Chief Financial Officer at Purple Star Consulting Limited

Job Purpose/summary

• The CFO will be responsible for maintaining and driving the financial operational efficiency of the Company. This would include the development and implementation of effective financial strategies, as well as risk management initiatives with the principal goal of protecting the Company’s investments, revenues, and sustainable growth.
• The job role holder will also be responsible for ensuring the establishment and effective execution of robust financial control, investment, cash flow and tax management vehicles and systems.

Key Functions/Responsibilities

Strategy Formulation and Implementation

•  Drive the development and implementation of the Company’s financial strategy, work plans and programmes, in alignment with the business’ strategy, goals, objectives and industry best practice

Financial Planning and Budget

• Coordinate the development of Company’s annual corporate budget and the allocation of financial resources
• Engage the Executive Management and the appropriate Board Committees to develop short, medium, and long-term financial plans and projections for the Company
• Oversee the development and utilisasion of financial models and activity-based financial analysis to provide a basis for investment decisions and business planning
• Monitor and report budget positions of all the business departments on a monthly basis
• Oversee the implementation of all approved financial policies in line with Financial/Accounting best practices, IFRS and other statutory requirements
• Prepare and present periodic financial performance reports, management accounts, annual financial statements etc. to the MD/CEO
• Advise the MD/CEO on optimal sourcing and application of funds and implications of changes in financial regulations, legislation and government tariffs
• Manage all tax matters and ensure timely remittance of statutory deductions such as: Pay As You Earn (PAYE), Company Income Tax (CIT), Withholding Taxes (WHT), Value Added Taxes (VAT), Pension Contribution, Health Insurance etc. including payment of vendor invoices and reconciliation
• Liaise with the Human Resources Manager in reviewing payroll computations to facilitate staff payments
• Ensure the proper management, reporting and reforecasting of controlled budgets, and participate in budgeting and financial management at departmental level as required
• Provide direct responsibility for compliance costs, such as external audit, property leases and minimizing irrecoverable VAT

Finance Operations

• Ensure the development and implementation of a robust and reliable financial reporting system in compliance with statutory requirements
• Ensure that the annual financial statements and statutory reports are prepared in a timely manner, accurately and in accordance with standards and regulations
• Oversee the provision and interpretation of all financial management information for effective decision making and to maximise returns on business
• Monitor and control the revenue and expenses (opex and capex) of the Company to ensure operational and financial efficiency
• Identify and analyse exposure, establish risk tolerance thresholds, and oversee the development of contingency plans or strategies to mitigate risk and the probability or severity of loss of investments
• Provide the MD/CEO with comprehensive, quarterly reports on the revenues and expenditure of the Company
• Design and implement strategies and mechanisms to safeguard the Company’s financial assets

Internal Audit 

• Develop and coordinate the implementation of the internal audit programmes to ascertain and report on degree of compliance with the Company’s approved policies, operating procedures, laws, regulations and code of good business practices
• Provide assurance over the implementation of strategies developed to promote a culture of transparency and accountability in the Company’s business operations
• Assess the design and operating effectiveness of established business control policies, processes and procedures and communicates identified weaknesses to management with appropriate improvement solutions
• Liaise with the Company’s statutory auditors to agree scope and information requirements for the successful conduct of the annual statutory audit programmes
• Conduct follow up reviews and resolves control issues arising from internal and external audit exercises.
• Supervise and coordinate year-end inventory count and periodic fixed asset verification exercises.
• Prepare monthly audit reports to the MD/CEO

Stakeholder Management

• Partner with department heads to identify business development and growth opportunities
• Provide regular breakdown of economic information to revenue generating departments to enable and equip them to provide better service to their customers
• Manage relationships with financial/lending institutions, external auditors and other relevant regulatory authorities

Leadership and People Management

• Promote a strong team culture
• Manage the day to day performance, learning and development of the team, including one on one feedback sessions and conduct performance appraisals

Education:

• Bachelor’s degree in Accounting, Finance, Economics, Business Administration or any other business-related field from an accredited University
• Relevant postgraduate degree (M.Sc. or MBA)
• Relevant Professional qualification (ICAN/ACA/ACCA/CPA/CFA)

Experience:

• Minimum fifteen (15) years cognate work experience with at least five (5) years proven experience as a CFO
• Experience in any of the Big 4 accounting firms
• Experience working in the oil industry
• In depth knowledge of the oil industry