The African Development Bank Group (AfDB) is a multilateral development finance institution established to contribute to the economic development and social progress of African countries. The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
Position: Director, Financial Control – FFCO?
The Financial Control Department is responsible for all controllership functions of the African Development Bank Group. These include all the activities of the ADB Group in the areas of financial accounting and reporting in accordance with International Financial Reporting Standards (IFRS), loan administration and related fiduciary responsibilities, including disbursements of funds to all projects and programs financed by the ADB Group. The accounting and financial reporting responsibilities also cover all the bilateral funds and special funds managed by the ADB. Finally, the Financial Control Department provides decision support and expertise in the development and implementation of operational and financial strategies and related information systems
Duties and responsibilities
Reporting to the Vice President of Finance, the incumbent (the Controller) will have direct oversight over the four divisions that are responsible for directly executing the functions described above. The responsibilities of the four divisions are summarized below:
The Accounts and Special Funds Division (FFCO.1)
- Ensure accuracy, relevance, timeliness and transparency in the reporting of the financial consequences of all actions taken
- Is responsible for the accounting for all financial transactions of the Bank Group, the bilateral funds and the special funds
- Prepares of the financial statements for all these entities
- Prepares of special reports and analyses as decision support for management, including the ALCO, the Board and other external stakeholders
The Administrative Expenses Division (FFCO.2)
- Provides efficient transaction processing services with respect to the capital and administrative expenses of the Bank and of all bilateral funds
- Ensures that expenses incurred are in accordance with Bank policies
- Seeks opportunities for savings for the Bank in the management of expenses
The Loan Disbursements Division (FFCO.3)
- Contributes to the critical fiduciary responsibility of the Bank to ensure that funds to programs and projects in RMCs are used for the (development) purposes intended
- Enables the efficient execution or implementation of projects funded by ADB Group loans and grants, through timely disbursements on approved loans and grants, in accordance with the rules of the Bank
- Ensures compliance with all conditions precedent to disbursement
- Assists Operations departments in the financial supervision of projects funded by the Bank Group
- Provides training to project implementation staff in RMCs
- Actively participates in country working groups
The Loan Accounting Division (FFCO.4)
- Ensures the accuracy, relevance, timeliness and transparency in the reporting of loan related transactions of the Bank Group
- Prepares bills on all loans of the Bank Group
- Ensures the follow up of such bills and any related arrears, and the application of repayments to customer accounts
- Ensure the application of the sanctions policies of the Bank Group, the posting of all loan-related transactions to the accounts of customers and to the books of the Bank
- Compiles and provides data and other statistics related to the loan portfolios of the Bank Group
- Provides reconciliation, training and other services to debt management offices in RMCs
In addition to the oversight of the four divisions described above, the Controller is expected to participate actively and strategically in certain management committees, including the Asset Liability Management Committee (ALCO), the Credit Risk Committee, the steering committees of the staff retirement and medical plans, information systems and business continuity planning, to name a few.
Including desirable skills, knowledge and experience
- At least a Master’s degree or equivalent in finance, accounting, business administration or related disciplines
- Excellent familiarity with financial instruments and capital markets and related accounting and financial reporting issues.
- An internationally recognized professional accounting qualification is required.
- Minimum of ten (10) years of relevant and extensive professional experience in a similar organization, five (5) of which must be at a managerial level
- Sound understanding of the business and strategic priorities of International Finance Institutions.
- Ability to exercise professional judgement in the application of all the relevant controllership rules, as well as IFRS to ensure that the assets and other resources of the Bank are safeguarded
- Ability to comprehend the various dimensions of change in order to drive and implement change to the benefit of the organization
- Ability to effectively lead a large team while at the same time participating in various corporate initiatives
- Ability to communicate effectively (verbally and in writing) in English and/or French, with a working
knowledge of the other language. In particular, the candidate should be able to explain technical matter in a manner that makes sense to non-technical audience.
- Competence in the use of the standard Microsoft software (Word, Excel, PowerPoint)
- Competence in the use of SAP.
How to Apply
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