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Graceco Nigeria Limited is a food processing and manufacturing company which specializes in consumer goods and the production of input for bakers and the confectionary industry. With the continued growth of the middle class and their increasing appetite for snacks and baked goods of various kinds, Graceco Nigeria limited has positioned itself to be a major p...
Location: Alagbado, Lagos
Report: Director, Finance and Administration
Status: Full time
Level: Management staff
Job Summary
- Sourcing of funds required for the Company's operations at optimum prices and lowest risk and managing relationships with Financial Institutions
- Protecting the Company's margins through reduction in Net Financing costs and maximizing income / Earnings on liquid assets
- Managing the Treasury back office and support operations
- Coordinate the existing treasury team.
Job Description
Sourcing of funds required for the Company's operations:
- Preparation of a daily summary of the company's Financial position
- For short-term shortfall in financing, arrange funds using either bank loans, bank overdraft, leases, issuance of Commercial papers, or other Financial instruments
- Daily follow up to ensure the conversion of all Receivables into Cash
- Following up with Accounting for invoicing of goods to clients
- Preparation of Cash Flow Forecasts for weekly and monthly Cash Inflows and Outflows
- Improving the company's funding profile and capital efficiency and Source Long Term funds for Long Term projects
- Preparation of Debt analysis and a schedule of all bank overdraft and loan facilities
Managing relationships with Financial Institutions and sourcing of funds at optimum prices and lowest risk:
- Sourcing of foreign currencies at optimum prices and lowest risk
- Sourcing of funds at optimum prices and lowest risk
- Improving the Company's margins through reduction of the Net Financing costs
- Improving the company's funding profile and capital efficiency
- Daily, monitor transactions in the company bank accounts and review daily bank statements
- Monthly, preparation of bank reconciliation for all current and facility accounts
Protecting the Company's margins and assisting management achieve its Earnings objectives:
- Liaise with Procurement and Logistics and facilitate prompt payment to Suppliers of goods and services
- Follow up with banks for timely opening and transmission of LCs and Bills for Collection for imports
- Protecting the company's margins through control and reduction of Finance costs
- Drive rigorous and disciplined tracking of Cash Flow against targets with closer monitoring of gaps on weekly basis and encouraging faster reaction to promote a culture of disciplined financial management across the organization
- Computation of Interests due on client's delayed settlement of invoices and loans
- Checking the accuracy of Interests and other bank charges in bank statement
- Checking the accuracy of Investment income computed by Financial Institution
Management of investments in liquid assets, stocks and shares in private and public companies:
- Ensuring prompt investment of surplus funds in available Financial instruments at optimum income and lowest risk
- Monitor share prices in the market and advise Management / Stock broker on purchases or disposals
- Follow up with Financial Institutions to ensure prompt receipt of investment income when due
Managing the Treasury back office:
- Ensure that all funds are appropriately banked
- Ensure that Customers accounts and the Company's bank accounts are updated daily with Credit Alerts received for bank transfers by Customers
- Communicate all inflows to Management on daily basis
- Scheduling and organising prompt payment of Suppliers invoices and providing weekly information on disbursement
- Ensure control and verification of all Cash transactions and conduct surprise Cash Count in all locations where the company is maintaining Cash Float
Others:
- Making recommendations to management on observations in the course of review
- Any other responsibility as may be assigned by the Finance & Control Director
- Provide leadership for the Treasury team
Requisite Qualifications/Experience
- B.Sc. (1st or 2nd Class Upper) in Social Sciences or Management
- Required certification: FCA, CTP
- Minimum of 7 years’ experience as treasury manager; evidence of career progression needed
Required Skills /Attributes:
- Good oral and written communication skills
- Good interpersonal skills, people management and negotiating skills
- Knowledge of financial management in manufacturing sector
- Strong sense of professionalism, integrity, and sound judgment and tact
- High level of sincerity and honesty with pragmatic and proactive approach to business
- Ability to maintain confidentiality
- Proficiency in the use of Enterprise wide Accounting Application such as ERPNext, SAGE or SAP, Ms Office packages and Power Point Presentation.
Required knowledge:
- International Financial Reporting Standards (IFRS) as published by IASB
- Financial Reporting Council of Nigeria Act, 2011
- CBN monetary guidelines
- Bankers Tariff
- Pensions Reforms Act 2014
- Fiscal policy guidelines as rolled out by the Fed. Ministry of Finance from time to time
- Global best practices in Treasury management.
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