Head, Financial Control

Job Location: Ikoyi, Lagos
Industry: Microfinance
Annual Salary: N4M – N5M

Job Summary

The Head Financial Control will have primary day-to-day responsibility for planning, implementing, managing and controlling all financial-related activities of the Bank.

Essential Responsibilities

  1. Financial Planning
  • Provides leadership in the development of strategy and continuous evaluation of short and long-term strategic financial objectives
  • Develop finance organizational strategies by contributing financial and accounting information, analysis, and recommendations to strategic thinking and direction; establishing functional objectives in line with organizational objectives
  • Develop and support organization prospects by studying economic trends and revenue opportunities; analysing organization operations; identifying opportunities for improvement, cost reduction, and systems enhancement; capital sourcing for operation expansion.
  • Monitor and direct the implementation of strategic business plans
  • Evaluates and advises on the impact of long-range planning and the introduction of new programs/ strategies
  • Provide executive management with advice on the financial implications of business activities as well as advice from the financial perspective on any contracts into which the Bank may enter
  • Develop financial and tax strategies
  • Develop performance measures that support the Bank’s strategic direction

2. Financial Operations

  • Participate in key decisions as a member of the executive management team
  • Preparation of Financial reports
  • Preparation of monthly, quarterly, returns to CBN/NDIC
  • Liason and communication with regulatory bodies such as CBN, NDIC, FIRS, LIRS
  • Ensure routine reconciliation of the Bank’s accounts, GLs
  • Ensure that the finance and account function support the business at a strategic and operational level
  • Manage the accounting, investor relations, tax, and treasury departments
  • Manage any third parties to which accounting or finance functions have been outsourced
  • Engage and communicate effectively with colleagues, investors, customers, suppliers, regulators, and other internal and external stakeholders

3. Financial Management and Reporting

  • Oversee the issuance of financial information and the completion of timely annual audited financial statements
  • Report financial results to the board and provide financial and nonfinancial information, both historic and forward-looking to support the board’s decision making
  • Reports financial status by developing forecasts; reporting results; analysing variances; developing improvements
  • Manage processes for financial forecasting, budgets, consolidation and reporting to the Bank
  • Provide recommendations to strategically enhance financial performance and business opportunities
  • Monitors financial performance by measuring and analysing results; initiating corrective actions; minimizing the impact of variances
  • Maximizes return on invested funds by identifying investment opportunities; maintaining relationships with the investment community

4. Risk Management

  • Understand and mitigate key elements of the Bank’s risk profile
  • Fulfil stewardship responsibilities by ensuring effective compliance and internal control systems are in place in line with local GAAP and applicable laws and rules for financial and tax reporting
  • Ensure that the Bank complies with all legal and regulatory requirements
  • Ensure that record keeping meets the requirements of auditors and government agencies
  • Report risk issues to the audit committee of the board of directors
  • Maintain relations with external auditors and investigate their findings and recommendations
  • Maintain appropriate insurance coverage
  • Maintain confidentiality of information and ensure that information is provided on a need-to-know basis

5. Funding and Cash Position

  • Monitor cash balances and ensure cash flow is appropriate for the Bank’s operations
  • Optimize the handling of business relationships and initiate appropriate strategies to enhance cash position
  • Arrange for debt and equity financing
  • Control and evaluate fundraising plans and capital structure
  • Decide on investment strategies by considering cash and liquidity risks

6. Bank Operations

  • Provide oversight and supervision to the bank day to day banking operations
  • Ensure customer transactions are treated promptly and according to instruction.
  • Ensure the bank operations follow the stipulated banking and supervision framework of the CBN.
  • Implement necessary control and policy to safe guard the bank and prevent fraud.

Essential Requirements

  • Undergraduate degree in accounting, business, management, or finance
  • Postgraduate degree in finance, management, business administration, or equivalent business experience
  • ACA/ACCA/CFA or other recognised accounting/finance qualification
  • MCP Qualification is an added advantage
  • 5+ years relevant professional experience in a similar role
  • Demonstrated strong understanding of structured finance transactions and have had vast financial modelling experience, developing complex financial models
  • Technologically adept and possess exceptionally good computer skills, being highly proficient in Ms. Excel, Ms. Office, Ms. Outlook, and PowerPoint
  • A proven track record on interacting with Executive Management and Board of Directors
  • Deep understanding of Microfinance Bank’s policies and procedures

Job Category: Banking Finance
Job Type: Full Time
Job Location: Lagos

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