Head Of Finance (downstream Oil And Gas Sector) At Irecruiters Africa Limited
iRecruiters Africa Limited
full-time
The ideal candidate must have strong experience within the downstream oil and gas sector, particularly petroleum retail/service station operations, and should understand the financial complexities associated with fuel sales, inventory management, stock reconciliation, cash collections, multiple retail outlets, haulage operations, and high-volume transactions.
The Head of Finance will be based in Lagos and will oversee financial operations across the company's retail outlets and other business locations nationwide.
The successful candidate will be expected to ensure accurate and timely daily financial closure, maintain strong financial controls, provide reliable management information, and support the Group's leadership in making sound commercial and strategic decisions.
Key Responsibilities:
Provide overall leadership and strategic direction for the finance and accounting function across the company's nationwide operations.
Oversee the financial management of all retail service stations and other operational locations, ensuring consistency, accuracy, and compliance with company policies and financial controls.
Ensure daily closure of accounts across the business, including timely posting, reconciliation, review, and resolution of outstanding transactions.
Take ownership of the company's daily, weekly, monthly, quarterly, and annual financial reporting processes.
Ensure accurate and timely preparation of management accounts, financial statements, cash flow reports, income statements, balance sheets, and other financial reports required by management.
Maintain effective financial controls over fuel sales, purchases, inventory, expenses, cash collections, bank transactions, receivables, payables, and other financial activities.
Oversee daily reconciliation of sales, cash, POS, bank deposits, transfers, and other payment channels across the company's retail outlets.
Monitor and reconcile petroleum product volumes, purchases, sales, stock movements, and financial values to identify discrepancies, leakages, errors, or potential control issues.
Ensure proper accounting and reconciliation of fuel inventory across all service stations and locations.
Monitor station-level profitability and provide management with regular analysis of sales, margins, operating costs, and financial performance.
Develop and maintain effective financial controls to minimize revenue leakage, fraud, financial misstatements, and operational losses across the business.
Ensure proper accounting and financial monitoring of the company's haulage and transportation operations, including relevant revenue, fuel, maintenance, logistics, and operating costs.
Work closely with operations, station managers, logistics, procurement, and other departments to ensure accurate financial reporting and strong financial discipline.
Review and approve financial transactions in line with approved authorization limits and company policies.
Manage the company's working capital, cash flow, receivables, payables, and liquidity position.
Monitor customer credit, outstanding balances, collections, supplier obligations, and payment schedules.
Prepare regular cash flow forecasts and advise management on funding requirements and liquidity risks.
Ensure effective utilization and control of company funds across all locations.
Use Sage effectively to manage accounting records, financial reporting, reconciliations, and other core finance processes.
Ensure the integrity, completeness, and accuracy of accounting records maintained on Sage and other relevant financial systems.
Establish and maintain appropriate financial reporting structures that provide management with timely visibility into the performance of each location and business unit.
Develop financial dashboards and management reports highlighting revenue, gross margins, expenses, profitability, cash position, working capital, variances, and other key financial indicators.
Analyze financial performance across individual service stations and locations and identify areas requiring corrective action or improvement.
Prepare budgets, forecasts, financial plans, and business performance projections in collaboration with management.
Monitor actual performance against budgets and investigate significant variances.
Provide commercial and financial insights to support decisions relating to pricing, procurement, inventory, station operations, expansion, capital expenditure, and business growth.
Ensure compliance with applicable Nigerian tax, accounting, statutory, and regulatory requirements.
Coordinate with external auditors, tax consultants, banks, regulatory bodies, and other relevant financial stakeholders.
Ensure timely preparation and submission of statutory returns and other required financial documentation.
Lead the annual audit process and ensure timely resolution of audit queries and recommendations.
Establish appropriate controls and reconciliation processes for inter-branch and inter-company transactions.
Oversee the preparation and maintenance of accurate fixed asset registers and ensure appropriate accounting for company assets.
Review capital expenditure and ensure proper financial evaluation, authorization, documentation, and accounting treatment.
Identify opportunities to improve financial processes, reduce unnecessary costs, strengthen controls, and improve profitability.
Conduct regular financial reviews with management and provide clear recommendations based on financial and operational performance.
Lead, coach, and develop the finance and accounting team, establishing clear responsibilities, performance expectations, and reporting standards.
Ensure adequate finance structures and controls are maintained as the company expands its retail footprint and operations across Nigeria.
Maintain strong financial governance across all locations while ensuring that local operational realities are appropriately reflected in financial reporting.
Requirements
8 - 12+ years of progressive finance and accounting experience, with significant experience at a senior finance management level.
Must have strong experience within the downstream oil and gas sector, particularly petroleum retail, service station operations, fuel distribution, or a closely related environment.
Proven experience managing finance across multiple retail outlets, branches, stations, or geographically dispersed operations.
Must have hands-on experience managing high-volume financial transactions and daily financial reconciliation.
Must be highly proficient in Sage, with the ability to independently use the system for accounting, reporting, reconciliation, and financial management.
Strong experience with daily financial closure and reconciliation processes.
Must have a strong understanding of petroleum retail accounting, including fuel sales, stock reconciliation, product movements, margins, cash collections, and station-level profitability.
Strong knowledge of accounting principles, financial reporting, budgeting, cash flow management, taxation, audit, and financial controls.
Must be a Chartered Accountant - ICAN or ACCA qualification is required.
Strong knowledge of Nigerian tax regulations, statutory requirements, and financial reporting standards.
Proven experience managing finance operations across multiple locations and coordinating finance teams remotely.
Strong understanding of working capital management, cash flow forecasting, receivables, payables, and liquidity management.
Strong analytical skills with the ability to interpret financial and operational data and translate findings into actionable business recommendations.
Excellent knowledge of financial controls, risk management, fraud prevention, and internal control processes.
Strong experience preparing management accounts, budgets, forecasts, financial statements, and financial performance reports.
Excellent understanding of inventory accounting and reconciliation, particularly in a high-volume product environment.
Strong commercial awareness and the ability to understand the financial impact of operational and business decisions.
Excellent leadership, communication, stakeholder management, and team management skills.
High level of integrity, attention to detail, accountability, and financial discipline.
Ability to work under pressure and manage multiple priorities across geographically dispersed operations.
Experience in a business with significant fuel transportation/haulage operations will be an added advantage.
Experience overseeing finance for a growing network of service stations or petroleum retail outlets will be a significant advantage.