Management Accountant Job at Nestoil Plc

Nestoil Plc was incorporated in Nigeria in 1991 for the provision of Engineering, Procurement and Construction (EPC) services to the energy and oil & gas industry. Since then, Nestoil has grown to become the leading indigenous EPC provider for major IOCs (International Oil Companies) in Sub-Saharan Africa like National Petroleum Company (NNPC) Shell, Exxon Mobil, Chevron, Total, etc.

Our Strategic Business Unit (SBU), Scorpio Drilling International Limited, is recruiting to fill the position below:

Job Position: Management Accountant

Job Location: Warri, Delta
Reports to: Finance Manager
Department/Unit: Accounting & Finance

Job Summary

• The Management Accountant is responsible for providing accurate and timely financial information to support internal decision-making and business planning.
• The role analyses financial data, prepare budgets and forecasts, monitor costs, and provide variance analysis to help management optimize performance and achieve organizational goals.
• The role acts as a bridge between finance and operations, ensuring financial strategies align with business objectives.

Key Responsibilities
Management Accounting:

• Prepare monthly management accounts, including income statements, statement of financial position, and statement of cash flows.
• Ensure accuracy of journal entries, accruals, prepayments, and intercompany charges.
• Reconcile statement of financial position accounts on a monthly basis.

Budgeting & Forecasting:

• Assist in the preparation of annual budgets and rolling forecasts in collaboration with department heads.
• Monitor and report on budget variances and provide analysis on the causes of variances.
• Support scenario planning and financial modelling as required.

Financial Analysis & Reporting:

• Provide timely and accurate financial and operational reports to support business performance monitoring.
• Analyse financial results and KPIs, and provide actionable insights to improve financial outcomes.
• Provide insight into project performance and recommend corrective actions where needed.
• Conduct profitability analysis and support decision-making with financial data.
• Prepare ad-hoc reports for senior management and stakeholders.

Cost Accounting & Control:

• Analyse and monitor direct and indirect costs, overheads, and profitability by Projects.
• Monitor and control operational and production costs, identifying opportunities to improve efficiency and reduce expenditure.
• Support procurement and cost allocation processes for project-related expenses.
• Provide Project Leads with up-to-date and accurate expenditure records.
• Identify and flag cost overruns, inefficiencies, and financial risks.
• Provide insights into cost drivers and suggest corrective actions for cost overruns.
• Support pricing decisions through cost and margin analysis.
• Implement cost-saving initiatives and identify areas for operational efficiency.

Project Accounting & Project Financial Management:

• Set up and maintain Project Cost Centers/Accounts in the ERP financial system.
• Monitor Project budgets, costs, revenues, margins, and cash flow throughout the Project lifecycle.
• Prepare regular Project financial reports including actual vs. budget, variance analysis, and forecasting.
• Work with Project Managers to update budgets and forecasts based on Project performance and changes in scope or timelines.

Billing & Revenue Recognition:

• Generate Client invoices based on Contract terms, Project milestones, and percentage-of-completion (POC) accounting.
• Ensure revenue recognition complies with applicable accounting standards (e.g., IFRS 15).
• Track and report Project billing, work-in-progress (WIP), and deferred revenue.

Inventory Valuation & Control:

• Perform monthly and quarterly inventory valuations in line with accounting standards.
• Reconcile physical inventory counts to the general ledger and investigate discrepancies.
• Track and analyse inventory variances such as material usage, scrap, and obsolescence.
• Ensure accuracy of inventory accounting, including WIP (Work in Progress) and finished products.

Internal Controls & Compliance:

• Ensure compliance with internal policies, procedures, and financial controls.
• Support internal and external audits by preparing necessary documentation and schedules.
• Maintain proper documentation of contracts, change orders, and financial approvals.
• Assist in maintaining and improving internal control systems.

Systems & Process Improvement:

• Leverage ERP systems and financial tools (e.g., SAP) to streamline accounting and reporting processes.
• Identify and implement opportunities to improve automation, accuracy, and timeliness of reports.

Stakeholder Engagement:

• Work closely with business unit leaders and non-finance teams to communicate financial performance and support planning decisions.
• Build strong relationships across the organization to facilitate financial transparency and understanding.

Qualifications / Experience

• B.Sc. or HND in any discipline, plus
• ICAN ACA; ACCA or CIMA’s CGMA professional qualification
• 5 to 7 years of progressive work experience in Accounts/Finance function
• Knowledge of ERP Systems (e.g., SAP ByD)

Key Skills & Competencies:

• Good knowledge of Generally Accepted Accounting Principles.
• Good knowledge and understanding of the International Financial Reporting Standards (IFRS).
• Highly numerate with good analytical skills.
• High proficiency in the use of the Microsoft Office Suite especially Microsoft Excel, Microsoft Word & PowerPoint.
• Ability to analyze financial data, interpret financial reports and familiarity with Power BI or other reporting tools.
• Commercial awareness and ability to link financial data with business performance.
• Good problem-solving skills and results oriented.
• Ability to produce high quality output under pressure and sometimes with inadequate resources.
• Ability to work effectively in a team.
• Good Communication and Interpersonal skills required in liaising with people at different levels within and outside the Organization.
• Ability to explain complex financial data to non-finance stakeholders.
• Strategic thinking with a commercial mindset.
• Ability to lead and coach direct reports to improve efficiency and competence.
• Ability to meet deadlines and manage multiple tasks.
• Intuitiveness and attention to detail.
• High level of integrity and ability to maintain confidentiality.
• Strong professional ethics, accountability, and dependability.

Note: Candidates should indicate preferred Job Location on their CV/application.