Professional Financial / Technical Accountant at the African Reinsurance Corporation (Africa Re)

The African Reinsurance Corporation (Africa Re) is the leading African reinsurance company with headquarters in Lagos (Nigeria). Africa Re has six regional offices: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). The Corporation equally has two subsidiaries: African Reinsurance Corporation South Africa Ltd in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and one Local Office in Addis Ababa (Ethiopia).

Africa Re has a broad-based shareholding comprising 41 African member States, the African Development Bank (AfDB), 114 African insurance and reinsurance companies and three non-regional shareholders, including leading global insurers and reinsurers. The Financial Strength and Credit Rating of Africa Re is A by A.M. Best and A – by Standard & Poor’s.

We are recruiting to fill the position below:

Job Title: Professional Financial / Technical Accountant

Location: Lagos

Responsibilities

• The successful candidates will actively support in ensuring the safety of the Corporation’s assets and proper maintenance of all accounting books, records and documents, in accordance with the Corporation’s accounting policies and international accounting standards as well as perform other administrative activities in accordance with needs in the duty post. 
• The job holder will collaborate with various departments or divisions to maintain financial controls and provide timely and accurate financial data to relevant stakeholders within the Corporation.

Duties and Job Details
The duties of the Professional Financial / Technical Accountant comprise amongst others:

• Ensure routine processing of financial and technical transactions, safe keeping of assets as well as ensure regular periodic reconciliation of all general ledger accounts.
• Conduct regular review of financial balances by updating supporting schedules and documentation.
• Manage the relationship with the internal and external audit functions as concerns the Corporation’s financial records and transactions
• Support the purchasing function and the resulting relationship with suppliers and work with the Tender & Asset Disposal Committee to obtain the best terms for acquiring and disposing the Corporation’s assets.
• Ensure proper assets management (acquisitions, retirement and periodic valuation).
• Prepare periodic management information reports on the implementation of the budget and providing analytical information on material variances.
• Detailed verification, reconciliation and management of cedants balances and record keeping. Provision of technical accounting support to the Head of Finance & Accounts or Underwriting team or any equivalent support function from time to time.
• Liaise with the Underwriting team to ensure timely processing of technical entries and taking responsibility for the custody, processing and management of the collections
• Perform a back-to-front reconciliation by ensuring data in GL ties with data from underwriting and claims
• Prepare monthly, quarterly, and annual financial reports for internal and external stakeholders.
• Support the Head of Finance & Accounts in managing the liquidity and investments by working with the Director of Treasury and Investments and Investment Committee to ensure a balanced mix of security and optimal return on the Corporation’s financial assets.
• Manage the relationship with bankers:
  • Ensuring monthly bank reconciliation statements and ensure prompt clearance of all reconciling items.
  • Reviewing the relationship terms and processes for effectiveness on a regular basis.
  • Negotiating terms and conditions of business transactions with the banks.
• Attend to any other duties as may be assigned by Supervisors and the Corporation’s Management from time to time.

Requirements
Applicants shall be holders of:

• First University Degree in relevant fields plus master’s degree or its equivalent in Finance / Accounting or related fields from a recognized university, plus 9 years post qualification relevant qualitative work experience in the Financial Services industry, preferably in Insurance / Reinsurance sector.

OR

• First University Degree in Finance / Accounting or any relevant fields from a recognized university plus full professional qualifications, plus 7 years post qualification relevant qualitative work experience in the Financial Services industry, preferably in Insurance / Reinsurance sector.

OR

• First University Degree in Finance / Accounting or any relevant fields from a recognized university, plus 9 years post qualification relevant qualitative work experience, seven (7) years must have been in a Financial/Technical Accounting position, with at least five (5) years in similar role in the Insurance/Reinsurance industry.

Main Competencies:

• Expert knowledge of Financial and Technical Accounting
• Comprehensive knowledge of Insurance/Reinsurance environment.
• Ability to prepare financial statements in compliance with IFRS
• Strong analytical skills to interpret financial data and identify trends, variances, and potential issues
• Keen attention to detail with an ability to retain strategic direction.
• Ability to work without close supervision and within established timeframes
• Ability to multitask and manage change
• Excellent problem-solving skills (i.e., conceptual and analytical thinking).
• High level of Integrity.
• Proficiency in use of Microsoft Office Suite: Word, Excel, PowerPoint etc
• Knowledge of integrated business-related and accounting software will be an added advantage.

Other Competencies:

• Team player, strong communication, negotiation and training skills.
• Proactive & innovative mind-set.
• Cross cultural and cross functional skills.
• Proven managerial skills/experience
• Good planning and reporting skills.
• Capacity for analysing, synthesizing and reasoning
• Good supervisory skills.
• Integrity and proven sense of responsibility
• Ability to work under pressure
• Able to work in an international environment.
• Experience with the use of enterprise resources planning software (e.g. Oracle EBS) and specialized insurance/reinsurance applications (e.g., SICS).

Below are the additional considerations:

• Relevant work experience in the financial services sector and/or in international finance institutions or at a similar level is required.
• Relevant working exposure in a multicultural environment will be an added advantage.
• Relevant Professional qualifications from internationally recognized associations will be added advantage.

Additional Requirements:

• Nationals of one of the 42 member States of Africa Re.
• Fluent in one of the two working languages (French or English) of the Corporation. However, a good knowledge of the second language shall be an added advantage.

Salary & Benefits
The successful candidates shall have the following benefits:

• Competitive Basic Salary.
• Variable Pay: Short Term (Annual Performance Bonus) and Long Term (Participation in the Employee Share Ownership Plan) Incentives.
• Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the employer).
• Housing allowance.
• Transport allowance.
• Medical cover for staff and family.
• Home leave to country of origin each year that is paid by the employer for the family (if non-national).
• Children Education subsidy for each child up to 26 years (maximum 4 children)
• Duty Post Differential (Cost of Living Allowance), that may increase or decrease depending on the economic situation and result of salary surveys.

Application Closing Date
31st March, 2025.

How to Apply
Interested and qualified candidates should:
Click here to apply online

Note

• Africa Re is an equal-opportunity employer and offers a good working environment commensurate with international organizations.
• The Corporation reserves the right to appoint at the advertised grade level or at any other level that may suit the profile, qualifications, and experience of the successful candidate.