Job Summary
The principal role of the Financial Management Specialist will be to establish and maintain a financial management system for the implementation of the OGSTEP Program, including budgeting, disbursement, accounting, internal controls, financial reporting and audits, and will liaise with the Project Coordinator on all financial matters relating to the project, in compliance with the World Bank’s requirements and procedures. The Financial Management Consultant is also expected to help build the capacity of the OGMOBP in financial management of World Bank projects.
Minimum Qualification:
Degree
Experience Level:
Mid level
Experience Length:
5 years
Job Description
SCOPE OF WORK
The Financial Management Specialist is expected to conduct/implement the following key operational activities:
• Contribute to the preparation of the financial management sections of the Program Implementation Manual (PIM), make inputs to the financial procedures manual and subsequently ensure strict adherence to installed control arrangements and procedures;
• Establish and maintain a financial management system for the implementation of the OGSTEP Program;
• Establish and maintain an adequate project accounting system that will produce financial statements in line with International Public-Sector Accounting Standards. Maintain and update all books of accounts and records promptly in line with international accounting standards and project financier requirements;
• Ensure payments are only made for eligible expenditures that are properly substantiated and in line with the Financing Agreement for the OGSTEP Program;
• Ensure relevant books and records are maintained, including appropriate records for advances;
• Oversee the preparation of monthly bank reconciliation statements of project bank accounts;
• Compute the PforR disbursements due to Ogun State based on the verified results of the performance assessments;
• Prepare and submit withdrawal applications on regular basis to WB in line with applicable procedures;
• Support the PIU in preparing annual work plan and budgets for the TA component/project. Prepare and submit periodic unaudited interim financial reports (monthly, quarterly/calendar semester, annually), Interim Financial Reports and input to project progress reports within stipulated submission deadlines and in formats agreed with the Bank;
• Ensure the annual financial statements are audited and submitted within the stipulated submission deadline to the project financiers. Follow up on FM issues and audit queries/implementation of recommendations made by the internal/external auditors;
• Maintain constant liaison with the World Bank on financial management issues;
• Provide on-the-job mentoring and coaching support to OGMoBP staff seconded to the PIU as the project accountant(s) and other support accounting technicians;
• Perform other duties as required and requested by the Project Coordinator within the framework of this consultancy.
V. RECRUITMENT QUALIFICATIONS/ COMPETENCIES
Education:
• A Professional Accounting Certification (ACA, ACCA, CPA or equivalent);
• Master’s degree in accountancy, Finance, Business Administration, Economics or related subjects shall be an advantage;
Experience:
1. Minimum of 5 years of post-qualification experience in the implementation of financial management arrangements in World Bank assisted projects or similar multilateral institution environments such as ADB or similar organizations;
2. Highly computer literate with demonstrable proficiency in Microsoft Word and Excel, Powerpoint, Accounting Software and Internet Navigation;
3. Excellent numerical and analytical skills;
4. Fluency in spoken English required with excellent written English skills, including sound report-writing skills;
5. Proven ability to work under pressure and meet strict deadlines;
6. Proven ability to work effectively as part of a team.
Language requirements:
1) Proficiency in both written and spoken English
