2002-2003
Lagos, Nigeria
- Savings through Tax planning -Assisted in tax planning matters in consultation with the external auditors of the company. This resulted in the company saving or avoiding losses which were being incurred due to inadequate controls particularly in the accounting and recovery of with-holding taxes.
- Working capital optimization -The “Bonnie island” Liquefied Natural Gas project made up a major portion of the overall country revenues and reported through to the Lagos head office through the Port Harcourt branch office which was remotely located. Invoices in particular were processed at the branch with hard and soft copies being couriered to the Lagos based head office at the end of the month. This process delayed the entry of invoices from this branch by at least 30 days on average. I was instrumental in obtaining budget approval for a major capital expenditure project in software and hardware that would enable the branch to be linked via a WAN, which in turn enabled the company significantly reduce its debtor days. Nigeria was experiencing high inflation with bank interest rates of 29% per annum. The proposal had a payback period of less than one year.
