Finance Manager at Nestoil Plc

Job Summary

• The Finance Manager is responsible for overseeing the financial health of the organization by managing budgeting, forecasting, financial reporting, and analysis.
• This role ensures compliance with financial regulations, supports strategic decision-making, and leads the finance team to maintain accurate records and improve financial performance.
• The Finance Manager works closely with senior management to develop financial strategies and optimize resource allocation.

Key Responsibilities
Accounting & Finance policies and procedures development:

• Drive the formulation, periodic review/update and implementation of sound financial policy framework and controls as may be required.
• Ensure adequate controls and procedures are complied with in the processing of transaction payments with the view to ensuring elimination /minimization of operational risk and fraud.

Proper accounting of business operations transactions:

• Ensure daily, real-time, and accurate posting of all business transactions in the general ledger in accordance with relevant accounting standards (which includes generally accepted accounting principles & practices and international financial reporting standards).

Financial Planning & Analysis:

• Development of long-term financial strategies.
• Lead the budgeting and forecasting processes in coordination with department heads.
• Prepare monthly, quarterly, and annual financial reports including P&L, statement of financial position, and statement of cash flow.
• Analyse financial performance by comparing actual results with budget and forecast.
• Identify opportunities to reduce costs and improve financial performance.
• Identify trends, risks, and opportunities to support strategic decision-making.

Financial Reporting:

• Ensure accurate and timely preparation of financial statements in compliance with applicable accounting standards (e.g., IFRS, GAAP).
• Coordinate with external auditors for completion of the annual audits and statutory filings.
• Provide management with financial insights and recommendations through dashboards and presentations.

Statement of Financial Position Integrity:

• Ensure that assets and liabilities in the general ledger are substantiated with supporting schedules and that the balances per the Trial Balance is a true reflection of physical state of the ledger accounts.
• Preparation of age analysis report for all account receivables and account payable balances.
• Preparation of reconciliation statement for all other Statement of Financial Position balances and prompt disposition of all reconciling items.
• Preparation of up-to-date and management of Fixed Assets Register.
• Support preparation and execution of periodic physical count exercise and verification of property, plant & equipment, and inventory items.

Cash Flow & Treasury Management:

• Monitor daily cash flow and manage working capital efficiently.
• Monitor and manage the inflow and outflow of cash to ensure financial liquidity.
• Oversee banking relationships and ensure optimal use of financing options.
• Manage foreign exchange and currency exposure, if applicable.

Risk Management:

• Identify and mitigate financial risks to protect the company’s assets and operations.

Compliance & Internal Controls:

• Ensure compliance with tax, legal, and regulatory requirements.
• Implement and maintain robust internal financial controls.
• Statutory deductions Management & Remittance
• Ensure proper computation and recognition of all applicable statutory deductions e.g VAT, WHT, LCD, NIMSA etc.
• Preparation of detailed schedules for prompt monthly remittance of statutory deduction liabilities.
• Ensure follow-up and engagement with relevant internal departments for collection of WHT credit notes and payment receipts for all statutory deduction remittances.
• Ensure monthly reconciliation all statutory deductions general ledger accounts and prompt disposition of all reconciling items.

Team Leadership:

• Supervise and mentor junior finance staff, including accountants and accounting officers.
• Foster a culture of continuous improvement and professional development.
• Manage performance and provide training as needed.

Business Partnering:

• Collaborate with department heads and senior management to drive business performance.
• Provide financial advice to senior management to support sound business decisions and strategy development.
• Support investment decisions through financial modelling and ROI analysis.
• Provide financial input into commercial negotiations, pricing strategies, and cost-saving initiatives.

Robust and efficient Transaction document management system:

• Development of a functional and efficient electronic document management filing system.
• Ensure the availability and proper filing of third-party supporting documents for all general ledger entries.
• Ensure ease of retrieval of transaction posting supporting documents for internal and external stakeholders’ utilization.

Qualifications / Experience

• B.Sc. or HND in any discipline, plus
• ICAN ACA or ACCA professional qualification
• 8 to 10 years of progressive work experience in the Accounts/Finance function
• Knowledge of ERP Systems (e.g., SAP ByD)

Key Skills & Competencies:

• Good knowledge of Generally Accepted Accounting Principles.
• Good knowledge and understanding of the International Financial Reporting Standards (IFRS).
• Highly numerate with good analytical skills.
• High proficiency in the use of the Microsoft Office Suite, especially Microsoft Excel, Microsoft Word & PowerPoint.
• Ability to analyze financial data and interpret financial reports.
• Good problem-solving skills and results-oriented.
• Ability to produce high-quality output under pressure and sometimes with inadequate resources.
• Ability to work effectively in a team.
• Good Communication and Interpersonal skills are required in liaising with people at different levels within and outside the Organization.
• Ability to explain complex financial data to non-finance stakeholders.
• Strategic thinking with a commercial mindset.
• Ability to lead and coach direct reports to improve efficiency and competence.
• Ability to meet deadlines and manage multiple tasks.
• Intuitiveness and attention to detail.
• High level of integrity and ability to maintain confidentiality.
• Strong professional ethics, accountability, and dependability.