Omolara O. Idowu
ACMA, Lagos,Nigeria
Summary
Highly driven Finance Professional with 20+ years’ experience across the Financial Services, Telecommunications and Oil & Gas sectors. Experienced in developing and monitoring budgets, raising capital, managing risk, project finance, tax accounting and coordinating financial teams.
Overview
21
21
years of professional experience
Work History
CFO
Hyde Energy Limited, Downstream Oil & Gas Company
02.2020 - Current
- Responsible for Corporate and Project finance, Treasury management, Statutory Regulatory compliance, Financial Planning & Reporting, Risk and Compliance
- Raised N10bn & $70m respectively for the Retail & Terminal Expansion phases of the LPG Expansion Project from various debt and equity investors
- Leads a 10-person team in financial planning & reporting, budgeting, accounting, business operation support
- Provide leadership to the team, employing collaborative approach to problem solving
- Anchored the Group Digital Transformation Project to ensure full automation of the group processes & financial systems
- Realigned the Finance Function to be in line with the overall company strategic goals by implementing a new structure across the entities to support the organization
- This reduced the reconciliations and improved the timeline for management reporting
- Redesigned the annual budgeting process to improve budgetary planning, execution & monitoring
- Achievements
- Raised N2.3billon via the Central Bank of Nigeria (Real Sector Support Fund) to finance Hyde Energy LPG Retail Expansion Business
- Raised N300millon for the purchase of a Lubricant Blending Plant to enable business expansion.
HEAD OF FINANCE, FINANCIAL CONTROLLER
FMDQ GROUP SECURITY EXCHANGE
08.2019 - 09.2019
- Responsible for financial management, financial reporting, planning, budgeting, treasury management, regulatory compliance, tax planning
- Manage a 4-person team in financial planning, reporting, budgeting, accounting, business operation support
- Developed finance system process improvement initiative that improved the month end closing process, reporting quality & saved man hours
- Responsible for responsibility for the preparation of monthly financial statement for the management team.
Managing Partner
Explicit Pro Consultants Ltd
05.2019 - 07.2019
- Responsible for the operational management of the firm and client acquisition
- Provided auditing & tax services to TMKG Consulting Ltd, Arrive Alive Diagnostics & Imaging Services Ltd, and Beaumark International Limited with revenue above N100m
- Supervised and managed the training of staffs
- Ensuring the enforcement of governance as directed by the institute
- Manage clients and provide strategic direction for the firm
- Provided accounting services to SMEs: Dainty Affairs, Amazon Entertainment, MS Sport Ltd, etc.
Finance Controller
UPDC PLC, PwC Nigeria
04.2018 - 03.2019
- Responsible for the overall management of Finance Function, IT Function, and Procurement & Facility Management function
- Provide strategic support to the CEO & the leadership team through a turnaround
- Manage external & internal partners including third party vendors/contractors, ensuring payment is in line with signed contract & purchase order to reduce credit defaults
- Developed a debt restructuring strategy via interest rate reduction with our financial providers on existing loan facilities & currently supporting in equity raise drive
- Ensured compliance with all the Federal, State local & other financial, tax reporting and regulatory requirements
- Responsible for the preparation of monthly, quarterly & annual financial statement for the management team & Board of Directors and the preparation of the quarterly & annual board review reports for Board meetings
- Achievements
- Supported the CEO in the securing substantial interest rate reduction in existing loan obligation
- Negotiated interest rate from 19.5% to 17.5% in UPDC PLC.
Managing Partner
Explicit Pro Consultants Ltd
09.2012 - 03.2018
- Responsible for the day-to-day management of the firm, secures and manages new and existing clients
- Firm appointed a Tax Monitoring Agent for Ogun State Internal Revenue Service (IRS) for the following companies Mercury Mills, Aarti Steel Nig
- Ltd, Manaal Nig
- Ltd, Covenant Farms, Western Publishers & Vision Jobs - managing, supervising the tax audit assignment
- Preparation of audit report and engaging in meetings with Internal Revenue Service & companies
- Provided accounting & tax services for Helium Contractors, turnover over N150m; audit & tax services for Emiliason International, turnover over N350m
- Developed the project plan for Helium Contractors for their client’s construction work at North Star Garden Estate in Abuja
- Headed collaboration with KKT Consulting in National Tax Audit Exercise for FIRS for Horatio Ltd, Elektrink Nigeria Ltd & Eleper Oilfield Engineering Nigeria Ltd
- Firm jointly partook in the execution of a Due Diligence exercise for the Nigeria Police Force Investment Subsidiaries for the Office of Inspector General of Police
- Firm jointly collaborated in the execution of Review, implementation, and Design of Accounting System & Accounting Manual for BAGASOO; deployed IFRS and training for clients.
Lead
LM Ericsson Nigeria Limited
01.2012 - 07.2012
- Directly involved in the processing and collection of MSEK114 outstanding Software Account Receivable payment from Nigeria Communication Commission for LM Ericsson Nigeria
- Conducted an improvement exercise together with my team on how to shorten the AR process across the Customer Unit in LM Ericsson Nigeria
- Directly involved in the successful implementation and management of Ericsson First Managed Service Contract on African Continent with ZAIN Nigeria, contract value is over $150m.
Controller
ZAIN
01.2012 - 07.2012
- Supervised the management of the following Customer Units: MTN Nigeria Ltd, ECONET Nigeria, Nigeria Ltd, and Airtel Nigeria, GLOBACOM & ETISALAT Nigeria Limited
- Key responsibilities include financial and profitability analysis, driving Sarbanes Oxley compliance, financial reporting, receivable and billings management and project analysis.
Managed Service MS Controller
LM Ericsson Nigeria Limited
01.2009 - 12.2010
- ZAIN ACCOUNT
- Responsible for the management of the Business case for the underline MS contract deal
- Specific responsibilities: Profitability analysis, project reviews, project reporting, local and central governance reporting, cost optimisation and reconciliations.
Project Controller
LM Ericsson Nigeria Limited
06.2006 - 12.2008
- Account
- Provided support on project reporting, cost analysis and financial set-up to the Customer Project Manager/Service Delivery Manager, Customer Fulfilment team, and Business Controller.
Project Controller, MTN ACCOUNT
LM Ericsson Nigeria Limited
03.2002 - 05.2005
- Specific responsibilities: Project profitability analysis, business reporting, order management, reconciliations, cost and variance analysis, account receivable management and budget management
- Collaborated on the migration of systems from SCALA Financial to SAP PS & FICO module and was directly involved in UAT (User Acceptance Test procedure) during in SAP PS, FICO implementation for LM Ericsson Nigeria.
Consultant 1
Smith Consulting Limited
01.1999 - 02.2002
- Prepared project proposals and costing, due diligence, and asset verifications and WHT Audit for the following clients: Crusader Insurance Plc, Royal Exchange Plc, & UNIC Insurance to recoup withholding taxes on all investment portfolio of the organisation’s investment unit.
Education
Business
THE UNIVERSITY OF TEXAS AT AUSTIN McCombs School of Business PGDP Data Science, Analytics
Jan. 2022
undefined
Wimboard Training Institute
Aug 2021
ACMA, ACGMA - undefined
Chartered Institute
Feb 2020
CFE: Association of Certified Fraud Examiners - undefined
Aug 2017
ACTI - undefined
Institute of Chartered Taxation of Nigeria
Nov 2015
MBA - Project Management
MANCHESTER BUSINESS SCHOOL
Dec. 2014
FCA - undefined
Institute of Chartered Accountants of Nigeria
Apr 2014
ACA - undefined
Institute of Chartered Accountants of Nigeria
May 2001
MSc - Economics
UNIVERSITY OF LAGOS
Dec. 2000
B.Sc. (Hons) - Economics
OBAFEMI AWOLOWO UNIVERSITY
May 1994
Skills
- Finance Transformation
- Financial planning and Budgeting
- Capital Raise
- Corporate and Project Finance
- Audit and tax compliance
- IAS/IFRS
- Risk management
- Cost optimisation and efficiency
- Profitability Analysis
- MS Excel, MS Word, PowerPoint, Project & Visio
- Analytical skills
- Focused and goal-oriented Leadership
- Organizational and communication skills
- SAP FI (AR, GL, AP, GR, IR and QTC modules)
- Project Management
Affiliations
Aug 2021 – date Member Audit Committee Women in Management and Business and Public Services (WIMBIZ)
CERTIFICATIONS AND PROFESSIONAL MEMBERSHIPS
Dec 2021 MECA Strategic CFO ACADEMY 2021 Batch 10
Timeline
CFO
Hyde Energy Limited, Downstream Oil & Gas Company
02.2020 - Current
HEAD OF FINANCE, FINANCIAL CONTROLLER
FMDQ GROUP SECURITY EXCHANGE
08.2019 - 09.2019
Managing Partner
Explicit Pro Consultants Ltd
05.2019 - 07.2019
Finance Controller
UPDC PLC, PwC Nigeria
04.2018 - 03.2019
Managing Partner
Explicit Pro Consultants Ltd
09.2012 - 03.2018
Lead
LM Ericsson Nigeria Limited
01.2012 - 07.2012
Controller
ZAIN
01.2012 - 07.2012
Managed Service MS Controller
LM Ericsson Nigeria Limited
01.2009 - 12.2010
Project Controller
LM Ericsson Nigeria Limited
06.2006 - 12.2008
Project Controller, MTN ACCOUNT
LM Ericsson Nigeria Limited
03.2002 - 05.2005
Consultant 1
Smith Consulting Limited
01.1999 - 02.2002
Business
THE UNIVERSITY OF TEXAS AT AUSTIN McCombs School of Business PGDP Data Science, Analytics
undefined
Wimboard Training Institute
ACMA, ACGMA - undefined
Chartered Institute
CFE: Association of Certified Fraud Examiners - undefined
ACTI - undefined
Institute of Chartered Taxation of Nigeria
MBA - Project Management
MANCHESTER BUSINESS SCHOOL
FCA - undefined
Institute of Chartered Accountants of Nigeria
ACA - undefined
Institute of Chartered Accountants of Nigeria
MSc - Economics
UNIVERSITY OF LAGOS
B.Sc. (Hons) - Economics
OBAFEMI AWOLOWO UNIVERSITY