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Experience
E Best Associates A consulting company dedicated to the provision of high quality Accounting and Financial Services. The company specializes in Business /Strategic Planning, Cash Planning, Budgeting, Cost control and containment strategies, Performance management, Risk management, Financing, Working capital management and Staff development amongst other activities. Managing(CEO)/Lead Consultant Founder and Chief Executive, provided Executive leadership direction and support for the company to establish itself in the business. Introduced cash planning for a medium size company in the oil servicing industry in Nigeria. This helped the company to better monitor its cash resources that reduced its dependence on bank overdrafts and short term loans.
A pioneer world class company involved in the liquefaction and exporting of natural gas and allied products to customers overseas and Nigeria. The company has two subsidiaries namely: Bonny Gas Transport BGT): The Shipping arm of the Company with a fleet of 24 LNG Vessels and Nigeria LNG Ship Manning Limited (NSML): The Ship Manning Subsidiary responsible for training and providing ship/Shore Interface to the BGT/NLNG Vessels. Head of Payments (Treasury Back Office) Supervised and coordinated all payment processing (local and foreign) and timely receipt of all accounts receivables. Oversee investigations for late receipts/payments and related penalties and ensure timely resolution. Liaise with Foreign and local banks to ensure good working relationships and prompt resolution of issues Designed a new and effective petty cash system to meet a new regulatory requirement for companies. Introduced measures that resulted in efficient utilization of existing third party electronic payments platforms Focal point for implementing Treasury payment functions for SAP the company recently introduced Reviewed and up -dated Treasury Payment Policies and Procedures to reflect current best practice.
Bonny Gas Transport Limited (BGT) Sept 2009 Mar 2013 Bonny Plant Complex, Rivers State, Nigeria
(A subsidiary of NLNG Limited) Bonny Gas Transport Company (BGT) with an annual turnover of $298m+ and total assets of $1.9B+ is a subsidiary of NLNG ltd registered in Bermuda. It is charged with transporting LNG and allied products produced by NLNG to buyers world-wide. Head Of Shipping Finance Services Chief Finance Officer (CFO) Provided Finance leadership, direction and support for Global Shipping Services Operations including Planning, Resourcing, Fleet Management including liaison with Fleet Managers, Manning and Ship Financing. Worked with external Consultants in converting Financial Statements to one compliant with International Financial Reporting Standards (IFRS). Coordinated and led Preparation of Annual Budget and Business Plan and related four year forecasts for Senior Management, Share holders Finance Advisory Committee Review and Board Approval Overseeing preparation of BGT Financial Statements and Management Accounts and drive through Statutory Audit and present at Senior Management, Share holders Finance Committee and Board meetings for approval. Successfully advised Board and Shareholders on Reserve and Dividend policy within the context of a Pioneer company coming to the end of its pioneer status. This helped the company to maximize dividend distribution without running foul of the tax law Led cost reduction initiatives without compromising ship maintenance quality and operational effectiveness that resulted in elimination of non- value adding activities that reduced shipping Opex by 20% ($20m) within three years and increased profit by 15% ($25m) Led and conducted annual Fleet Managers Cost Verification Audits to ensure fleet managers are consistently working in line with fleet management agreements and that funds are judiciously used. This exercise contributes to better and more efficient utilization of funds and creates better understanding between fleet managers and owners.
Member of tender evaluation team for acquisition of six modern LNG vessels and participated in the successful raising $1.6B bank led syndicated debt finance from the international market that was needed for the vessels at very attractive terms. Carried out comprehensive financial analysis and evaluation of the companies that tendered for the vessel construction in order to establish their financial viability. Responsible for the development of and revision of accounting policies and procedures relevant to BGT operations. Responsible for management information including quarterly outlook and performance analysis, reporting and presenting same to Senior Management monthly and Board quarterly. Functionally, reported to the group Finance Controller. Supervised a staff of 5; one Head of Budgets and Management Accounts, one Head of Financial Accounts and three Financial Analysts.
A pioneer world class company involved in the liquefaction and exporting of natural gas and allied products to customers overseas. Head of Strategic Finance Provided Finance leadership, direction and support for Operational Efficiency and rationalization of Capital Expenditures (Capex), while driving change management initiatives through the Finance Function. Developed annual company-wide operating and capital budgets with four year forecasts and analysis. Presented budget and Business plan to Government, Shareholders Finance and Technical Committees and Board, defend and obtain approval. Performed production/maintenance/operating variance analyses and performance improvement recommendations. As Chairman of Finance Improvement Committee, improved company Score card for operating expenses (Opex) performance from below to above target within three years by eliminating non-value adding activities. As a member of the Capex Committee introduced a new Capex Procedure that reduced Capex budget from $50m to $12m per annum thereby freeing funds for other useful investments. Provided decision support through value adding services to other departments Led a successful implementation of Vision Budget Management Tool to enhance budgeting, controlling and reporting in a one -week compressed schedule. Reports to the Finance Manager who reports to the Chief Executive Officer (CEO) Supervised a team of 6; one Head, Business Plan and Management Information Reporting, one Head of Budgets and Finance Systems and four Financial Analysts.
Lagos, Nigeria
Head of Treasury Front Office Manufacturing and Operations Provided Finance and Treasury leadership, direction and support for company-wide cash planning and mobilization of cash resources to meet project and operating expenditures and debt service obligations. Includes treasury risk identification and mitigation measures. Oversee preparation of Dollar sales to fund local operations through competitive bidding process. Review on a regular basis risks as they impact on treasury functions including counter-party risk management for contingent and other liabilities and recommend mitigation measures. Negotiate terms and administer investments of reserve liquidity in both local and foreign banks. Reported to the group Treasurer. Supervised a team of 4.
Lagos, Nigeria
Head of Methods and Procedures Accountant As member of the Finance think-tank, provided Finance and Accounting leadership on behalf of the General Manager Finance. Assisted the GM in developing company-wide Finance Processes, Financial Controls and Procedures for NLNG as part of the overall Finance Process Improvement Initiatives. Streamlined Authority Delegation System. Responsibilities included development of Accounting and Financial Policies Manual for the company, financial plans and budgets, information and documentation, independent review of performance controls, segregation of duties, financial analysis and decision support. Coordinated procedures to improve accounting controls and implemented self-assessment testing to improve audit score from provisional to target. Led accounting process standardization and common financial language initiatives. As a member of Business Process Review Study Group, led study and initiated plan to improve finance process cost by 20%. Supervised a team of 3 and provided direction and support for 4 plant manufacturing controllers. Reported to the General Manager Finance who is a member of the Senior Management Team
Lagos, Nigeria
Head of Budget and Management Accounting Provided leadership and cost control initiatives including Budgeting and performance challenges with CEO as part of the overall budgeting and cost containment strategy for improved profit performance. Responsibilities included preparation of annual Opex and Capex budgets. Developed Cost Control Guidelines across the company for all cost controllers. Initiative improved budget completion time by as much as two months. I.e. from six to four months. Introduced business decision support initiatives using cost controllers to work with business functions. Improved cooperation with other business functions leading to better quality decisions
Developed Finance Strategic human resources plan including skills and training required for top performance that resulted in better recruitment0t and training outcome for finance staff leading to improved employee job satisfaction. Managed a staff of 7 which included 5 Cost Controllers.
Systems Experience
Sun Accounting System Vision Reporting Tool Pacer System for Plant Maintenance Oracle HRMS Microsoft Office Excel, Word, Power Point, Visio
Education/Training
Hallam University Hallam University BA (Hones) Business Studies England Sheffield,
Professional Affiliations
Chartered Institute of Taxation Nigeria Institute of Chartered Accountants of Nigeria Chartered Association of Certified Accountant