AN OUTSTANDING OPPORTUNITY TO WORK IN A PREMIER PAN-AFRICAN DEVELOPMENT INSTITUTION, PROMOTING ECONOMIC GROWTH AND SOCIAL PROGRESS ACROSS THE AFRICAN CONTINENT
The position is in Abidjan, Ivory Coast.
Established in 1964, the African Development Bank (AfDB) is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 81 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2023 – 2032) and ensure greater developmental impact, five major areas, all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa. This position is part of the management team that will lead the successful implementation of this vision.
The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.
The Hiring Department
The Financial Control Department (FIFC) is responsible for accounting for the financial consequences of the Bank Group’s transactions and decisions, and for the preparation, fair presentation and overall integrity of the internal financial reports and published financial statements. The Department is also responsible for managing controls around the banks administrative payment’s function, loan administration and accounting and related fiduciary responsibilities, including disbursement of funds to projects and programs financed by the Bank Group. Finally, the Department provides decision support and expertise in the development and implementation of financial control policies, operational and financial strategies and related information systems.
The Financial Control department is responsible for all controllership functions, analyses, recording and reporting of the financial consequences of all decisions and transactions of the Bank Group—including the African Development Bank, the African Development Fund, the Nigeria Trust Fund, the Bank’s Staff Retirement Plan’s trust fund, and all single donor and multilateral trust funds and special funds administered by the African Development Bank. In this regard, FIFC maintains accounting policies and systems; prepares financial statements and ancillary reports; manages controls around the Banks administrative payment’s function; and authorizes disbursements and other payments on loans, technical assistance, grants, equity investments, and guarantee claims. FIFC also provides professional advice in the development and implementation of new financial products, operational and corporate financial strategies, policies and guidelines, and in the development of financial information systems. The department is also responsible for coordinating the activities of the Bank Group to ensure that the internal control framework is properly documented and monitored to ensure its continued effectiveness. In addition, the department is responsible for the formulation of all accounting policies, as well as for the preparation of policies on the administration of the loans and grants of the Bank Group.
Under the general direction of the Vice President, FIVP, the Director of Financial Control is responsible for supervising Divisions rolling up to Financial Control such as Financial Reporting (FIFC.1), Administrative Expenses (FIFC.2), Loan Disbursement (FIFC.3) and Loan Accounting (FIFC.4). In addition, the Director will manage a front office with supporting professional staff who are dealing with and advising on such issues as technical accounting policy, management of the relationship between the Bank Group and the External Auditors, as well as other special projects and priorities as they may arise. The Director will also be responsible for all the accounting and financial reporting of the transactions of the Bank Group, including all the bilateral and special funds. The role also extends to the efficient execution and implementation of development-related operations projects funded by the AfDB Bank Group loans, grants and other instruments, by ensuring timely disbursements of the same.
Under the general guidance of the Vice President, the Director is responsible for developing a strategic approach to defining, planning, organizing, coordinating and leading the activities of the Department.
His/her duties includes:
- Oversee the preparation, integrity and timely completion of financial reports to Management, the Board of Directors and Shareholders, in compliance with applicable accounting standards and best practices.
- Strictly monitor and report on accounting and reporting standards that can impact the institution. Review and monitor accounting policies, procedures and guidelines.
- Oversee the establishment, maintenance, and implementation of adequate internal control system to ensure that all Bank Group financial transactions, including those from funds administered by the Group, are accurately recorded and in compliance with policies and procedures. Ensure efficient controls in all processes and procedures and safeguard the assets of the Bank.
- Provide accurate, efficient and timely transaction processing and payment services including for loan administration, disbursements and administrative and capital expenditure budget.
- Establish the department’s objectives and key performance indicators, in support of the vision and strategic objectives of the institution.
- Oversee the planning and effective execution of the department’s work program, monitoring the quality of outputs.
- Provide decision support to Management through strategic financial statements and data analysis. Evaluate the impact of financial policies on the Bank’s financial position and recommend appropriate actions.
- Spearhead innovative approaches that will increase the efficiency, impact or delivery of the department.
The successful candidate will have the following profile:
- A minimum of a master’s degree in finance, accounting, business administration, or related disciplines.
- An internationally recognized professional accounting qualification such as Certified Public Accountant (CPA), Chartered Accountant (CA), or equivalent is required.
- Minimum of Ten (10) years of relevant and extensive professional experience in a similar organization or large financial institution.
- At least five (5) years must be at a managerial level.
- Sound understanding of the business and strategic priorities of International Finance Institutions (IFIs); Substantial exposure to the design and implementation of modern accounting and other relevant IT systems.
- Solid knowledge of IFRS. Ability to exercise professional judgment in the application of all the relevant controllership rules, to ensure that the assets and other resources of the Bank are safeguarded.
- Track record in leading on change and empowering teams to innovate and deliver in accounting, reporting, systems, and controls while enhancing process efficiency.
- Knowledge and experience in the development space –Understanding multilateral development banks’ operational policies and programs.
- Strong analytical, quantitative, and financial market skills.
- Ability to demonstrate high integrity and decisiveness, including taking accountability and holding others accountable for results.
- Ability to lead and manage diverse teams and interact effectively with staff, Management, Board Members, senior government officials, and other external counterparts.
- Ability to provide clear and concise oral and written communication. Ability to communicate effectively (verbally and in writing) in English and/or French, with a working knowledge of the other.
- Ability to build talent and capability inside the organization through coaching, mentoring, training, developmental assignments, and knowledge sharing, while recognizing diversity and promoting inclusion.
- Competence in the use of SAP and standard Microsoft Office Suite applications.
Female candidates are strongly encouraged to apply.
Applicants should send an up-to-date CV and a one-page cover letter, including copies of the highest diploma/degree, training certificates related to the position, and names and email addresses of 3 professional referees to Ms. Auree de Carbon by email at: firstname.lastname@example.org no later than October 20, 2023 23:59pm GMT. Please indicate in the Subject’ of the email the title “application for the post of AFRICAN DEVELOPMENT BANK _ DIRECTOR, FINANCIAL CONTROL DEPARTMENT, FIVP/FIFC.0 (EL5).”
Only shortlisted candidates will be contacted for an interview.