Senior Manager, Treasury

Stockgap Fuels Limited - We are a leading oil and gas company operating in Nigeria’s downstream sector with our head office in Port Harcourt, Rivers State. To meet the growing demand of Nigeria’s Market, Stockgap Fuels Limited is expanding its LPG business by investing in additional storage and cylinder-filling facilities in 4 strategic locations spanning major regions of the country: Lagos/South-West, South-South/South-East, North-Central/North-West, and North-East regions, respectively.

We are recruiting to fill the position below: Job Title: Senior Manager, Treasury Location: Port Harcourt, Rivers Employment Type: Full-time, Permanent Department: Finance Reports To: Chief Financial Officer (CFO)

Job Purpose

To provide strategic and operational leadership of the company’s treasury and corporate finance function, ensuring optimal liquidity, cost-efficient and diversified funding, disciplined financial risk management, and strong banking and lender relationships across a multi-location downstream oil and gas business.

Drawing on proven banking and corporate treasury experience, the Senior Manager, Treasury is the CFO’s principal advisor on capital structure, funding strategy, and financial risk.

The role owns the treasury strategy, policy framework and team; sets the direction for working capital optimization, debt structuring, foreign exchange (FX) management and enterprise-wide cash visibility; and leads the execution of strategic financing initiatives that support business growth, product importation, and infrastructure investment.

Scope And Key Dimensions Of The Role

Accountable for the company’s total liquidity, debt portfolio, trade finance lines and FX exposure across HQ, depots, terminals, retail stations and gas operations.

Leads and develops the treasury team and sets its objectives, standards and succession pipeline.

Acts as the senior treasury representative to the Board, Executive Committee (EXCO), lenders, regulators and external advisers.

Operates in a high-value, high-velocity environment involving large USD-denominated product imports, structured trade finance and volatile FX and commodity price conditions.

Holds authority within Board-approved delegated limits and policy, with matters outside these limits escalated to the CFO.

Key Responsibilities Treasury Strategy, Leadership and Governance:

Develop and execute the treasury strategy aligned with corporate objectives, the annual budget and the 3–5 year long-range financial plan.

Own, review and continuously update the Treasury Policy and Risk Management Framework, including FX, interest rate, liquidity, counterparty and investment policies, in line with Board-approved limits.

Establish clear delegation of authority, segregation of duties and dual-control standards across treasury and payments.

Lead, coach, and develop the treasury team, setting performance targets, conducting appraisals, and building bench strength and succession cover for critical roles.

Serve as a member of the Finance leadership team and, where required, of the Asset and Liability / Risk / Credit committees.

Ensure strict adherence to internal controls (SOX-equivalent best practice), audit recommendations and corporate governance standards; close out audit findings within agreed timelines.

Liquidity, Cash and Working Capital Management:

Provide enterprise-wide cash and liquidity leadership across HQ, depots, terminals and retail operations, ensuring sufficient liquidity at all times to meet obligations and seize commercial opportunities.

Oversee the development and accuracy of rolling cash flow forecasts (daily, weekly, 13-week and annual), with rigorous variance analysis and corrective action.

Lead working capital optimization (receivables, payables, inventory and product-in-transit) in partnership with Supply, Trading, Sales and Operations, with a focus on improving the cash conversion cycle.

Design and implement cash optimization structures, including cash pooling, sweeping and in-house banking where feasible.

Oversee collections, disbursements and payment controls for all product lines (PMS, AGO, DPK, LPG, gas and lubricants).

Ensure robust bank account governance: account rationalization, signatory management, mandates, KYC and regulatory compliance.

Oversee intercompany funding flows, nostro and domiciliary account management, and the timely bank reconciliation and clearance of outstanding items.

Maintain approved short-term investment of surplus funds within policy on safety, liquidity and yield.

Funding, Debt and Corporate Finance:

Lead the structuring, negotiation and closing of debt and trade finance facilities, including: Overdrafts and working capital lines Trade finance (Letters of Credit, SBLCs, import financing, bank guarantees) Term loans and project finance Syndicated and club facilities Alternative funding (structured trade finance, commercial paper, bonds, private debt, asset-based and supply-chain finance)

Overdrafts and working capital lines

Trade finance (Letters of Credit, SBLCs, import financing, bank guarantees)

Term loans and project finance

Syndicated and club facilities

Alternative funding (structured trade finance, commercial paper, bonds, private debt, asset-based and supply-chain finance)

Manage the full debt portfolio lifecycle: drawdown, covenant monitoring, interest optimization, repayment scheduling and refinancing.

Own the funding plan to ensure committed and available lines for 100% of planned product import transactions and inventory cycles.

Provide financing structures and analysis to support capital investment (CAPEX) in depots, terminals, retail stations, logistics and gas infrastructure.

Develop and review robust financial models (DCF, scenario and sensitivity analysis, stress testing, debt capacity and covenant headroom) for funding proposals and investment decisions.

Drive cost-of-funds optimization and capital structure efficiency across lenders, targeting a reduction in the weighted average cost of capital (WACC).

Support M&A, partnership and new-business funding evaluation, including due diligence and lender engagement as required.

Financial Risk Management:

Identify, measure, monitor and report on: Foreign exchange risk (USD and other currency exposures) Interest rate risk Commodity price exposure Liquidity and refinancing risk

Foreign exchange risk (USD and other currency exposures)

Interest rate risk

Commodity price exposure

Liquidity and refinancing risk

Design, recommend and execute hedging strategies, using derivatives and other instruments (forwards, swaps, options where applicable and permitted), within approved policy limits.

Monitor counterparty credit risk for banks, major distributors, customers and trading partners, setting and reviewing exposure limits.

Prepare regular stress tests and scenario analyses (e.g., FX devaluation, price shocks, supply disruption, rate increases) and present mitigation plans to the CFO and EXCO.

Work with Insurance and Risk to ensure appropriate cover for cargo, credit and financial-related risks.

Ensure full compliance with: Central Bank of Nigeria (CBN) regulations, including FX and trade finance rules NMDPRA and NUPRC requirements, as applicable International trade finance standards (e.g., UCP 600, URDG, ISP98, Incoterms) Anti-money laundering, sanctions and KYC requirements

Central Bank of Nigeria (CBN) regulations, including FX and trade finance rules

NMDPRA and NUPRC requirements, as applicable

International trade finance standards (e.g., UCP 600, URDG, ISP98, Incoterms)

Anti-money laundering, sanctions and KYC requirements

Banking and Stakeholder Relationship Management:

Build and sustain strategic relationships with commercial banks, investment banks, Development Finance Institutions (DFIs), export credit agencies, rating agencies (where applicable) and other capital providers.

Act as the primary senior interface between the company and its lenders, leading credit negotiations, facility renewals, credit reviews and due diligence processes.

Manage the bank panel strategically, balancing wallet share, pricing, service quality and counterparty risk.

Oversee lender reporting, compliance certificates, security documentation, covenant certificates and external audit requirements.

Engage regulators, including the CBN, on matters relating to FX access, trade finance and regulatory approvals.

Represent the company at investor, lender and industry forums as required.

Reporting, Planning and Analysis:

Prepare and present high-quality treasury reports to the CFO, EXCO, Board and Audit/Finance Committees, covering: Liquidity position and forecast Debt profile and maturity ladder Trade finance utilization and availability FX exposure and hedge position Covenant compliance and headroom Cost of funds and treasury KPIs

Liquidity position and forecast

Debt profile and maturity ladder

Trade finance utilization and availability

FX exposure and hedge position

Covenant compliance and headroom

Cost of funds and treasury KPIs

Support annual budgeting and long-range planning (3–5 years) by providing funding, interest, FX and cash flow assumptions.

Provide timely decision-support and commercial advice on pricing, credit terms, import programs and investment proposals.

Ensure accurate and timely accounting of treasury transactions (interest, FX revaluation, derivatives, borrowing costs) in coordination with Financial Reporting.

Coordinate with Tax on treasury-related tax matters (withholding tax, interest deductibility, FX gains/losses).

Treasury Systems, Process and Digital Transformation:

Lead the selection, implementation and optimization of Treasury Management Systems (TMS) and integration with the company’s ERP (Microsoft Dynamics, SAP, Oracle or equivalent).

Drive payment automation, bank connectivity (SWIFT, host-to-host, APIs), straight-through processing and strengthened payment controls and fraud prevention.

Standardize, document and continuously improve treasury processes, SOPs and control frameworks.

Lead treasury business continuity, cyber-fraud awareness and disaster recovery planning for payments and banking access.

Decision-Making Authority:

Approves day-to-day liquidity, funding drawdown and repayment decisions within Board-approved limits.

Recommends, with CFO approval, new facilities, refinancing, hedging transactions and changes to the bank panel.

Approves treasury procedures, forecasting methodologies and reporting standards.

Escalates breaches of policy, covenants or limits to the CFO immediately.

Qualifications and Experience Education:

Bachelor’s degree in Finance, Accounting, Economics or a related discipline (minimum Second Class Upper or equivalent).

MBA or MSc in Finance (or equivalent) is an advantage.

Professional Certifications:

One or more of: ACA, ACCA, CFA, ACT (UK) or equivalent is strongly preferred.

Treasury-specific certifications (e.g., ACT, CTP) are an added advantage.

Basic Requirement: Banking Experience: Banking experience is a basic, non-negotiable requirement for this role. Candidates must demonstrate:

A minimum of 5 years’ hands-on banking experience in a commercial, corporate or investment bank, in areas such as corporate or commercial banking, relationship management, trade finance, treasury and markets (FX, money market, derivatives), structured finance, or credit risk.

A working understanding of how banks assess credit, structure and price facilities, set limits and approve transactions, and the ability to use that insight to negotiate effectively on the company’s behalf.

Practical experience with trade finance products and processes (Letters of Credit, SBLCs, guarantees, import financing) and FX transactions, including CBN regulatory requirements.

Established credibility and relationships with Nigerian commercial banks, and where possible with investment banks and DFIs.

Candidates without direct banking experience will not be shortlisted, regardless of their experience in corporate treasury.

Experience:

Minimum of 12–15 years’ progressive experience across banking and treasury/corporate finance (the banking experience above being a basic requirement), of which at least 5–7 years in a senior treasury or leadership role.

Demonstrated track record of leading a treasury team and managing large-scale working capital environments.

Proven experience engaging with the Board, EXCO and senior bank and DFI executives.

Industry Exposure:

Downstream oil and gas (strongly preferred).

FMCG, commodities trading, manufacturing, or banking/trade finance with relevant sector exposure.