Chief Financial Officer, Africa50 at African Development Bank - AfDB

Africa50 is a landmark investment vehicle, focused exclusively on Africa’s infrastructure development opportunities. It is an independent, profit driven, commercially managed entity. It will provide a means for private sector investors to bring fresh capital to infrastructure development while securing a return. The result should be a significant boost to efforts to ensure sustained economic growth on the African continent. Africa50 will focus on large scale, transformative, commercially and developmentally sustainable infrastructure projects. Africa50 will target investments in high-impact national and regional projects in the energy, transport, Information Communication Technology and water sectors. 

The Chief Financial Officer (CFO) provides both operational and programmatic support to Africa50. The CFO supervises the finance unit and is the chief financial spokesperson for the organization. The CFO reports directly to the CEO and directly assists the Chief Operating Officer (COO) on all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and the securing of sufficient funding. The Chief Financial Officer will also work with other members of the Senior Management Team in developing and implementing the strategies for Africa50.

Africa50 seeks to appoint a Chief Financial Officer to undertake, but not limited to the following activities: 

• Train the Finance Unit and other staff on raising awareness and knowledge of financial management matters.
• Work with the CEO on the strategic vision including fostering and cultivating stakeholder relationships, as well as assisting in the development and negotiation of contracts.
• Participate in developing new business, specifically: assist the CEO and COO in identifying new funding opportunities, the drafting of prospective programmatic budgets, and determining cost effectiveness of prospective service delivery.
• Assess the benefits of all prospective contracts and advise the Senior Management Team on programmatic design and implementation matters.
• Ensure adequate controls are installed and that substantiating documentation is approved and available such that all purchases may pass independent and governmental audits.
• Provide the COO with an operating budget. Work with the COO to ensure programmatic success through cost analysis support, and compliance with all contractual and programmatic requirements. This includes: 1) interpreting legislative and programmatic rules and regulations to ensure compliance with all guidelines, 2) ensuring that all regulations and requirements are disseminated to appropriate personnel, and 3) monitoring compliance.
• Supporting the risk function in quantification of operational risk losses and near misses
• Oversee the management and coordination of all fiscal reporting activities for the organization including: organizational revenue/expense and balance sheet reports, reports to funding agencies and shareholders, development and monitoring of organizational and contract/grant budgets.
• Oversee all purchasing and payroll activity for staff and participants.
• Develop and maintain systems of internal controls to safeguard financial assets of the organization. Oversee the coordination and activities of independent auditors ensuring all audit issues are resolved, and all compliance issues are met, and the preparation of the annual financial statements is in accordance with IFRS and others.
• Attend Board and Subcommittee meetings as required.
• Monitor banking activities of the organization.
• Ensure adequate cash flow and liquidity to meet the organization's needs.
• Ensuring that operational risk is managed effectively within his/her areas of responsibility, and that his/her teams comply with all approved operational risk controls
• Oversee the production of monthly reports including financial statements and cash flow projections for use by senior management, as well as the Board of Directors.
• Ensure a disaster recovery plan is in place.
• Oversee business insurance plans and health care coverage analysis.
• Working with the COO, oversee the maintenance of the inventory of all fixed assets
•  Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans.
• As a member of the Senior Management Team, assist the CEO in the management and development of Africa50 to ensure a smoothly functioning, efficient organization.

Including desirable skills, knowledge and experience

Applicants must have:

• Knowledge of accounting in accordance with IFRS and other standards.
• Current trends, developments, and theories in finance and accounting, and infrastructure development and financing in Africa.
• Foster and cultivate business opportunities and partnerships.
• Create and assess financial statements and budget documents.
• Recognize and be responsive to the needs of all clients of the organization, including funding organizations, the Board of Directors, governments, clients, and employers.
• Supervise staff, including regular progress reviews and plans for improvement.
• Communicate effectively