Chief Financial Officer (cfo)
Domeo Resources International
Full-time
Domeo Resources International (DRI) - Our client in the Hospitality / Business Operations industry is recruiting to fill the position below:
Job Title: Chief Financial Officer (CFO)
Location: Awka, Anambra Employment Type: Full-time Department: Finance and Accounts Reports To: Managing Director / Chief Executive Officer (CEO) Industry: Hospitality / Business Operations
Job Summary
The Chief Financial Officer (CFO) will provide strategic financial leadership and oversee the organization's financial planning, accounting operations, budgeting, cash flow management, financial reporting, taxation, internal controls, and risk management functions.
The successful candidate will be responsible for safeguarding the organization's financial resources, ensuring regulatory compliance, improving profitability, and providing accurate financial information to support management decisions.
The CFO will work closely with the Managing Director, General Manager, department heads, auditors, financial institutions, and other stakeholders to develop financial strategies that promote business growth, operational efficiency, and long-term financial sustainability.
The ideal candidate must demonstrate strong financial expertise, commercial awareness, leadership ability, integrity, and a proven track record in financial management.
Key Responsibilities Strategic Financial Planning and Management:
Develop and implement financial strategies aligned with the organization's business objectives.
Advise the CEO, Managing Director, and senior management on financial performance, investment decisions, business expansion, and resource allocation.
Evaluate the financial implications of proposed business initiatives, capital investments, and operational changes.
Develop long-term financial plans to support sustainable growth and profitability.
Identify financial opportunities, operational inefficiencies, and cost-saving measures.
Provide financial analysis to support strategic and commercial decisions.
Establish financial policies, procedures, and reporting frameworks across the organization.
Budgeting, Forecasting, and Financial Planning:
Lead the preparation of annual operating budgets and capital expenditure budgets.
Coordinate budget preparation with departmental heads and management.
Develop financial forecasts covering revenue, expenditure, cash flow, and profitability.
Monitor actual financial performance against approved budgets.
Investigate significant budget variances and recommend corrective actions.
Review departmental spending and ensure expenditures remain within approved limits.
Update financial forecasts in response to changing business conditions.
Provide management with regular budget performance reports.
Financial Reporting and Accounting Oversight:
Oversee the preparation of accurate and timely monthly, quarterly, and annual financial statements.
Ensure financial records are complete, accurate, and maintained in accordance with applicable accounting standards.
Supervise the preparation of profit and loss statements, balance sheets, cash flow statements, and management accounts.
Ensure proper reconciliation of bank accounts, general ledger balances, receivables, payables, and other financial records.
Review financial reports before submission to senior management.
Ensure appropriate accounting treatment and documentation of financial transactions.
Maintain reliable financial reporting systems to support informed decision-making.
Coordinate the preparation of financial information required by auditors, regulators, lenders, and other authorized stakeholders.
Cash Flow and Treasury Management:
Monitor cash flow to ensure the organization has sufficient funds to meet operational and financial obligations.
Develop cash flow forecasts and working capital management strategies.
Oversee banking relationships, payment arrangements, and treasury operations.
Monitor receivables, payables, debt obligations, and short-term liquidity requirements.
Ensure effective management of cash balances and bank accounts.
Establish appropriate controls over cash receipts, payments, transfers, and disbursements.
Identify potential liquidity risks and recommend timely solutions.
Ensure funds are utilized efficiently and in accordance with approved financial policies.
Financial Control and Internal Audit Coordination:
Establish and maintain effective financial controls to protect company assets.
Ensure financial transactions are properly authorized, recorded, and supported by documentation.
Identify weaknesses in financial processes and implement corrective measures.
Coordinate with internal auditors to review financial controls and operational compliance.
Ensure audit findings are addressed promptly and recommendations are implemented.
Monitor compliance with financial policies, approval limits, procurement procedures, and expenditure controls.
Investigate suspected financial irregularities and report significant findings to appropriate management.
Promote transparency, accountability, and ethical conduct in all financial activities.
Taxation and Regulatory Compliance:
Ensure compliance with applicable Nigerian tax laws and statutory financial obligations.
Oversee the preparation and timely filing of relevant tax returns and statutory submissions.
Coordinate tax planning and ensure tax obligations are accurately calculated and paid when due.
Monitor changes in tax legislation and financial reporting requirements that may affect the organization.
Maintain appropriate documentation for tax assessments, statutory deductions, and regulatory reviews.
Liaise with tax advisers, auditors, and relevant authorities when necessary.
Identify legitimate tax efficiencies while ensuring full compliance with applicable laws.
Ensure financial records are available for statutory inspections and tax audits.
Cost Management and Profitability Improvement:
Analyze operating costs and identify opportunities to improve financial efficiency.
Monitor departmental expenditure and investigate unusual cost increases.
Develop cost-control strategies that do not compromise product quality or service delivery.
Evaluate gross margins, operating margins, profitability trends, and financial performance.
Recommend appropriate pricing, procurement, and resource allocation strategies based on financial analysis.
Assess the financial performance of business units and major operational activities.
Support management in reducing waste, unnecessary expenditure, and avoidable financial losses.
Monitor the financial impact of operational decisions and recommend improvements.
Revenue Assurance and Receivables Management:
Ensure revenue is accurately recorded, properly classified, and recognized in accordance with applicable accounting standards.
Review revenue reports and investigate discrepancies between sales records, cash receipts, bank deposits, and accounting records.
Establish procedures to reduce revenue leakage, unauthorized discounts, fraud, and unrecorded transactions.
Oversee accounts receivable processes and monitor outstanding customer balances.
Ensure effective credit control and timely collection of debts.
Work with operational and commercial teams to improve revenue collection.
Monitor the accuracy of billing, invoicing, and payment documentation.
Report significant revenue risks and collection challenges to senior management.
Capital Investment and Asset Management:
Evaluate proposed capital investments and assess their financial viability.
Conduct financial appraisals, investment analysis, and return-on-investment assessments.
Oversee capital expenditure planning and monitor approved investment projects.
Ensure proper recording, valuation, and reconciliation of company assets.
Establish controls to protect cash, inventory, equipment, property, and other financial resources.
Review asset acquisition, disposal, and replacement proposals.
Monitor the financial performance of major investments.
Advise management on financing options and the financial implications of business expansion.
Debt Management and Financial Risk Assessment:
Assess the organization's exposure to liquidity, credit, market, interest rate, and other relevant financial risks.
Develop strategies to reduce financial exposure and strengthen financial stability.
Monitor loans, repayment schedules, interest obligations, and other financing commitments.
Evaluate borrowing proposals and recommend appropriate financing arrangements.
Maintain relationships with banks, lenders, investors, and other financial institutions.
Assess the financial implications of contractual commitments and major business decisions.
Develop contingency plans for cash flow shortages and other financial challenges.
Provide management with timely reports on significant financial risks.
Leadership and Team Management:
Lead, supervise, and develop the finance and accounts team.
Establish departmental objectives, responsibilities, and performance standards.
Review the performance of finance personnel and identify training needs.
Ensure adequate segregation of duties and clear accountability within the finance department.
Promote accuracy, confidentiality, professionalism, and ethical conduct.
Coordinate with other departments to improve financial discipline and operational efficiency.
Build a capable finance team that delivers reliable reporting and effective financial support.
Provide guidance to departmental heads on budgeting, expenditure control, and financial procedures.
Financial Systems and Process Improvement:
Oversee the effective use of accounting software, ERP systems, and financial reporting tools.
Recommend improvements to financial processes, controls, and reporting systems.
Promote automation of routine financial activities where appropriate.
Ensure access to financial systems is properly controlled and authorized.
Maintain adequate safeguards for confidential financial information.
Improve the speed, accuracy, and reliability of financial reporting.
Ensure financial records are properly backed up, retained, and accessible to authorized personnel.
Keep abreast of relevant developments in financial technology and accounting practices.
Management Reporting and Stakeholder Relations:
Prepare and present financial performance reports to the CEO, Managing Director, and Board of Directors, where applicable.
Explain financial results, budget variances, liquidity positions, and profitability trends.
Provide financial insights and recommendations to support management decisions.
Coordinate external audits and respond to authorized financial information requests.
Maintain professional relationships with banks, auditors, tax advisers, investors, and other stakeholders.
Present financial information clearly to non-financial managers.
Ensure senior management is promptly informed of significant financial issues.
Maintain confidentiality and safeguard sensitive financial information.
Key Performance Indicators (KPI) The Chief Financial Officer will be assessed based on the following:
Accuracy and timeliness of financial statements and management reports.
Achievement of approved budgeting and forecasting objectives.
Effectiveness of cash flow and working capital management.
Compliance with tax obligations, statutory filings, and financial reporting requirements.
Improvement in operating margins and overall profitability.
Effectiveness of cost-control measures and reduction of unnecessary expenditure.
Accuracy of bank reconciliations and general ledger balances.
Reduction in overdue receivables and improvement in debt collection.
Effectiveness of internal controls and resolution of audit findings.
Accuracy of revenue reporting and reduction of revenue leakage.
Quality of financial analysis and strategic recommendations.
Effectiveness of financial risk identification and mitigation.
Timely completion of external audits and implementation of agreed corrective actions.
Productivity and performance of the finance and accounts team.
Qualifications and Requirements
A Bachelor's Degree or HND in Accounting, Finance, Economics, Business Administration, or a related discipline.
A recognized professional accounting qualification such as ICAN, ACCA, or an equivalent qualification is strongly preferred.
A Master's Degree in Finance, Accounting, Business Administration, or a related field will be an added advantage.
8–10 years of relevant experience in finance, accounting, financial control, or corporate financial management.
At least 3–5 years of experience in a senior financial management role.
Proven experience in budgeting, financial forecasting, cash flow management, financial reporting, and strategic financial planning.
Strong knowledge of applicable Nigerian tax laws, financial reporting standards, statutory filings, and relevant regulatory requirements.
Sound understanding of International Financial Reporting Standards (IFRS), internal controls, audit procedures, and financial risk management.
Experience with accounting software, enterprise resource planning (ERP) systems, and financial reporting tools.
Strong analytical, leadership, negotiation, and decision-making skills.
Excellent communication, presentation, and stakeholder management abilities.
High standards of integrity, confidentiality, professionalism, and accountability.
Required Skills and Competencies:
Strategic financial planning and management.
Advanced financial analysis and interpretation.
Budgeting, forecasting, and financial modelling.
Financial reporting and accounting standards.
Cash flow, treasury, and working capital management.
Tax planning and regulatory compliance.
Internal controls, audit coordination, and risk management.
Cost control and profitability analysis.
Investment appraisal and capital expenditure evaluation.
Leadership, team development, and performance management.
Excellent communication, negotiation, and presentation skills.
Proficiency in accounting software, ERP systems, and Microsoft Excel.
Strong problem-solving and decision-making abilities.
High ethical standards, integrity, confidentiality, and accountability.
Working Conditions:
The position is based in Awka, Anambra State, Nigeria.
The role involves office-based financial management, analytical work, management meetings, and coordination with internal and external stakeholders.
The CFO may be required to work beyond standard office hours during budget preparation, month-end and year-end reporting, audits, or other critical financial periods.
Occasional travel may be required for meetings with financial institutions, auditors, regulators, or business partners.
The role requires strict confidentiality and careful handling of sensitive financial information.
The successful candidate must be able to manage competing deadlines, exercise sound professional judgment, and operate effectively under pressure.