Temporary Finance Officer

National Oil Company of Malawi (NOCMA)

National Oil Company of Malawi (NOCMA)’s mandate is to deliver a stable, secure and affordable fuel supply in Malawi. Its main activities, include:

  • Management and replenishment of the Country’s 60 million litres Strategic Fuel Reserves (SFRs). These SFRs are situated in Blantyre, Lilongwe and Mzuzu, and smaller depots in Chilumba, Chipoka and Mchinji.
  • Procuring and handling fuel importation fuel and related logistics.
  • Provision of hospitality to facilitate distribution of petroleum products in the country.

NOCMA is wholly owned by Malawi Government. It is established under the Company’s Act of 1984. NOCMA was incorporated on the 10** of December 2010 and commenced its operations in 2012. NOCMA

Over the past thirteen (13) years, the Company has grown tremendously in its national strategic importance with its fuel importation market share growing from ten percent (10%) in 2015 to an average of sixty-five percent (65%) in 2023/2024 and this has been matched with growth in institutional capacity and investments to enable efficiency and effectiveness in executing its mandate.

In its drive to ensure improved and sustained efficiency and effectiveness in delivery of its mandate, NOCMA is seeking to recruit qualified and experienced candidates to fill the following highly rewarding posts that have arisen within the Company.

An attractive remuneration package is on offer to the right candidates with prospects for career growth within the oil industry.

Applications are therefore invited for the following posts:

TEMPORARY FINANCE OFFICER (NOCO7) –

CODE: TF0092024 – Tenable at Head Office in Lilongwe

PURPOSE

To manage letters of credit (LC) facilities and prepare regulatory trading reports, ensuring NOCMA complies with financial and regulatory obligations while maintaining efficient financial operations and adherence to industry regulations.

KEY ROLES AND RESPONSIBILITIES

  1. Administer and oversee the full process of originating, amending, and settling letters of credit (LCs) for NOCMA’s trading activities.
  2. Liaise with banks, suppliers, and internal departments to ensure timely and accurate processing of LCs.
  3. Monitor LC terms to ensure compliance with financial agreements and minimize risks.
  4. Prepare and submit regulatory trading reports in compliance with financial regulations and industry standards.
  5. Ensure timely reporting to relevant authorities, including central banks and customs, while staying updated on regulatory changes.
  6. Maintain compliance with financial regulations, policies, and procedures related to trading activities and LC facilities.
  7. Keep accurate records of LCs and reports, ensuring they are available for audits and reviews.
  8. Identify and mitigate financial risks associated with LC transactions in collaboration with the Finance Manager.
  9. Reconcile LC transactions with bank statements, resolving discrepancies and ensuring accuracy.
  10. Coordinate payments for LC transactions, ensuring adherence to terms and conditions.
  11. Act as the primary liaison for banks, suppliers, and regulatory bodies regarding LCs and regulatory reporting.
  12. Address queries related to LGs and financial compliance in a timely and professional manner.

REPORTING LINE AND RESPONSIBILITY

The position reports to the Finance Officer – Management Accounting and has no responsibility for subordinates.

THE PERSON

The required candidate should have the following competences, skills, and attributes:

  1. Planning and organizing – skills and abilities in work planning and execution
  2. Performance management – ability to work as a team member.
  3. Communication and reporting – ability to collate data and provide information for management reports and information.
  4. Analytical and Problem-Solving Skills – Strong analytical skills to identify, assess, and resolve financial discrepancies and risks associated with trade finance operations.
  5. Familiarity with financial regulations and compliance requirements within the oil and gas industry is an advantage.

QUALIFICATIONS AND EXPERIENCE 

  1. Bachelor’s degree in accounting from an accredited institution.
  2. Full membership of a relevant professional body (e.g., ICAM, ACCA, CIMA, СРА).
  3. A minimum of four (4) years’ cumulative work experience, two (2) of which should have been spent in dealing with letters of credit and reporting.

APPLICATION PROCEDURE

Interested candidates who meet the required qualifications and experience should send applications with cover letter, copies of certificates, detailed Curriculum Vitae (CV), names, addresses and phone contact numbers of three traceable referees to the following address:

The Chief Executive Officer
National Oil Company of Malawi
4th Floor, Kang’ombe House, City Centre
Private Bag 370
LILONGWE
Attention: The Human Resources & Administration Manager
Email: nocmajobs@nocma.mw

Applicants should state clearly on the envelope or in the subject line of an email, the Code for the Post they are applying for.

The closing date for receipt of applications is 11th October, 2024

Female candidates are strongly encouraged to apply as NOCMA is committed to achieving relevant gender ratios stipulated in the Gender Equality Act, 2013.