periodic reports , financial statements , and securities registration statements that mcafee filed with the commission , in press releases , and in other public statements .

the final judgment would enjoin mcafee from violating section 17 ( a ) of the securities act of 1933 , sections 10 ( b ) , 13 ( a ) , 13 ( b ) ( 2 ) ( a ) and 13 ( b ) ( 2 ) ( b ) of the securities exchange act of 1934 , and exchange act rules 10b - 5 , 12b - 20 , 13a - 1 , and 13a - 13 thereunder .

this is the fourth lawsuit that the commission has filed in connection with fraudulent accounting issues at mcafee . see

html public " - / / w3c / / dtd xhtml 1 . 0 transitional / / en " " urltoken "

the time value of money is the idea that money presently available is worth more . . .

are you a financial advisor ? showcase your expertise to 20 + million investors .

sophisticated content for financial advisors around investment strategies , industry trends , and advisor education .

a celebration of the 100 most influential advisors and their contributions to critical conversations on finance .

this fraudulent practice is usually done in an attempt to hit compensation targets , or to raise the value of the stock or prevent its fall upon release of quarterly or annual results .

learn how to trade channels , a chart pattern that tells you where to enter , where to exit and even how long the trade may take .

these stocks are all moving within trend channels . with prices of these stocks trading near the extremes of those channels , there ' s an excellent trading opportunity .

buying secondhand items is a great way to save money , but these seven kids items should not be bought used .

the seattle - based e - commerce giant wants to create a platform catering to niche programming .

these stocks are currently trading near the bottom of trend channels but moving higher , presenting a buying opportunity .

as both a parent and an investor , build - a - bear workshop ( nyse : bbw ) has always struck me as a challenging business to operate . the chain , which lets kids make their own stuffed animals , has . . .

microsoft shares traded above $ 100 for the first time last week and could add to gains in the coming months .

learn about the primary differences between direct and indirect distribution channels , and under what circumstances a company . . . read answer > >

learn how to create a profitable swing trading strategy in the forex market using price channels on bullish , bearish and . . . read answer > >

take a deeper look into the development and purpose of the generally accepted accounting principles , also known as gaap , . . . read answer > >

find out the typical profit margin for a major retail company , and learn how it compares to the profit margins for other . . . read answer > >

the time value of money is the idea that money presently available is worth more than the same amount in the future due to . . .

a call option is an agreement that gives the option buyer the right to buy the underlying asset at a specified price within . . .

an annuity is a financial product that pays out a fixed stream of payments to an individual , primarily used as an income . . .

preferred stock refers to a class of ownership that has a higher claim on assets and earnings than common stock has .

a liability is defined as a company ' s legal financial debts or obligations that arise during the course of business operations .

the standard deviation is a statistic that measures the dispersion of a dataset relative to its mean and is calculated as . . .

* copyright © 2018 insider inc . all rights reserved . registration on or use of this site constitutes acceptance of our

it doesn ' t look good , the wsj says . diageo has recently seen the disappearance of a president and a cmo :

the inquiry coincides with a period of tumult in diageo ' s executive ranks . the company announced in june that north american president larry schwartz would be retiring by the end of the year . since then , the company has also announced the departures of its chief marketing officer for north america and a president of national accounts in the u . s .

it recently named deirdre mahlan , currently chief financial officer , as president of diageo north america .

we are not saying this is what happened at diageo . let ' s let the sec probe take its course .

let ' s say you ' re at a company where sales are in decline , but your bosses are insistent that you ' ve got to show sales growth . you ' d be tempted to fudge the numbers somehow . ( in an amazing coincidence , that ' s the situation at diageo . volume sold in the us last year decreased 1 % ; the company only saw a sales increase of 3 % to $ 5 . 34 billion due to price increases . )

one way of showing more " sales " is to ship more cases of product to your distributors and retailers . you ' ve got a pretty good expectation that they ' re going to be sold eventually , so you book them as sales . hooray ! sales are going up !

the problem is that next month , when you call up those distributors to ask how much new product they need , the reply is , " well , because you shipped us slightly more than we needed last month , we ' ve still got a bunch of stock sitting around . so this month we ' d like you to ship fewer cases . "

uh oh . that one - month sales bump you showed is now going to turn into a sharp decline in the following month . so maybe you ' re tempted to ship extra product again , in the hopes that somehow sales will suddenly pick up dramatically and fix all your problems .

now you ' re into real trouble , because you ' re shipping products that no one wants , and booking them as revenue ( even though the revenues never arrive ) . and those unsold cases are piling up at distributor warehouses .

this sounds like a great idea ! and the distributor agrees . the unsold cases come back , and they can be written off against the original revenue as " sales returns , " or something . they ' re going to look like defective units or stuff that customers bought , didn ' t like , returned and replaced with new product . and most people never look at the " sales returns " line in company accounts anyway .

like a ponzi scheme , this all comes crashing down . you end up shipping more product that can be sold , and accepting as returns more product than you sell , and eventually someone asks why it is that the company has become so unprofitable even though sales are growing .

and i thought that was not good because too much inventory might mess things up a bit .

how to start a business - on your mark , get ready , . . .

on your mark , get ready , go ! in the simplest of terms , that is how you start a business and then run like crazy to not only cross the finish line , but win the race . starting your own business could be a life - long dream , a family endeavor , or even a . . .

below are additional resources for businessdictionary users . interact with us on social media and read funny definitions and useful articles . fun and games although we ' re known for our high - quality glossaries , some definitions have room for . . .

© 2018 webfinance inc . all rights reserved . unauthorized duplication , in whole or in part , is strictly prohibited . privacy , disclaimers & copyright

how badly do you want your year - end performance bonus ? this is a question i was pondering today as we are hearing more frequently about individuals in companies who are engaging in activities that artificially inflate sales or shipments for the sake of hitting their targets . unfortunately , they don’t often think of this as fraud until it’s too late .

striking the right balance between setting ambitious revenue targets and incentivising people to ‘ do the right thing ’ is always a challenge . get it wrong , and someone will cross the line and ship those extra products or bring forward that big sale . get it right , and you will have a motivated team built on solid ethical foundations .

we are seeing more of these issues coming to light as individuals , placed under huge pressure to bend the rules by those afraid to deliver bad news , blow the whistle . and it is always worth bearing in mind , as we see every week in the press , that these issues , when they come to light , can have a big impact on the reputation of a business and life changing consequences for employees .

« economic crime is rising : has your organisation considered how it would respond ? | main | fake , nasty and bad for business . could food fraud happen to you ? »

© 2012 - 2018 pwc . all rights reserved . pwc refers to the pwc network and / or one or more of its member firms , each of which is a separate legal entity . please see urltoken for further details .

an illegal practice in which a company willfully sells more of its product to distributors than the distributors can sell to customers . the company makes these sales on credit , which temporarily boosts its accounts receivable and by extension its current assets . this makes the company look healthier than it really is which can raise its stock price . eventually , when the distributors are unable to sell the product they return it to the company instead of paying , which reduces the accounts receivable and brings the company ' s balance sheet in line with reality .

enhance current earnings at the expense of future sales , which leads to a slippery slope of needing to artificially boost future earnings as well .

can technology handle supply chain risk ? today ' s supply chain technology has a notable lack of risk management tools . developers need to change this to compete in a global market

ten best practices for audit committees : the public company audit committee now has an enhanced role and needs to revise some of its practices . here are some key areas to focus on

public defender : former assistant u . s . attorney provides an inside look on fraud prosecution

ecr ' s transparent legacy : like manufacturing processes , buying models continue to move toward opposite poles . your company ' s future could depend on which side it chooses

, but if there is a sense of pressure within the company to book revenue , past events have shown that not all the revenue was legitimate .

may work for awhile , however problems arise when high sales from past quarters are made at the expense of poor sales in another quarter .

all content on this website , including dictionary , thesaurus , literature , geography , and other reference data is for informational purposes only . this information should not be considered complete , up to date , and is not intended to be used in place of a visit , consultation , or advice of a legal , medical , or any other professional .

a fraudulent practice in which a company inflates its sales revenues by enticing wholesalers and / or retailers to order more product than they realistically expect to sell in the normal course of business . this is typically accomplished through extra - deep discounts and an understanding that the unsold product can be returned at a later date .