Treasury & Tax Manager at Grand Cereals Limited

Objective/Purpose of Job

• This role involves overseeing the daily cash flow management of the company, utilizing investment skills to analyze and ensure the availability of cash when and where it's needed.
• This includes managing loans, staying informed about borrowing interest rates, and liaising with banks to secure competitive offers. The role also entails maintaining strong relationships with suppliers, banks, and employees, ensuring compliance with tax policies, and managing bank deposits and investments.
• Additionally, the position involves handling foreign transactions, such as managing foreign currency exchange, importation processes, and payments, while also maintaining accurate financial records and reports.

Key Accountabilities

LOAN MANAGEMENT:

• Monitor and analyze daily Central Bank of Nigeria (CBN) borrowing interest rates.
• Collaborate with financial institutions to identify and evaluate Government intervention fund opportunities.
• Collect competitive interest rate offer letters from banks.
• Facilitate effective communication of bank offer letters to the legal department at the corporate Group Head office in Lagos, providing feedback to banks as necessary.
• Ensure efficient processing of bank offer letters by meeting all prerequisites and conditions, including recommending approved offer letters to the Board.

SUPPLIER AND BANK RELATIONSHIP MANAGEMENT:

• Validate the authenticity of all endorsements on invoices and Goods Received Notes (GRNs) prior to authorizing disbursements.
• Scrutinize GRNs for supplier payments to confirm the presence of required invoices and accompanying documentation.
• Calculate and deduct applicable Withholding Tax (WHT) on payments, excluding agro-allied and statutory disbursements, to maintain compliance with government WHT policies.
• Ensure precise transaction coding within the SAP financial system.
• Expedite the posting of all payments to the cash management module in SAP while also proactively addressing any banking-related issues for swift resolution.

INVESTMENT AND BANK DEPOSIT MANAGEMENT:

• Continuously monitor CBN borrowing and investment rates on a daily basis.
• Engage in ongoing communication with banks to assess the most favorable deposit interest rates for various timeframes.
• Provide management with rate feedback to facilitate informed decisions in alignment with credit ratings.
• Vigilantly oversee investment transactions, maturity dates, liquidations, and rollovers.
• Ensure accurate crediting of interest rates to the company's accounts, maintain compliance with the Treasury Investment Policy, and create an investment schedule for monitoring bank rates and maturity dates.

MANAGEMENT OF FOREIGN TRANSACTIONS AND CURRENCIES:

• Facilitate seamless communication between Supply Chain and banks, focusing on foreign transactions, especially Letter of Credit (LC).
• Coordinate with banks to secure Foreign Exchange (FX) for foreign currency payments.
• Handle SONCAP, insurance, and NAFDAC certificates for new PFIs involved in machinery and chemical imports.
• Complete E-form M and LC application forms for new PFIs, submitting them to banks.
• Follow up diligently with banks to expedite Form M and LC processing.
• Ensure accurate duty payments for materials clearance and collaborate with banks to acquire FX for established LCs.
• Verify payment accuracy for shipping lines and clearing agents in close collaboration with the Supply Chain department.

FINANCIAL REPORTING:

• Daily Bank Position report for inflow and expense tracking.
• Monthly Treasury report for the Head Office.
• Prepare Debt Management schedule and Treasury report for the GCL Board Report.
• Manage intercompany transactions and other duties as assigned.

Required Education / Experience / Skills

• Minimum of BSC in Finance/ Accounting, financial management or related discipline.
• Professional certifications (ICAN, ACCA) are an added advantage.
• Minimum of 8 - 10 years of financial experience in an FMCG.
• Knowledge of cash management principles and financial processes.
• Analytical skills; working knowledge of ERP systems.
• A proactive approach to task management and self-development
• Team player with good interpersonal and leadership skills.