Senior Manager, Treasury

Stockgap Fuels Limited - We are a leading oil and gas company operating in Nigeria’s downstream sector with our head office in Port Harcourt, Rivers State. To meet the growing demand of Nigeria’s Market, Stockgap Fuels Limited is expanding its LPG business by investing in additional storage and cylinder-filling facilities in 4 strategic locations spanning major regions of the country: Lagos/South-West, South-South/South-East, North-Central/North-West, and North-East regions, respectively.

We are recruiting to fill the position below:

Job Title: Senior Manager, Treasury

Location: Port Harcourt,  Rivers
Employment Type: Full-time, Permanent
Department: Finance
Reports To: Chief Financial Officer (CFO)

Job Purpose

• To provide strategic and operational leadership of the company’s treasury and corporate finance function, ensuring optimal liquidity, cost-efficient and diversified funding, disciplined financial risk management, and strong banking and lender relationships across a multi-location downstream oil and gas business.
• The role owns the treasury strategy, policy framework and team; sets the direction for working capital optimization, debt structuring, foreign exchange (FX) management and enterprise-wide cash visibility; and leads the execution of strategic financing initiatives that support business growth, product importation, and infrastructure investment.
• Drawing on proven banking and corporate treasury experience, the Senior Manager, Treasury is the CFO’s principal advisor on capital structure, funding strategy, and financial risk.

Scope And Key Dimensions Of The Role

• Acts as the senior treasury representative to the Board, Executive Committee (EXCO), lenders, regulators and external advisers.
• Leads and develops the treasury team and sets its objectives, standards and succession pipeline.
• Accountable for the company’s total liquidity, debt portfolio, trade finance lines and FX exposure across HQ, depots, terminals, retail stations and gas operations.
• Operates in a high-value, high-velocity environment involving large USD-denominated product imports, structured trade finance and volatile FX and commodity price conditions.
• Holds authority within Board-approved delegated limits and policy, with matters outside these limits escalated to the CFO.

Key Responsibilities
Treasury Strategy, Leadership and Governance:

• Establish clear delegation of authority, segregation of duties and dual-control standards across treasury and payments.
• Develop and execute the treasury strategy aligned with corporate objectives, the annual budget and the 3–5 year long-range financial plan.
• Ensure strict adherence to internal controls (SOX-equivalent best practice), audit recommendations and corporate governance standards; close out audit findings within agreed timelines.
• Serve as a member of the Finance leadership team and, where required, of the Asset and Liability / Risk / Credit committees.
• Own, review and continuously update the Treasury Policy and Risk Management Framework, including FX, interest rate, liquidity, counterparty and investment policies, in line with Board-approved limits.
• Lead, coach, and develop the treasury team, setting performance targets, conducting appraisals, and building bench strength and succession cover for critical roles.

Liquidity, Cash and Working Capital Management:

• Oversee the development and accuracy of rolling cash flow forecasts (daily, weekly, 13-week and annual), with rigorous variance analysis and corrective action.
• Ensure robust bank account governance: account rationalization, signatory management, mandates, KYC and regulatory compliance.
• Maintain approved short-term investment of surplus funds within policy on safety, liquidity and yield.
• Provide enterprise-wide cash and liquidity leadership across HQ, depots, terminals and retail operations, ensuring sufficient liquidity at all times to meet obligations and seize commercial opportunities.
• Oversee intercompany funding flows, nostro and domiciliary account management, and the timely bank reconciliation and clearance of outstanding items.
• Oversee collections, disbursements and payment controls for all product lines (PMS, AGO, DPK, LPG, gas and lubricants).
• Lead working capital optimization (receivables, payables, inventory and product-in-transit) in partnership with Supply, Trading, Sales and Operations, with a focus on improving the cash conversion cycle.
• Design and implement cash optimization structures, including cash pooling, sweeping and in-house banking where feasible.

Funding, Debt and Corporate Finance:

• Support M&A, partnership and new-business funding evaluation, including due diligence and lender engagement as required.
• Develop and review robust financial models (DCF, scenario and sensitivity analysis, stress testing, debt capacity and covenant headroom) for funding proposals and investment decisions.
• Drive cost-of-funds optimization and capital structure efficiency across lenders, targeting a reduction in the weighted average cost of capital (WACC).
• Lead the structuring, negotiation and closing of debt and trade finance facilities, including:
  • Syndicated and club facilities
  • Alternative funding (structured trade finance, commercial paper, bonds, private debt, asset-based and supply-chain finance)
  • Trade finance (Letters of Credit, SBLCs, import financing, bank guarantees)
  • Term loans and project finance
  • Overdrafts and working capital lines
• Manage the full debt portfolio lifecycle: drawdown, covenant monitoring, interest optimization, repayment scheduling and refinancing.
• Provide financing structures and analysis to support capital investment (CAPEX) in depots, terminals, retail stations, logistics and gas infrastructure.
• Own the funding plan to ensure committed and available lines for 100% of planned product import transactions and inventory cycles.

Financial Risk Management:

• Work with Insurance and Risk to ensure appropriate cover for cargo, credit and financial-related risks.
• Ensure full compliance with:
  • International trade finance standards (e.g., UCP 600, URDG, ISP98, Incoterms)
  • NMDPRA and NUPRC requirements, as applicable
  • Anti-money laundering, sanctions and KYC requirements
  • Central Bank of Nigeria (CBN) regulations, including FX and trade finance rules
• Design, recommend and execute hedging strategies, using derivatives and other instruments (forwards, swaps, options where applicable and permitted), within approved policy limits.
• Prepare regular stress tests and scenario analyses (e.g., FX devaluation, price shocks, supply disruption, rate increases) and present mitigation plans to the CFO and EXCO.
• Identify, measure, monitor and report on:
  • Interest rate risk
  • Liquidity and refinancing risk
  • Commodity price exposure
  • Foreign exchange risk (USD and other currency exposures)
• Monitor counterparty credit risk for banks, major distributors, customers and trading partners, setting and reviewing exposure limits.

Banking and Stakeholder Relationship Management:

• Manage the bank panel strategically, balancing wallet share, pricing, service quality and counterparty risk.
• Engage regulators, including the CBN, on matters relating to FX access, trade finance and regulatory approvals.
• Represent the company at investor, lender and industry forums as required.
• Oversee lender reporting, compliance certificates, security documentation, covenant certificates and external audit requirements.
• Build and sustain strategic relationships with commercial banks, investment banks, Development Finance Institutions (DFIs), export credit agencies, rating agencies (where applicable) and other capital providers.
• Act as the primary senior interface between the company and its lenders, leading credit negotiations, facility renewals, credit reviews and due diligence processes.

Reporting, Planning and Analysis:

• Prepare and present high-quality treasury reports to the CFO, EXCO, Board and Audit/Finance Committees, covering:
  • Liquidity position and forecast
  • Cost of funds and treasury KPIs
  • Debt profile and maturity ladder
  • Covenant compliance and headroom
  • Trade finance utilization and availability
  • FX exposure and hedge position
• Coordinate with Tax on treasury-related tax matters (withholding tax, interest deductibility, FX gains/losses).
• Provide timely decision-support and commercial advice on pricing, credit terms, import programs and investment proposals.
• Ensure accurate and timely accounting of treasury transactions (interest, FX revaluation, derivatives, borrowing costs) in coordination with Financial Reporting.
• Support annual budgeting and long-range planning (3–5 years) by providing funding, interest, FX and cash flow assumptions.

Treasury Systems, Process and Digital Transformation:

• Standardize, document and continuously improve treasury processes, SOPs and control frameworks.
• Drive payment automation, bank connectivity (SWIFT, host-to-host, APIs), straight-through processing and strengthened payment controls and fraud prevention.
• Lead the selection, implementation and optimization of Treasury Management Systems (TMS) and integration with the company’s ERP (Microsoft Dynamics, SAP, Oracle or equivalent).
• Lead treasury business continuity, cyber-fraud awareness and disaster recovery planning for payments and banking access.

Decision-Making Authority:

• Escalates breaches of policy, covenants or limits to the CFO immediately.
• Approves day-to-day liquidity, funding drawdown and repayment decisions within Board-approved limits.
• Recommends, with CFO approval, new facilities, refinancing, hedging transactions and changes to the bank panel.
• Approves treasury procedures, forecasting methodologies and reporting standards.

Qualifications and Experience
Education:

• Bachelor’s degree in Finance, Accounting, Economics or a related discipline (minimum Second Class Upper or equivalent).
• MBA or MSc in Finance (or equivalent) is an advantage.

Professional Certifications:

• Treasury-specific certifications (e.g., ACT, CTP) are an added advantage.
• One or more of: ACA, ACCA, CFA, ACT (UK) or equivalent is strongly preferred.

Basic Requirement: Banking Experience:
Banking experience is a basic, non-negotiable requirement for this role. Candidates must demonstrate:

• A working understanding of how banks assess credit, structure and price facilities, set limits and approve transactions, and the ability to use that insight to negotiate effectively on the company’s behalf.
• A minimum of 5 years’ hands-on banking experience in a commercial, corporate or investment bank, in areas such as corporate or commercial banking, relationship management, trade finance, treasury and markets (FX, money market, derivatives), structured finance, or credit risk.
• Established credibility and relationships with Nigerian commercial banks, and where possible with investment banks and DFIs.
• Candidates without direct banking experience will not be shortlisted, regardless of their experience in corporate treasury.
• Practical experience with trade finance products and processes (Letters of Credit, SBLCs, guarantees, import financing) and FX transactions, including CBN regulatory requirements.

Experience:

• Demonstrated track record of leading a treasury team and managing large-scale working capital environments.
• Minimum of 12–15 years’ progressive experience across banking and treasury/corporate finance (the banking experience above being a basic requirement), of which at least 5–7 years in a senior treasury or leadership role.
• Proven experience engaging with the Board, EXCO and senior bank and DFI executives.

Industry Exposure:

• Downstream oil and gas (strongly preferred).
• FMCG, commodities trading, manufacturing, or banking/trade finance with relevant sector exposure.

How to Apply
Interested and qualified applicants should forward their CV and Degree certificate to: [email protected] using the Job Title as the subject of the email.