Financial Controller Nigeria
Emerson Process Management Nigeria
Total years of experience :28 years, 7 Months
Responsible for managing all financial reporting, budgeting, and forecasting, and directing the implementation of a new ERP system in Middle East Africa (MEA). Managed four controllers, IT, and supply chain across three countries generating $2Billion in annual gross revenues. Directed finance team of 18 encompassing Business Operations, Decision Support. Financial Planning and Analysis, Sales Reporting, General Ledger, Project Controls and Business Systems, within 500 employee region.
Selected Achievements:
• Financed a $35 million capital expansion project with Citi Bank Dubai that provided unconventional financing that went beyond machinery financing to include soft costs, facility costs, and tooling. This financing package improved initial operating cash flow by $9 million and delivered ongoing savings of 11/2% for the cost of capital.
• Increased revenue growth 20% in Nigeria up 10% from 2014 via development of financial roadmap. Nigeria contributed 4 x weights to growth operations in 2015.
• Built entire finance department from the ground up, including hiring, developing, coaching, and consistently challenging the team to step outside their comfort zone and test the status quo.
• Achieved double-digit growth in 2 of 5 countries including Ghana, and Gabon.
• Developed high performance finance team to drive disciplined growth and strengthen controls, scale infrastructure for growth, and build shared service center within low cost center.
• Generated higher margins by working with sales team to refocus on more profitable accounts.
• Proactively streamlined processes and redistributed tasks not only to gain efficiencies, but to ensure the team was appropriately challenged to do their best work.
• Raised the operational effectiveness of the organization, focusing on sales, with the design and installation of a Customer Relationship Management system.
• Provided financial analysis and insight in support of business decision making needs, including evaluation of major risks and opportunities
• Helped define the IT platform and requirements to support analysis, improve data visibility and ensure controllership
• Lead cross-functional projects focused on improving rigor in key Finance processes, reducing costs & improving profitability, such as Pricing, Warranty Accounting, Inventory
• Ensured Integrity is upheld throughout all processes, policies and practices, by ensuring appropriate communication, training and prioritization of related activities.
• Supported the cash initiatives across the Cash / Credit / Risk Manager
• Consolidated departmental responsibilities and streamlined accounting system, reducing staff from Thirty-five people to eighteen, saving $425, 000 annually.
• Reduced time necessary to file quarterly and annual payroll tax returns, monthly, quarterly and annual financial statement from 20 to 10 days.
• Spearheaded changes in safety program, resulting in a reduction of Worker's Compensation cost by $225, 000 annually, a 20% savings.
• Improved information flow to external auditors, reducing audit costs by $30, 000 annually, a 25% savings.
• Negotiated with insurance company and generated competitive bids to reduce insurance cost $20, 000 annually, a 15% savings.
Managed Finance team of 15 accounting and finance associated, reported to Regional Financial Director Sub Sharan Africa supporting more than 2, 400 employees in 11 countries. Directed Local accounting and finance operations including transaction processing and facilities in Nigeria. Non-finance project plans. Led allocation of resources, ROI strategies, content profitability, financial forecasting analysis, and performances measurement. Responsible for consolidating reporting from all operating divisions for weekly P&L flash estimates, month-end financials, quarterly reforecasts, and identified budget to actual variances.
• Prepared division budgets, expense analysis and allocations for SG&A cost canters, including Accounting/Finance, IT, Sales and Marketing.
• Effectively coordinated with operating divisions to shorten the reporting process for monthly closings and improve forecast accuracy.
• Maintained department reporting productivity and met all deadlines during a 40% reduction in staff by implementing thorough staff cross-training and preparing comprehensive desk-top procedures.
• Responsible for all aspects of financial control, accounting and financial management support for the Country
• Partnered with the GM and his/her staff to drive operating performance & act as champion for pricing, preparation of sales plan/monthly estimation of revenue to standard margin,
• Played a key role in development & execution of structured finance solutions for customers. Ability to interact with financing partners & banks and develop products under the oversight of the Africa CFO and the Global Financing Organisation.
• Defined the overall strategy and vision of West Central Africa through very close cooperation with the LCT GM.
• Proactively recognized standard revenue recognition practices in close cooperation with Controllership, deal escalation, contribution margin walks.
• Represented Finance department towards the GM and external partners - being amongst other things the link to the central FP&A teams.
• Responsible to build, develop and manage a strong finance team to support the Country business.
• Responsible for ensuring the provision of accurate and timely financial accounts for business:
• To comply with local fiscal authorities.
• Implemented company policies and its reviews.
• Implemented internal controls, internal and external audits and inter company management,
• Responsible for monitoring bank facilities and leasing
• Monitored monthly financial reporting and preparation of project budgets & cash flows,
• Monitored quarterly & annually month-wise forecasts, forecast financial statements and cash flows.
• Presented profitability reviews, analysis of financial statements and cash flow plans to higher management
• Complied with US GAAP financial reporting requirements.
• Ensured internal controls are in place and operating effectively, complying with company policy and SOX.
• Developed and improved processes and procedures, including implementing new financial systems within the Finance function to improve accuracy and efficiency and comply with local, Region & Global policies.
• Responsible for financial integration of newly acquired businesses into existing structure, and performing or assisting with due diligence on M&A projects when required.
Selected Achievements:
• $15M in working capital freed through high profile initiative to analyze receivables strategies, supplier contracts/pricing and payable terms
• Developed annual budgets and maintained ongoing analytics for the $900 Million Financial Services Group.
• 13% reductions in purchasing spend, obtaining significant pricing advantages for materials suitable for operations. Developed synergies/growth strategies for materials harmonization project
• $3M annual interest savings from highly efficient, multi-currency/cash pooling system allowing cross company treasury standardization
Managed, analysed and owned the financial plans, while mentoring financial analysts, for $500 Billion business unit with territories in Middle East Africa, Mexico, Central & South America and the Caribbean. Work collaboratively with business managers on strategy planning for various opportunities and existing businesses.
Selected Achievements:
• Pivotal in preparing annual business plan, quarterly forecast, and monthly rolling estimates.
• Prepared written commentary and presentations for the executive leadership.
• Led the month-end reporting and analysis for a business in 14 countries using 12 different currencies.
• Automated and streamlined global month-end financial processes reducing time to close and report.
• Integrated four newly acquired business units through acquisitions and parent company restructuring.
• Standardized and launched a global expense reporting system and credit card program ensuring consistent business practices and reporting, as well as compliance with internal policies and local laws.
• Restructured the FP&A department enhancing department capabilities while reducing overall cost.
• Designed and implemented a new balanced scorecard and reviewed KPIs with CEO and exec team.
• Partnered with SG&A teams to foster understanding, develop forecasts, and ensure cost control.
• Reported to General Manager- Finance; prepared and managed budgets, forecasts and financial reports for Executive Management; reported on annual sales revenues of $10B and Operating Expenses of $3B
• Performed in-depth analysis on business performance by region using key performance indicators (KPI), matrix like EBITDAR, Four Wall EBITDA; provided recommendations to RVPs on areas of improvement and potential closures; actions taken resulted in savings of more than $20M
• Performed key analysis on annual Stock Loss / Shrink of $85 Million focusing on key drivers and presented findings to General Manager- Finance which helped implementing strategies resulting in savings of more than 10%
• Improved forecast accuracy by more than 30% on various expense and income items by analyzing and using performance metrics, historical results, budgets, and trends
• Partnered with Operations, Marketing, Supply & Logistics and Merchandising teams to prepare annual operating budget; assisted with sales and expense target setting calling out risks and opportunities; achieved high approval rate in record time
• Executed comprehensive analyses of monthly performance and contribution across all regions, analyzed financials and prepared the monthly executive package with reports, written analyses of key variances both at the field and corporate level; also prepared the variance reports at country level for General Manager- Finance explaining causes of fluctuations
• Created one page executive summary bridging the gap between actual and target EBITDA; prepared financial and analytical models for EBITDAR.
• Cut operating costs by 34%; prepared product pricing model that reduced product pricing time by 80%
• Prepared projected profitability statements and monitored business performance to achieve optimal resource allocation
• Facilitated preparation of financial statements, month-end closing, and product budgets
• Facilitated preparation of weekly, monthly, quarterly, rolling 12-month operational forecasts and 5-year strategic forecasts at the regional levels; assessed and summarized risks for senior management
• Performed financial due diligence to evaluate various strategic business opportunities
• Utilized business dashboards to measure the business performance against KPIs
Responsible for the project controls of a $2.75Billion Escravos Gas Project 3A (EGTL) and 3B (Compressing the flared gas into Liquefied Natural Gas) a major capital project portfolio and a joint venture with Nigeria National Petroleum Corporation (NNPC) which included providing consulting and supervision to the global project controls team based in Houston and directed a staff of 10 in creating, organizing and overseeing an on-site cost & scheduling center.
Monitored, analyze, and forecast cost elements including changes, facilitating the cost and schedule agenda for weekly team meeting.
Updated budgets, expenditures, forecasts, activity data, logic, resource, and progress information; review durations and logic sequence.
Provided technical support related to the use and implementation of Oracle's Primavera P6 and Contract Management. Maintain responsibility for cash flow predictions during estimating phase totaling approximately $250 million per year.
Managed cost and schedule for projects, prepare budgets and cost reports for projects, and implement cost control procedures, processes, and systems.
Reviewed and approved Earned Revenue Determination Data, Proposal Financial Summaries, and Project Financial Status Reports.
Produced bi-weekly and monthly project controls reports including custom financial and negotiated scope and pricing with both subcontractors and clients.
Implemented processes to establish cost control measures for project management, services, and engineering.
Worked with project managers and superintendents to identify and resolve all project claims. Provided ad hoc reporting for project and/or senior management.
Performed critical path analysis identifying early problems allowing teams to correct shortfalls.
Selected Achievements:
• Succeeded in saving and reducing a contractor (Subsea 7) claim of no materials supplied to her on site thereby causing standby from 7days at $500, 000/day($3.5Million) to 2days totaling $1Million.
• Saved the sum of $500, 000 being claim charged to Chevron Nigeria Limited by West African Ventures, we eventually paid only $19, 000 as idle standby days.
• Succeeded in delivering the project for both Phases (EGP3A and 3B) on time and on budget.
Maintained all aspects of general ledger including month-end closing and accruals and analysis of general ledger accounts. Prepared financial statements, and tax work papers per corporate policy. Also partnered with both the Finance Manager Nigeria and West Africa, Regional Controller, and Accounting Department to ensure General Ledger accounts reflect accurate balances while ensuring that all expenses are coded properly.
• Supervised and managed all financial and Treasury Functions of the company.
• Prepared monthly management accounts (Naira and dollar) with full supporting balance sheet and P&L reconciliations within group deadlines; report performance against budget and document reasons for major variations from budget; ensure that accounts are forwarded to the MD Nigeria and the Group Finance Director in a timely and efficient manner.
• Designed and implemented budget, forecasting, and cash management processes.
• Prepared financial statements, maintained cash flow, and supervised annual financial audits.
• Conducts detailed reviews and analysis of financial statements and management reports including variances analysis and drives change proposals for improvement. Supported the business by providing timely and accurate management information.
• Created, reviewed, and approved monthly journal entries, including uploading EMR events into general ledger
• Completed balance sheet reconciliations and made necessary accrual adjustments as needed
• Reviewed and approved balance sheet reconciliations monthly for audit review
• Managed accounting staff to ensure month closing deadlines were met
• Prepare the Consolidated Annual Financial Report in compliance with IFRS and US GAAP requirements.
• Supervised the continuation of daily finance operations and ensures adequacy of accounts, controls, P&L, balance sheet reporting and reconciliation’s., by overseeing and guiding the local financial team.
• Implements and ensures appropriate financial and internal controls in compliance with Group Finance policies and procedures.
• Managed and supervised that all control procedures and processes are maintained (Segregation of duties, Account Reconciliations, Sarbanes Oxley, CSA, Internal and External Audit relationships). Ensure all tax payments are made within legally-stipulated deadlines.
Selected Achievements:
• Identified more than $18M in potential travel savings.
• Created automated accrual process including improvements to approval process and investigation of key variances.
• Co-ordinated with Commercial department in recovering the sum of $4 Million dollars from Shell Petroleum Development Company being outstanding debts for about two years, and this led to my promotion to an International staff status.
• Restructured and recommended a new financial strategy for my organization in the area of receivables and payables reducing the collection period from 60days to 30days and payment from weekly to 60days.
Managed the consolidated financial reporting function of an $870MM international Oil and Gas service company with eight operating divisions, including financial statements preparation, footnote disclosure, segment reporting, discontinued operations, acquisitions and changes in accounting principle. Reported to the General Manager- Finance.
• Prepared consolidated monthly operating performance report for executive management review.
• Researched and prepared monthly budget variance analysis for management review.
• Participated in corporate level budgeting and forecasting process for management review.
• Reconciled corporate level general ledger accounts, which ensured internal controls were met.
• Calculated daily cash position report and provided to management as needed.
• Assisted Cash Manager in daily cash movement and intercompany funding.
• Supported General Manager- Finance with various report requests and analysis as needed.
Selected Achievements:
• Achieved recovery by liquidating inventory, producing 38% recovery rate, and eliminating unprofitable campaigns.
• Minimized losses by identifying and creating database queries to track unshipped products.
• Collaborated with auditors to complete annual audit that was four months behind schedule (from previous management).
• Streamlined marketing analysis and reporting on current and upcoming product selections and contract negotiations status.
• Shortened processing time by three days by redesigning accrual calculations and implementing tighter reconciliation controls.
• Directed balance sheet reconciliation of $5M in accruals that had previously been overlooked.
• Improved efficiency by eliminating unnecessary reporting and implementing new, streamlined controls and reporting for
AP/AR and payroll.
• Brought AP from 80% behind schedule to even with remaining balances related solely to intra-company activity.
• Handled quarterly and annual closes, and annual budgets, while troubleshooting various accounting and control issues.
• Increased productivity and morale by clarifying roles, bringing in new staff, and eliminating the need for overtime.
Assisted executive management in preparing operating budgets for 3 reporting entities. Created budgets with strict guidelines and timetables, ensuring labour and materials costs were minimized by 10%.
• Compiled inventory reserves by product line for subsidiaries
• Developed detailed forecast models against budgets based on key indicators, increasing accuracy of short- and long-term earnings estimates.
• Produced financial reports evaluating completed projects, identifying current trends and evaluating variances.
• Compiled data to generate financial statements including cash flow, P&L, and balance sheet for review by management.
• Maintained management variance reports of Balance Sheet items
• Prepared management budget presentations for global distribution
• Calculated and prepared commission statements for domestic sales staff
• Collaborated with corporate finance to assist with global P&L analysis
• Aided internal audit and local management with Sarbanes-Oxley audits
Selected Achievements:
• Reduced the business' expenses more than $20, 000 in less than a year through the application of my knowledge and experience in business management and finance.
• Supervised and collaborated with staffs to build accurate accounting data for decision-making.
• Analysed financial activities using Excel modelling (Vlookup, Pivot Tables, Formulas, etc.) including the monthly close process, balance sheet account valuations and reconciliations, expense budgeting and forecasting, long range planning, and expense allocations to product lines.
• Monitored and improved controls and accounting procedures where weaknesses are identified.
Providing financial analysis and information that enables all areas of the company to make appropriate business decisions. Assisting in the development of systems and procedures to improve the quality and efficiency with which management information is produced
Supporting external auditors in their interim and year end programmes
Monitoring and reviewing company spending.
Analysed Quarterly P&L and Balance Sheet summary Actual vs. Budget vs. Reforecast submission and provided findings to Finance manager.
Assisted finance manager with planning, preparation and review of all budget and quarterly update submission including all related presentation packages for the CFO.
Resolved monthly quarterly validation errors on financial statements in asset, liability and tax flow statement.
Created and managed multiple logs for tracking monthly input for P&L, balance sheet and revenue forecast.
Assisted accounting to ensure proper expense allocations throughout the organization
Engaged in annual planning for P&L and Capital expenditures
Providing financial information and recommendations.
Responsible for Invoicing and purchase order creation and maintenance.
Responsible for the preparation of month & year end results.
Responsible for inventory and margin analysis and reporting.
Responsible for Identifying and recommending to managers opportunities for cost reduction and revenue improvement
Selected Achievements:
• Reduced accruals by 90%.
• Performed various audit on financial transactions.
• Oversight of capital projects totaling $40 million.
• Worked with Sr. Analyst for successful completion of 1995-1996 Operations, and Capital Budgets.
• Developed a database that streamlines the control of headcount expenses
• Led various reporting efforts for cost and headcount reporting for the group worldwide
,Master of Science, Accounting, University of Lagos, Lagos Nigeria
Bachelor of Science, Accounting. University of Maiduguri, Maiduguri, Nigeria- Second Lower Division