Chief Finance Officer at Deloitte Nigeria

Deloitte Nigeria - Our client, a Development Finance Institution positioned to empower more micro, small and medium enterprises across Nigeria desires to establish a Credit Guarantee Company(CGC) which would further incentivize banks to lend to the MSME segment, through the provision of credit guarantee coverage for loans made to eligible MSMEs by Participating Financial Instiitutions.

To align with good corporate governance practices, the CGC is envisaged as the wholly-owned subsidiary of the DFI and towards the achievement of this initiative, we seek to fill the strategic position below:

Job Position: Chief Finance Officer
Reference Number: CGF002
Job Location: Nigeria

Job Summary

• Establish and ensure day-to-day management of all accounting and financial reporting systems, internal and external regulatory compliance procedures, liquidity management, administration and procurement, budgeting and financial planning, strategic planning, treasury and investment management, tax matters related to the Credit Guarantee Company (CGC), internal and external audits, fundraising and relationship management with all stakeholders
• Develop, refine and monitor the CGC’s overall strategy (as approved by the Board) with a particular focus on the financial aspects. Set up, lead and manage the finance, administration, treasury/investments departments.

Duties and Responsibilities
Set up the CGC’s finance and administration function:

• Establish and run the finance and administration function in a hands-on fashion initially, before building a team in line with the CGC’s growth.
• Create finance & administration structures and processes.
• Create and maintain financial modeling and forecasting tools for the CGC;
• Create and maintain budgeting tools, including control policies;
• Create and maintain all internal and external administration and coordination functions and procedures, including procurement, compliance
• In the setting-up environment, the CFO will play an important role in company decision making and will be required to work on a range of projects within finance and administration.
• Develop the capital and liquidity strategy for the CGC, as well as finance and administration policies, procedures and manuals.
• Establish and help manage relationships with auditors, tax advisors and other stakeholders.

Financial Management:

• Supervise and manage Finance & Administration Department and its staff;
• Direct and lead the preparation of financial reports including weekly, monthly and quarterly financial reports to internal and external stakeholders.
• Oversee the implementation of effective financial management systems and controls to ensure the CGC’s assets are adequately safeguarded and accurate and reliable financial reporting is produced;
• Ensure accurate and up to date books of accounts are maintained in accordance with relevant national and international standards and requirements;
• Check the adequacy of the finance manual & policies, ensure alignment with best practices and Nigeria laws a constant basis, and oversee ongoing development and updating of policies, procedures and manuals;
• Planning, coordinating and managing implementation of resources to ensure allocations support the achievement of the CGC’s strategic direction, operating plans and overall objectives;
• Handling all tax matters in relation to compliance, statutory and non-statutory requirements;
• Facilitate the work of internal and external auditors and provide assistance as required, ensuring that a clean audit record is maintained;
• Ensure timely administration and processing of payroll and submission of statutory deductions;
• Manage and oversee preparation, finalization and publication of annual accounts in the CGC’s annual report.
• Manage invoicing and receipting of clients/PFIs, preparation of receivable reports, and accruals/receivables reconciliation for loan guarantee transactions;
• Supervise cash management activities and closely monitor daily liquidity, ensuring all financial obligations are fully and timely settled.
• Develop and maintain productive relationships with vendors, partners and consultants that serve to enhance the CGC’s reputation and visibility.

Administration and Procurement:

• Manage all internal coordination and administrative issues related to compliance, procurement, stakeholder reporting etc.
• Oversee and ensure that sourcing and procurement of all items is carried out according to due process and in line with applicable rules and regulations;
• Monitor and track utilization of capital and operational expenditures against approved procurement plans and ensure allocations are not exceeded without justifiable cause;
• Manage procurement contracts and monitor service delivery to ensure agreed standards and targets are met;
• Ensure timely provision of administrative and logistical services to the business;
• Monitor and ensure adequate maintenance of all the CGC’s assets.

Budgeting and Financial Planning:

• Develop and maintain budgeting and financial forecasting tools.
• Coordinate the preparation and consolidation of the CGC’s budget and business plan including periodic monitoring and reporting of the same.

Strategy:

• Participate in key decisions as a member of the executive management team by advising the management team on key business decisions through sound commercial judgement highlighting options, trade-offs, risks and opportunities.
• Support the board’s and CEO’s strategic direction with the design and deployment of an appropriate and functional finance and administration ecosystem;
• Act as a strategic partner to the CEO, providing valuable strategic advice and counsel on running the business;
• Strategic assessment of business operations and direction, and ability to assess capital allocation/return on investment;
• Regular review and update of the guarantee pricing model to ensure financial sustainability of the CGC.

Treasury and Investment Management:

• Check the adequacy of the Treasury and Investment manual & policies and ensure alignment with the CGC’s policies and best practices on a constant basis;
• Monitor capital invested to ensure maximized returns, adherence to investment guidelines and risk mitigation;
• Ensure the investment programme is in line with investment guidelines approved by the Board and timely reporting of the same.

Fundraising and relationship management with stakeholders:

• Support the CEO in developing a fundraising strategy and conducting fundraising for the CGC, mid-term financial planning and longer-term growth strategy;
• Develop and maintain strong relationships with key stakeholders.

Other Duties:

• Regularly participate in management meetings, and carry out any other duties as may be required.

Required Qualifications and Experience

• A Degree in Finance/Accounting or Business Administration plus Professional Accounting qualifications such as CPA or ACCA.
• A Master's Degree in Business Administration and/or Finance/Accounting will be an added advantage.
• At least 15 years in financial management, of which 12 should be in a senior managerial role
• Experience working in a development finance institution and background in banking, insurance or trade finance is essential
• Experience with credit risk guarantees/insurance and exposure to development issues is desirable.
• Prior experience in setting up a finance and administration function would be highly desirable.
• Extensive experience with commercial and financial analysis, accounting and accounting systems, internal financial controls, tax administration, revenue management, financial modelling & forecasting, compliance & regulatory issues, and administration functions.
• Experience in a fast growing, challenging business environment.

Desired Competencies:

• Experience working with accounting software, and can implement and roll out a new accounting/reporting system.
• Commercially astute: A high degree of business acumen, entrepreneurial spirit and wants to grow with the company.
• Excellent communicator: Able to express yourself both verbally and in writing in simple and clear ways.
• Complex problem solving skills: The ability to solve complex business challenges.
• Strong mentoring and coaching experience to a team with diverse levels of experience
• Robust, organized, proactive, flexible and hands-on
• Knowledge of financial markets, cash management structures, traded treasury instruments etc.
• Open-minded, personable individual with outstanding organizational skills
• Personal commitment to organization excellence; displays honesty, integrity, and a strong sense of ethics in all decisions and actions.