Senior Financial Specialist at The West African Power Pool (WAPP)

Location: IMU Head Office, Abuja, Nigeria
Project Name: Nigeria - Niger - Benin/Togo - Burkina (North Core) Interconnection Project
Employing Institution: Implementation Management Unit (IMU) of the North Core Project
Reports to: Director of IMU
Appointment: Full time, approximately 36 months
Language required: Proficiency in English or French with a working knowledge of the second language

Project Background

• Within the framework of the West African Power Pool (WAPP), the Governments of Nigeria, Niger, Benin, Togo and Burkina are collaborating to develop a sub-regional interconnection project referred to as the 330 kV WAPP North Core Project. The project involves the construction of approximately 875 km of 330 kV transmission lines from Nigeria to Burkina Faso, through Niger, and Benin. The project will also involve the electrification of rural communities located within a 5 km radius on both sides of the line, and the implementation of a number of environmental and social mitigation measures. These include, among others, the implementation of Resettlement Action Plans (RAPs) to provide for persons and communities affected by project implementation activities.
• The project is being financed by The Agence Française de Développement (AFD), African Development Bank (AfDB), European Union (EU) and the World Bank (WB).
• Given the regional dimension of the project, and in order to enhance its coordination, the Ministers in charge of Energy of the North Core countries agreed to put in place an institutional framework which includes the set up of an Implementation Management Unit (IMU) to, among others, assist in the preparation and physical implementation of the North Core project.

Job Purpose

• The Senior Financial Specialist will have broad responsibility for the financial management; accounting policy, procedures and reporting; and practices of the Implementation Management Unit (IMU). This involves ensuring financial planning, control and reporting as well as the efficient administration of financial resources.
• The jobholder will also ensure that the IMU complies with international accounting standards and procedures, and that financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) as well as standards of financing institutions. The Senior Financial Specialist will also ensure the IMU’s adherence to tax regulations and provide the IMU Director with updated financial information on a regular basis.

Specific Responsibilities
The Senior Financial Specialist will be responsible for a minimum of the following key tasks:

• Ensure that the IMU has in place and in use efficient systems and processes, to enable it commence the management of project resources.
• Establish an efficient control system for the management of the IMU’s financial and material resources;
• Define strategic and financial objectives, prepare financial reports and respond to all questions relating to the financial management of the IMU;
• Monitor and assess the performance and achievement of the financial objectives of the Unit;
• Provide services related to accounting, finance, procurement, planning, and management control of the IMU;
• Ensure the preparation of administrative and accounting management procedures;
• Manage the budgetary process in close collaboration with the IMU Director, including budgeting for capital expenditure, budget monitoring and forecasts and prudently execute budgets;
• Maintain day-to-day financial control of the IMU’s financial activities within stipulated budget limits and ensure that all finances are properly administered and monitored;
• Implement all financial aspects of the financing agreement and the strategic plan in order to achieve relevant objectives as well as provide financial and accounting advice;
• Ensure that the IMU is adequately prepared for both internal and external audits as well as ensure the implementation of audit recommendations;
• Take a lead role in the acquisition of integrated fiduciary software for the IMU, This will comprise financial and accounting, procurement and monitoring modules;
• Ensure that the IMU is adequately covered for all reasonable risks, with insurance policies in place and subject to regular review and renewal;
• Execute comptrollership functions in order to ensure that finances are managed according to internationally accepted accounting principles;
• Conduct financial analysis and prepare detailed financial reports and statements as well as establish and maintain cash controls;
• Review contractors’ invoices and ensure funds disbursements on time;
• Represent the IMU on all financial and procurement matters as well as on any other tasks assigned by the IMU Director.

Qualification and Experience
The Senior Financial Specialist must have a minimum of the following qualifications:

• A Masters degree and above in Finance or Economics or related field;
• Fifteen (15) years of relevant professional experience, five (5) of which should have been in a senior management position;
• Qualification as a professional accountant (e.g. CA, ACCA, CIMA, DSCG, DESCOGEF etc.) or membership of an accounting body will be an added advantage.

Required Knowledge
Excellent knowledge of the following relevant areas is required:

• Planning, budget and cost control;
• Procurement  procedures of financing institutions;
• Financial policies and procedures, and corporate management systems;
• In-depth knowledge of business management, corporate finance and project finance and accounting;
• Project and risk management;
• Accounting policies and practices;
• International Financial Reporting Standards (IFRS) /International Public Sector Accounting Standards (IPSAS);
• Knowledge of procedures and guidelines of International Financing Institutions such as the World Bank, and/or Agence Française de Développement (AFD)” including how to deliver concise and accurate reports to strict deadlines as well as a good understanding of donor specific procedures for submission of withdrawal applications particularly for the Project funding partners.
• Work experience or knowledge/understanding of the power industry
• Good knowledge of financial policy and procedures and financial models for a similar institution and proven experience in developing financial models for complex operations.

Skills and Competencies
The following skills are required for effective performance:

• Excellent attention to detail, leadership and decision making skills;
• Ability to initiate, manage and quickly adapt and perform efficiently in a dynamic and culturally diverse environment;
• Must be proactive, energetic, and able to work independently;
• Demonstrate self-assurance, innovation, dedication and ability to accept new challenges;
• A proven track record in leading and working with teams, excellent human resource management skills, excellent communication and interpersonal skills;
• Excellent organizational and problem-solving skills and ability to work under pressure;
• High analytical skills and ability to develop strategies and objectives in line with the vision of the IMU;
• Ability to use computer software i.e. MS Excel, Word, PowerPoint and financial management software (e.g. enterprise resource planning - ERP applications) as well as the Internet.

Job Relationships
Reporting relationships:

• The Senior Financial Specialist will report to the IMU Director and supervise the Project Accountant and Accounting Assistant.

Working relationships:

• The jobholder will collaborate and cooperate with external auditors, particularly in the review of draft financial statements of the IMU. S/he will also relate with the funding partners of the project.

Job Location

• The jobholder will be resident at the IMU head office in Abuja, Nigeria, but may be required to undertake frequent assignments at the IMU’s local offices and project sites in the North Core countries.

Language

• The Senior Financial Specialist of the IMU must be fluent in English or French with a working knowledge of the second language.

Duration

• The position of Senior Financial Specialist is for a term of approximately thirty six (36) months. This is a full time position and the jobholder must demonstrate a strong commitment to achieving set goals as well as put in the required effort to “get the job done.”

Job Context

• The responsibilities and tasks of the Senior Financial Specialist will be executed within the office context.
• The jobholder may however, be expected to travel periodically to various locations within the project countries and/or beyond.
• S/he will be required to put in a minimum of forty (40) hours per week but may also have to perform duties outside of normal working hours, as necessary.

Reporting Requirements

• The Senior Financial Specialist will be expected to provide monthly financial reports to the Director of the IMU and the Board as well as develop and maintain timely reports to meet all financial reporting obligations and deadlines of the various financing agencies. S/he may also be required to provide adhoc reports as and when necessary.

Performance Criteria
The following will be part of performance assessment criteria for the position:

• Achievement of an overall actual to budget variance of not less than 15%; Anything beyond this statistic must be explained by abnormal events beyond management’s foresight during the planning period which the Financial Specialist should have advised on;
• Compilation of accurate financial records, timely preparation and submission of financial statements and reports;
• Strict adherence to procedures and guidelines of the financing institutions involved in the project and to International Financial Reporting Standards (IFRS) ) /International Public Sector Accounting Standards (IPSAS);
• Conduct of internal and external audits at intervals agreed upon with the IMU Director and effective implementation of audit recommendations;
• Prompt disbursement of funds to honour project related obligations.
• Other criteria may be developed by the Director of the IMU based on deliverables agreed with the jobholder.

Performance Evaluation

• The performance of the Senior Financial Specialist will be evaluated annually by the Director of the IMU, based on the above performance criteria, an annual work plan and deliverables agreed upon at the beginning of the appraisal period.
• Quarterly performance reviews will however, be conducted by the Director to facilitate the identification and prompt management of performance related issues.

Additional Information

• Ability to use relevant computer software (MS Word, Excel, Power Point) as well as the internet is also a key requirement for this position.
• This is a full time position, envisaged for a term of approximately 36 months. Successful candidates will be stationed at the IMU Head Office in Abuja, Nigeria but will be required to make frequent visits to the field offices of the IMU and/or project sites located in any of the following countries: Nigeria, Niger, Benin, Togo and Burkina Faso.
• Shortlisted candidates must be ready to travel for interviews within two (2) weeks from the date of notification.