Bernie Madoff - 1967 Words

Bernie Madoff Andrea L. Nolt Strayer University Intro to Business Professor Karina Arzumanova August 21, 2011 Bernie Madoff Bernard Lawrence â€Å"Bernie Madoff† is an American former stock broker, investment adviser, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history. (Bernard Madoff, 2011) This paper discusses the massive Ponzi scheme that Mr. Madoff created and those that were affected by it. 1. Describe three types of illegal business behavior alleged against Mr. Madoff and for each type of behavior, explain how the behavior is illegal or unethical in the conduct of business. Madoff reportedly admitted to investigators that he had†¦show more content†¦He used his investors money to pay for many personal and family expenses. He also withdrew money from these accounts to run his scam. By shuffling the money between his New York business to his London business and then back to his New York business, it made it look as if the New York business was actually operating as a investment advisory business. Mr. Madoff concealed this from his investors. The Ponzi scheme as a whole was very unethical. A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors. (Ponzi scheme, 2011) Madoff was taking investors money and investing it into unregistered securities. When investigating these assets, they were found to be missing. This unethical act of defrauding his investors out of millions of dollars led to the charge of securities fraud. 2. Name three types of parties who were impacted by the actions of Mr. Madoff and describe how they were impacted. Three types of parties that were impacted by the actions of Mr. Madoff were his individual investors, charities and his employees. Mr. Madoff plead guilty to defrauding investors in his massive Ponzi scheme. He committed many crimes of tort against these people. He was able to gain investors and intentionally misled them. He took their money and deposited into a Chase bank account and then paid returns to previous investorsShow MoreRelatedBernie Madoff1600 Words   |  7 Pagesâ€Å"If It Quacks Like a Duck† Assignment 2 – Bernard Lawrence â€Å"Bernie† Madoff Business Law I March 4, 2011 Bernard Madoff Abstract Unethical behavior†¦sounds bad doesn’t it? But what employee can truly say that he is completely innocent of any unethical behavior in the workplace? Some of the most common unethical business behaviors are fudging work hours, making phone calls on business lines and photo copying of personal paperwork. Simple acts such as these are highly unlikely to have anRead MoreBernie Madoff644 Words   |  3 PagesDiyonka Massey Magan Calhoun AIS 3710 22 February 2013 Bernie Madoff Case Study Throughout history, people have done unethical things dealing with money. In 2008, the man known for running a massive Ponzi scheme, known as Bernie Madoff, was arrested and charged with criminal securities fraud, and sentenced for a hundred and fifty years in prison. Bernie Madoff continued his scheme for thirty years because his company was the largest market maker on NASDAQ. He had an impressive rate of returnsRead MoreBernie Madoff2651 Words   |  11 PagesBernie Madoff Research Project Abronia S. Young D03202587 On March 12, 2009, Madoff pleaded guilty to 11 federal offenses, including securities fraud, wire fraud , mail fraud , money laundering, making false statements, perjury, theft from an employee benefit plan, and making false filings with the SEC. The Fraud In March 2009, Madoff admitted that since the mid-1990s he stopped trading and his returns had been fabricated. Madoffs sales pitch, an investment strategy consistedRead MoreBernie Madoff2651 Words   |  11 PagesBernard Madoff Research Paper Bernard (Bernie) Madoff committed this century’s largest Ponzi scheme to date. First we will define Ponzi Scheme – it is a fraudulent pyramid scheme where original investors are paid their gains out of new investors money so it would appear to old investor that the scheme (business) is producing an unusually large return (Albrecht, 2009). The Ponzi scheme that Madoff created and pulled off for years was quite intricate. In a standard pyramid scheme each victimRead MoreBernie Madoff2096 Words   |  9 PagesTHE RISE AND FALL OF BERNIE MADOFF Bernadette Smith Business Law Professor Kopf 8/22/2010 Bernard Lawrence Bernie Madoff , born April 29, 1938 is an incarcerated former American stock broker, investment adviser, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history. In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive PonziRead MoreThe Case Of Bernie Madoff1438 Words   |  6 PagesOn December 11, 2008, a Wall Street investor named Bernie Madoff was arrested for confessing to one of the biggest Ponzi schemes in history. Before that day, many people had never heard of Bernie Madoff or perhaps may not have even realized their life savings were invested through his firm. To the casual observer, the arrest was just another dirty banker being taken to court for his actions; but in reality, the arrest was devastating to financial institutions, government regulators, and the personalRead MoreThe Scandal Of Bernie Madoff1386 Words   |  6 PagesThe Scandal Bernie Madoff was known as a hard worker who, at one point, created the largest buying-and-selling market maker at the NASDAQ from being a mere penny stock trader in the 1960s. He was a stock broker, a financial advisor, and a chairman of the NASDAQ. As of December 11, 2008, he primarily became known for being responsible for the largest Ponzi scheme in history. He was able to make $50 billion disappear as if the money had never existed by using new investors’ money to pay out theRead MoreBernie Madoff Essay5927 Words   |  24 Pages How Madoff Executed the Fraud Madoff’s scheme to defraud his clients at Bernard Lawrence Madoff Investment Securities began as early as 1980 and lasted until its exposure in 2008. Bernard carried out this scheme by soliciting billions of dollars under false pretenses, failing to invest investors’ funds as promised, and misappropriating and converting investors’ funds to benefit Madoff, himself, and others without the knowledge or authority of the investors. To execute the scheme, Madoff solicitedRead MoreBernie Madoff Scandal1197 Words   |  5 PagesBernard Madoff was born in Queens, New York to an honest Jewish family. He graduated from Hofstra University with a Bachelor of Arts in political science. In 1960, Madoff opened up Bernard L. Madoff Investment Securities LLC, a penny stock trading company founded with $5000 that Bernie earned by working as a sprinkler installer and lifeguard. He grew his firm with the help of his father-in-law, Saul Alpern, into at one point the largest market m aker at the NASDAQ. Madoff Securities started off makingRead MoreBernie Madoff Apa Paper1300 Words   |  6 PagesBernard Lawrence â€Å"Bernie† Madoff Shamele Jones Strayer University ENG 215 Professor Erica Ellsworth August 05, 2011 Thesis Bernie Madoff was one of the most prolific Ponzi-scheme artists in history. Madoff schemes netted him millions of dollars. Mr. Madoff used his BMIS Bernard L. Madoff Investment Securities a New York Limited Liability company, to commit fraud, money laundering, and perjury. This is just a few things that Mr. Bernard Madoff has done to many innocent investors, who

A Practical Apocalypse - 1894 Words

The purpose of this essay is to exegetically examine 1st Thessalonians 5:1-11. In this exercise I will seek to elucidate the intention of the author in writing as he has and to show how the specific subject matter of these verses interrelates with the major themes of the Epistle. That Paul is the author of 1st Thessalonians is almost undisputed. Green is in agreement with Wanamaker who comments, No contemporary scholars of repute seem to doubt the Pauline character of the letter. The position taken in this paper, consistent with the majority of scholarly opinion, is that the letter was written around AD 50-51 from Corinth on the occasion of Paul hearing Timothys report on the Thessalonian Church. Although Donfried comments that,†¦show more content†¦Christian faith produces hope where otherwise there would be none (cf 5:8) and faith in Christ changes the nature of grief itself. It is the presence of such faith and hope that distinguishes the believers from the nonbelievers who have no hope. Christian will grieve as they suffer loss but they should not be overcome by it. (4:14) as we will see this distinction between believers and unbelievers will be developed by Paul in chapter 5:4-6 At chapter 5:1 Marshall detects the introduction of a new subject and an answer to a further question the Thessalonians have asked. Green, surprisingly, reconstructs that question as when would the day of the Lord come? However there is no need to anticipate or reconstruct such a question. By using the phrase `you have no need for anything to be written to you Paul is taking the opportunity to further commend the believers, as he had already done when he used the same phrase at 4:9. The Thessalonians had learned well Pauls eschatology and were not asking him about `times and dates. Indeed their attention was very much focussed on more practical issues. If this was not the case then this response would be obtuse, as Wanamaker notes, Paul does not give an answer to the question of when. Verses 2-3 drawShow MoreRelatedCapturing the Reality of the Vietnam War in The Deer Hunter and Apocalypse Now1615 Words   |  7 PagesCapturing the Reality of the Vietnam War in The Deer Hunter and Apocalypse Now ‘The Deer Hunter’ and ‘Apocalypse Now’ are two films which deal, at a very personal level, with American involvement in the Vietnam War. Although the style and narrative of each film are quite different a strong theme of ‘journeys’ is what binds the two films together, perhaps more so than the theme of the Vietnam War itself. These are journeys of self-discovery and self-destruction and in theRead MoreThe Dark Side Of Zombies1714 Words   |  7 Pagestumbling through the gaps, their twisting bodies shuffling towards me. As their outstretched limbs searched for my flesh I was ripped away by the ring of a phone. The television had sucked me in once again. Casting me in the middle of the fictitious apocalypse. The concept of zombies has always been a welcomed thought to me but why? Why am I and other humans fascinated with the thought of this life threatening concept? These creatures are known by many names. The undead, zombies, even the popular tv showRead MoreThe Living Dead1185 Words   |  5 Pagesgreat way to destroy it. A different approach to killing a zombie would be to let it rot to death on its own. As long as the zombie is dead, it does not really matter how it is killed (James). The zombie apocalypse is a widely talked about subject in this world today. As everybody knows, the apocalypse takes place when there is an outbreak of zombies that try to end human life by turning every living human into one of them. The best thing to do is to prepare ahead of time. There are many items that canRead MoreThe Passage, Revelation 3 : 14-22 Essay1131 Words   |  5 Pageschurches, but this one. They were wealthy and arrogant. The genre of Revelation is an apocalypse . The adjective of apocalypse is used when describing either the literary genre or the worldview. As our book, The Lion and the Lamb , says the book of Revelation constitutes one of the unique books of the Bible because not only it represents the pinnacle of inspired Revelation but also because it is the only apocalypse book in the New Testament. Revelation has a literary masterpiece to help convey theRead MoreA Wonderful Monograph By Melissa Archer1758 Words   |  8 PagesIntroduction This is a wonderful monograph by Melissa Archer with a comprehensive study of the theme of â€Å"worship in the Apocalypse†. It illustrates various aspects of worship and the role of worship in the Apocalypse. The language of the book and different approaches to the theme are appreciated, because those are simple and clear to understand the theme. Summary of the book The context of the book is well organized. Archer divides her text into five chapters, and every chapter has an introductionRead MoreStylistic Analysis of Zombieland Essays1153 Words   |  5 Pagesa lot of stylistic choices were made. Especially the opening scene says a lot about the film and the characters. Mise-en-scene, cinematography, editing and sound shape the film’s effect on the viewer. The film begins in the middle of a zombie apocalypse. The first shot is unbalanced to prime our expectation that something will change position. The shot is of the American flag, which is focused while the background is unfocused which means it indicates that the flag is of importance. From the close-upRead MoreSuffering Of The Good Samaritan927 Words   |  4 Pagesconfinement in a foreign nation. In the New Testament, suffering is depicted in the life of Jesus, which recounts the suffering of the crucifixion, and in the Easter story. The suffering connected with punishment is additionally depicted in the Apocalypse of John where suffering at the setting of the Last Judgment is portrayed as the just compensation for sin and unlawful activity. Pope John Paul II wrote On the Christian Meaning of Human Suffering. This article focuses on the idea of redemptiveRead MoreGrow As An Author For Textbroker Essay793 Words   |  4 Pagesblogger and avid health nut. How did you hear about Textbroker? Through an online acquaintance. What is your favorite book or blog? Why? Two of my favorite books are The 7 Habits of Highly Effective People and The Peter Principle. I tend to like practical information you can apply to real-world problems. These both meet that criteria. What piece of advice would you give to a new Textbroker author? You need to be prepared to look things up on your own and figure out how stuff works independently.Read MoreDavid and Goiath: The Tale of Poetry738 Words   |  3 Pagesthousands of years; around 2,500 years ago Plato called for it to be banned for its lack of utility. Plato’s views on poetry were not wrong; looking at it from a purely practical point of view, poetry is not a necessity. It is incomparable to what society considers essential – medicine, technology, leadership. If there were an apocalypse in the future, and we could select only a few people to survive it, the poet would not stand a chance. And yet, this is not necessarily a bad thing. When something isRead MoreThe Ethics Of Stem Cell Research1365 Words   |  6 Pagescells can be converted into differentiated cells that create tissues and organs, (NIH). The use of stem cells could be used to treat cancers and birth defects that are a result of abnormal cell division and differentiation (NIH). There are many practical implications for the use of stem cells. By furthering stem cell research, scientists get a better understanding of genetic and molecular controls of these processes that could potentially yield to new treatment options as well as to how certain diseases

Course Notes on Principles of Management Free Essays

The Global Environment In the past, managers have viewed the global sector as closed. Each country or market was assumed to be isolated from others. Firms did not consider global competition, exports. We will write a custom essay sample on Course Notes on Principles of Management or any similar topic only for you Order Now Today’s environment is very different. Managers need to view it as an open market. Organizations buy and sell around the world. Managers need to learn to compete globally. Tariff Barriers A tariff is a barriers to trade. Tariffs are taxes levied upon imports. These seek to protect jobs in the home country. Other countries usually retaliate. Free trade: in a free trade agreement, each country seeks to specialize in things they make most efficiently. If India is more efficient in making textiles, and the USA in making computer software, then each country should focus on these. Distance Culture Barriers The second leading cause of trade barriers. Distance closed the markets as far as some managers were concerned. Communications could be difficult. Languages and cultures were different. During the last 50 years, communications and transportation technology has dramatically improved. Jet aircraft, fiber optics, satellites have provided fast, secure communications and transportation. These have also reduced cultural differences. Effects on Managers Declining barriers have opened great opportunities for managers. Managers can not only sell goods and services but also buy resources and components globally. Managers now face a more dynamic and exciting job due to global competition. Free Trade NAFTA: North American Free Trade Agreement. Abolishes most tariffs on goods traded between Mexico, Canada and the U. S. Allows unrestricted cross-border flows of resources. Many U. S. firms have now invested in Mexico. This is a manufacturing opportunity. Wage costs are lower in Mexico. Can serve Mexico with a plant in Mexico and reduce freight. Managers face new opportunities and threats. Global Task Environment Suppliers Distributors Managers buy products from global suppliers or make items abroad and supply themselves. Key is to keep quality high and costs low. Global outsourcing: firms buy inputs from throughout the world. GM might build engines in Mexico, transmissions in Korea, and seats in the U. S. Finished goods become global products. Distributors: each country often has a unique system of distribution. Managers must identify all the issues. Customers Competitors Formerly distinct national markets are merging into a huge global market. True for both consumer and business goods. Creates large opportunities. Still, managers often must customize products to fit the culture. McDonald’s sells a local soft drink in Brazil. Global competitors present new threats. Increases competition abroad as well as at home. Forces in the Global General Environment Political-Legal Forces Results from diverse and changing nature of each countries’ political system. Representative democracies: such as the U. S. , Britain, Canada. Citizens elect leaders who make decisions for electorate. Usually has a number of safeguards such as freedom of expression, a fair court system, regular elections, and limited terms for officials. Well defined legal system and economic freedom. Totalitarian regimes: a single political party or person monopolize power in a country. Typically do not recognize or permit opposition. Most safeguards found in a democracy do not exist. Examples include Iran, Iraq, and China. These are difficult to do business with given the lack of economic freedom. Further, human rights issues also cause managers to avoid dealing with these countries. Economic Systems Free market economy: production of goods and services is in private ownership. Production is dictated by supply and demand. Command economy: decisions on what to produce, how much, done by the government. Most command economies are moving away from the command economy. Mixed economy: certain economic sectors controlled by private business, others are government controlled. Many mixed countries are moving toward a free enterprise system. Recent Trends Current shift away from totalitarian dictators toward democratic regimes. Very dramatic example seen in the collapse of the former Soviet Republic. Also very pronounced in Latin America and Africa. With this shift, has come a strong movement toward free market systems. This provides great opportunities to business managers on a global level. Many businesses are investing millions in former totalitarian countries to seize these opportunities. Changing Political and Economic Forces Sociocultural Forces National culture: includes the values, norms, knowledge, beliefs, and other practices that unite a country. Values: abstract ideas about what a society believes to be good, desirable and beautiful. Provides attitudes for democracy, truth, appropriate roles for men, and women. Usually not static but very slow to change. Norms: social rules prescribing behavior in a given situation. Folkways: routine social conventions including dress codes and manners. Mores: Norms that are central to functioning of society. much more significant that folkways. More examples include theft, adultery, and are often enacted into law. Norms vary from country to country. Hofstede’s Model of National Culture Individualism v. Collectivism Individualism: world view that values individual freedom and self-expression. Usually has a strong belief in personal rights and need to be judged by achievements. Collectivism: world view that values the group over the individual. Widespread in Communism. Prevalent in Japan as well. Managers must understand how their workers relate to this issue. Power Distance A society’s acceptance of differences in the well being of citizens due to differences in heritage, and physical and intellectual capabilities. In high power distance societies, the gap between rich and poor gets very wide. In low power distance societies, any gap between rich and poor is reduced by taxation and welfare programs. Most western cultures (U. S. , Germany, United Kingdom) have relatively low power distance and high individualism. Many economically poor countries such as Panama, Malaysia have high power distance and low individualism. Achievement vs Nurture Achievement oriented societies value assertiveness, performance, success. The society is results-oriented. Nurturing-oriented value quality of life, personal relationships, service. The U. S. and Japan are achievement-oriented while Sweden, Denmark are more nurturing-oriented. Uncertainty Avoidance Societies and people differ on their willingness to take on risk. Low uncertainty avoidance (U. S. , Hong Kong), value diversity, and tolerate differences. Tolerate a wide range of opinions and beliefs. High uncertainty avoidance (Japan and France) are more rigid and do not tolerate people acting differently. High conformity to norms is expected. Long Term Outlook Long-term outlook is based on values of saving, and persistence. Taiwan and Hong Kong are cultures that are long -term in outlook. Short-term outlook seeks the maintenance of personal stability or happiness right now. France and the U. S. are examples of this approach. International Expansion Importing and Exporting: the least complex method of expansion. Exporting: firm makes products and sells abroad. Importing: firm sells products made abroad. Licensing: firm allows foreign organization to make and distribute goods for a fee. Helps the home firm since it does not have to set up a complete production and distribution network. Franchising: company sells a foreign organization the rights to use brand name and know-how in return for payment and profit percentage. International Options Strategic Alliances: managers pool resources with a foreign firm and both organizations share the rewards and risks. Allows firm to maintain control which is a problem with exporting, licensing, and franchising. Wholly-owned foreign subsidiary: firm invests in production operations in a foreign country. Many Japanese auto firms have done this in the U. S. This is very expensive but can yield high returns. International Expansion How to cite Course Notes on Principles of Management, Papers

Downstream Petroleum Industry free essay sample

Downstream – From Refinery to Customer The downstream sector encompasses the refining, storage, distribution and marketing of petroleum products: †¢Refining Process: Crude oil is processed and refined into more useful products; †¢Storage: The products from the refining process are stored at depots via pipeline, land (trucks rail) and sea (barge/vessel). These storage facilities are also called tank farms or terminals †¢Distribution and Marketing: Petroleum products are distributed from storage locations to the end-user directly or through retail outlets The major products produced by a refinery are, Kerosene, Premium Motor Spirit (â€Å"PMS† Gasoline), Automotive Gas Oil (Diesel), Fuel Oils, Liquefied Petroleum Gas (LPG), Lubricating Oils, Naphtha and Tar Figure 1. Schematic Representation of the Downstream Business ? The Nigerian Downstream Sector The Federal Government of Nigeria (â€Å"FGN†) participates in the activities of the oil industry (upstream and downstream) as well as actively supervising it due to its strategic importance to the economy. In the downstream industry, FGN regulates and participates through the following agencies / bodies: Nigerian National Petroleum Corporation (â€Å"NNPC†) –NNPC has powers and operational interest in refining, petrochemicals, product transportation and marketing. We will write a custom essay sample on Downstream Petroleum Industry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page NNPC has nine wholly-owned subsidiaries, two partly owned subsidiaries and nineteen associated companies that manage the upstream and downstream activities. Those relevant to the downstream business are the Pipeline Products Marketing Company (â€Å"PPMC), Kaduna Refining Petrochemicals Company Limited (â€Å"KRPC†), Warri Refining Petrochemicals Limited (â€Å"WRPC†) and Port Harcourt Refining Petrochemicals Limited. Department of Petroleum Resources (â€Å"DPR†) – DPR is an arm of the Federal Ministry of Petroleum Resources and has responsibilities for the following: †¢Issuing of permits and licenses for all activities connected with petroleum exploration, production, refining, storage, marketing, transportation and distribution; Acting as an agency for the enforcement of the provisions of the petroleum Act, NNPC Art or any other enactment. Petroleum Products Pricing Regulatory Agency (PPPRA) – The PPPRA came to being from a Special Committee that was set up to review Petroleum Products Supply and Distribution (SCRPPSD) drawn from various stakeholders and other interest groups to look into t he problems of the downstream petroleum sector. The functions of PPPA are: †¢To determine the pricing policy of petroleum products; To regulate the supply and distribution of petroleum products †¢To create an information databank through liaison with all relevant agencies to facilitate the making of informed and realistic decisions on pricing policies †¢To moderate volatilities in petroleum products prices, while ensuring reasonable returns to operators †¢To establish parameters and codes of conduct for all operators in the downstream sector. Petroleum Equalisation Fund (PEF) – The PEF fund board was established to equalize the transport cost arising from the distribution of petroleum products to all parts of the country i. . the cost of transporting products from source to point of sales. This is to ensure that petroleum products are made available in all retail outlets at uniform prices in Nigeria, and to avoid shortage of petroleum products. Petroleum S ubsidy Fund (PSF) – is a pool of funds budgeted by FGN to stabilise the domestic prices of petroleum products against the volatility in international crude and products prices. CBN is the custodian of the fund, while PPPRA administers it. Claims from / payment into the fund is subjected to duly verified volume of products lifted out of the approved depot and sold in-line with recommended open market prices. ? Marketing Companies The Nigerian downstream industry is comprised of two groups of marketing companies: Major Marketers – The companies in this group include AP Plc, Conoil Plc, Mobil Oil Plc, OANDO Plc, Total Nigeria Plc and Chevron Oil Nigeria Plc and accounted for 71% of total petroleum products sold. They belong to trade association called Major Oil Marketers Association of Nigeria (MOMAN). Independent Marketers The Independent marketers, comprises largely indigenous petroleum marketing companies. The FGN introduced the Independent Marketing Scheme in 1978 because of petroleum products shortage of the 1970s and the lack of sufficient investment by major marketing companies in the rural areas. This led to the establishment of the Independent Marketers Association of Nigeria (IPMAN) in 1982. Membership is open to every independent marketer duly licensed and authorised to operate by the NNPC or other appropriate organisation in charge of this function. The trade group of these companies is referred to as the independent Marketers Association of Nigeria (IPMAN). Examples of Independent marketers are Zenon Petroleum, Capital Oil Gas and Ascon Oil Gas. OANDO Marketing Limited (â€Å"OML†) Oando Marketing Limited one of the companies within the Oando Plc group, is a leading oil and gas marketing company with over 500 retail outlets and a commercial clientele base that cuts across all industry sectors such as manufacturing, construction, oil gas and telecommunications in Nigeria and the West Africa sub region. OML has been in the business of marketing and supply of petroleum products since 1956. OML markets a wide range of products including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO also known as Diesel), Dual Purpose Kerosene (DPK), Aviation Turbine Kerosene(ATK), Low Pour Fuel Oil (LPFO), Lubricating Oils and Greases, Insecticides, Bitumen, Chemicals, Liquefied Petroleum Gas (LPG, also known as Cooking gas) and Oando insecticide Products and Uses AGO – fuel for some vehicles and marine vessels as well as for powering generators; PMS – fuel for most vehicles; DPK – fuel for cooking stove and used as a solvent to produce specialized products for road construction; ATK – fuel for aircraft; LPFO – fuel for power generation and for heating; Lubricants – lubricating oil for vehicles and equipments; Bitumen – used in the construction industry for paving roads; LPG – used as cooking and heating gas. Departments The departments in OML can be classified under the following: Core – Retail, Commercial, Marketing, Operations Logistics and Engineering Terminal. Support – Finance, Corporate Services (HR, HCM, Legal and Procurement Services), ICA, EHSQ, Service Standards and Corporate Marketing Communications. ? Retail Business Management and sales of Oando products to customers via sales outlets (over 500) nationwide is the function of the retail department. The sales focus is centred on the Total White Products (PMS, AGO and HHK), while Lubricants, Liquefied Petroleum Gas (LPG) and Insecticide sales provide a diversified revenue source for the team. Structure Sales is managed by Branch Managers located across the country, with each having responsibility over specific territories referred to as branches. Their activities are coordinated by Branch Coordination Managers and the department is led by the Chief Sales Officer Retail, with overall responsibility for all activities. Retail Outlets †¢Company Owned Service Station (â€Å"COSS†) – The stations under this category are owned by OML and dealers are appointed to operate the stations on OML’s behalf. †¢Third Party Owned – These are outlets owned by third parties, which carry OML’s colour and brand. OML’s main responsibility is to supply these outlets with petroleum products and on their part the owners of the outlets agree to operate in accordance to standards agreed by both parties. There are two types of third party outlets: oGallonage – The stations and equipment under this category are fully owned by the third parties, while OML brands the outlets and supply products to it. oLoan Delivery and Equipment (â€Å"LDE†) – Here, OML provides equipments such as pumps, generators and canopies, as well as branding and supply of products. The retail outlets also serve as business opportunities via Non-Fuel Revenue (NFR) activities (such as Quick Service Restaurants) that maximize the returns on shareholders investments, improve asset utilisation and maximize our medium-long term capital gains. Commercial Department The core function of the commercial department is the sale of products (AGO, PMS, DPK, ATK, LPFO, Lubricants, Bitumen and LPG) to large volume end users hinged on effective relationship management. Sales are usually made in bulk to clients most often on pre-determined trade terms basis. Structure Sales is managed by Branch Managers located across the country, with each having responsibility over specific territories referred to as branches. Their activities are coordinated by Commercial Service Managers, based in the head office in Lagos. The department is led by the Chief Sales Officer, with overall responsibility for the activities above as well as for the below-mentioned specialized units: †¢Marine Unit – sale of petroleum products to (and management of relationship) upstream oil gas companies as well as their service providers; Aviation Unit – sale of ATK and management of relationship with airlines. Services The commercial department offer a arrange of services in conjunction to the products it markets as it realized that customers want much more than just the products. Examples of such services include: Vendor Managed Inventory (â€Å"VMI†) Scheme The Oando In-Support scheme (our in-house model of the VMI) is a means of optimizing c ustomers supply chain, whereby Oando becomes responsible for maintaining the inventory level of petroleum products at its customers’ location. The major benefit of this to the customer is that it can focus on its core function while Oando manages petroleum products inventory. For Oando, the VMI scheme allows it to secure Oando Sea Station This is a Ship-to-Shore and Shore-to-Ship service station that provides fuels and lubricants for shipping companies, marine logistics companies operating in the Niger-Delta coastline as well as energy services organizations providing support to the upstream exploration and production companies operating in deep water coastal shores of Nigeria. Supply Contract This service allows customers the opportunity to enjoy a fairly stable price regime at a committed volume over a period of time. It is a modified form of In-support suitable for customers whose operations cannot permit full inventory take over. Marketing The core function of the marketing department is to initiate business deals and provide platforms to enable the sales departments (retail commercial) effectively achieve their goals and objectives. Structure The department is led by the Head, Marketing with overall responsibility for the following units: Lubricants Unit: The Lubricants unit is responsible for marketing Oando’s lubricants by creating product awareness through marketing promotions and supporting sales drive of lubricants in line with Oando’s goals and objectives. The unit also develops a high calibre technical sales support function while ensuring product quality assurance, cost management and service delivery to customers. A core responsibility of this unit is constantly identifying and initiating new/additional product lines for various target consumer markets. LPG Unit: The LPG Unit is primarily aimed at sourcing for product, providing support and devising innovative selling methods to the sales team to ensure they meet their volume and margin targets as well as satisfying their customers’ needs. The team also provides the sales team with market intelligence to ensure that they strategically positioned to make sales. The unit, in addition, serves as an interface between the sales team and other support units within the organization i. e. Logistics, CCU, Engineering and EHSQ. Non-Fuel Revenue (NFR) Unit: The Non-Fuels Revenue (NFR) unit is a strategic initiative developed to complement the shrinking margins on sales of fuel products and tap into the emerging opportunities of Non-fuel business from Retail outlets. Non-fuel offerings in retail outlets can also serve as a customer pull to increase fuel sales. Some NFR offerings include: Quick Service Restaurants (â€Å"QSR†), Automatic Teller Machines, Rent contribution from dormant assets (warehouses and offices), Income from Telecom Mast sites, revamp and increase lube bay rentals lubes contribution to stations and car wash operation. Bulk Products Unit The Bulk unit is responsible for developing and executing marketing plans to support the sales team in achieving their objectives in the sales of Bitumen and LPFO. The unit provides useful information about the construction sector of the economy, market trends, competitors’ activities and consumer preferences that helps in taking business decisions. It also provides back-end support for improving the quality of service delivery in our Vendor Managed Inventory (VMI) concept. ? Operations Logistics Department The Operations Logistics (â€Å"OL†) department is primarily responsible for product sourcing and distribution to customers. OL is also responsible for product storage via warehouses and LPG Plants, and Lubricants blending via the Kaduna Lubricants Plant (â€Å"KLP†). Management of products at the terminals is handled by Engineering Terminals department. Structure The department is structured into four units, each with a head responsible for activities in the unit. Overall departmental responsibility is with the General Manager, Operations Logistics. Logistics oInbound – supply planning and product receipt; oTrade Procurement Products – product sourcing; oOutbound – handles product received from NNPC depots; oFleet – Management of relationship with transporters. †¢Customer Care Unit oScheduling – handle delivery request and schedule the trucks; oDispatch – prepare the trucks for trips; oFleet – work with the tran sporters; oCall Center – handle inquiries and complaints. †¢Warehouse LPG Plant oWarehouse – storage locations for Lubricants and Oando Insecticide before final distribution to customers. Lubricants are received at the warehouses from KLP, while with Oando Insecticide (currently being imported), product is received into Apapa for distribution other warehouses. Currently, OML has 14 warehouses across the county. oLPG Filing Plants – storage locations for LPG. Currently OML has 7 plants across the country. †¢Kaduna Lube Plant – consists of two blending plants both located in Kaduna with combined capacity of 55 million litres per annum producing various range of lubricant products for commercial and retail customers. Terminals Engineering Department The Engineering Terminals department is responsible for managing infrastructural assets across board inclusive of the operations at storage terminals. Structure There are two main units: †¢Terminals – are storage locations (exclusive of warehouses and LPG Plants) where products are received, stored and eventually distributed. The following are the terminals owned by OML: oApapa Terminal 1; oApapa Terminal 2; oApapa Joint Venture (with Total Nigeria Plc); oOnne Terminal, Port Harcourt; oPort Harcourt Terminal. Each of these locations is headed by a Terminal Manager TM who reports to the Head of Terminals Engineering. OML also stores product at third party locations such as Lister. Currently, Oando Terminals has capacity for holding various products as follows: oPMS – 80 Million Litres; oAGO – 33 Million Litres; oLPFO – 5. 67 Million Litres; oHHK – 5 Million Litres; oBitumen – 10,000 Metric Tonnes. †¢Engineering – execution of capital projects and maintenance of equipments and facilities. The activities in this unit are grouped as shown below: oProject – oversees capital projects less than N100M oRetail Network Maintenance – oversees maintenance and deployment of retail outlet equipment Retail Facility Maintenance – oversees maintenance of retail outlet infrastructure oTerminal Depot Maintenance – oversees maintenance of facilities and equipments at terminals and depots Support Departments Environment, Health, Safety, Security and Quality Assurance (â€Å"EHSSQ†) – reduce operational and accident cost, elimin ate down time, ensure total compliance with regulatory and statutory requirements, deliver world class quality products and services to enhance customer satisfaction, while guarantying sustainable development in line with the Oando vision. Internal Control Audit (â€Å"ICA†) safeguarding OML’s assets, ensuring operational efficiency, ensuring compliance with applicable laws and regulations and ensuring the accuracy and reliability of financial reporting. Service Standards – ensures and monitors service standards across various locations. Finance provide OML with financial support for business and operational planning. OML Finance (head office) is divided into three main units namely: oTreasury; oManagement Information System; Financial Control. Corporate Services – supports OML business via the following services: oLegal – provide OML with cost-effective and efficient legal services support to and manage the inherent risks in OML’s businesses; oProcurement – assist OML in the acquisition of goods and services; oHuman Resource provide OML with effective people management solutions. Marketing Communications promote OML’s marketing initiatives through strategic product promotion and sales promotion.