WARNING AGAINST FRAUDULENT USE OF THE AFRICAN DEVELOPMENT BANK’S (AfDB) NAME Read more
Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2013 – 2022) and ensure greater developmental impact, five major areas (High 5s), all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa.
The Vice Presidency for Finance oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.
THE HIRING DEPARTMENT/DIVISION:
The Financial Control Department of the African Development Bank (The Bank) is responsible for accounting for the financial consequences of the Bank Group’s transactions and decisions, and for the preparation, fair presentation and overall integrity of the internal financial reports and published financial statements. The department is also responsible for loan administration and accounting and related fiduciary responsibilities, including disbursement of funds to projects and programs financed by the Bank Group. Lastly, the department provides decision support and expertise in the development and implementation of financial control policies, operational and financial strategies and related information systems.
The primary objective of the Loan Disbursement Division is to ensure compliance with key fiduciary related articles in the Agreement Establishing the African Development Bank and Fund. Ensure that adequate controls are maintained around the disbursement of Bank Group financed projects.
The Local Principal Disbursement Officer is responsible to ensure that the project disbursement activities financed by the Bank in Nigeria are compliant with the Bank’s financial management and disbursement policies. This is done by advising on disbursement arrangements and reviewing disbursement decisions within the project/program operations cycle from the identification to completion stages. The incumbent also contributes to the preparation of the Bank’s Country Strategy Paper, and to building financial management/disbursement capacity of Borrowers which includes training of project staff and advising on disbursement related project matters.
The Local Disbursement Officer reports administratively to the Country Operations Manager for Implementation Support (COM IS) and functionally to the Division Manager Disbursements (FIFC).
Under the Supervision of the Division Manager, The Principal Disbursement Officer will;
1. Ensure compliance with key fiduciary related articles in the Agreement Establishing the African Development Bank and Fund.
2. Review disbursement requests for loans/grants financed by the Bank Group or administered by the Bank on behalf of other institutions, such as OPEC Fund, JICA, RWSSI, AWF etc. in accordance with the rules and procedures of the Bank Group. Manage the financial aspects of contracts approved by the country departments in connection with loans/grants authorized by the Bank Group institutions.
3. Provide input into disbursement projections as needed with a view ensuring accurate income, cash flow plan and lending program projections.
4. Assist and advise borrowers, executing agencies and various third parties on aspects of administration of loans and grants approved by the Bank Group institutions.
5. Assist and advise Regional departments and other departments on issues relating to loan administration.
The Principal Disbursement Officer will carry out the following functions:
Operational Advice and Support
1. Monitor effectiveness, disbursement ratio, special account ratio, counter- part funding issues and loan closing for Bank Group Financed projects in Nigeria.
2. Provide technical support to sector departments, lead review and provide input to country and project teams of project documents such as Appraisal Report, Country Strategy and Program, Project Completion Reports etc.
3. Participate in country strategy preparation and midterm reviews including assessing capacity development requirements for financial management at the country level; and assist in completing country financing parameters, where necessary.
4. Provide disbursement-related assistance to Operations during project launching, project supervision, and portfolio review missions.
5. Assist project teams in the assessment of the financial management capacity of borrowers or executing agencies and in the design of financial, accounting and control systems for project execution.
6. Interact with Fiduciary services to improve the quality of procurement arrangements, financial management systems and procedures of executing agencies in managing project funds, maintaining project accounts and submitting timely and reliable financial reports.
7. Contribute to the review and update of ADB's fiduciary policies and guidelines and participate in the Fiduciary Community of Practice.
8. Participate in resolving audit qualifications to ensure that disbursement activities proceed on an uninterrupted basis.
9. Review disbursement applications to ensure that all conditions and requirements precedent to disbursement are satisfied and that internal rules and procedures are complied with, prior to approval and payment.
10. Manage funds flow, ensure appropriate allocation of resources to the principal expenditure categories of goods, works and services and manage the use of Special Accounts;
11. Provide training on disbursements policies and procedures in borrowing member countries and to staff in the Bank.
12. Verify effectiveness of loans in the case of the first disbursement, and the last disbursement deadline.
13. Ensure that the amounts disbursed by the Bank Group will finance only eligible expenditures.
15. Provide input into disbursement projections for the portfolio of Regional Member Countries.
16. Provide input as needed to internal and external reports on Disbursement related activities.
17. Participate in/lead Task Forces on policy and other matters.
18. Participate in technical discussions and loan negotiations to ensure that financial management and disbursement arrangements for proposed projects are appropriate and compliant with the African Development Bank disbursement policies
19. Ensure the timely resolution of disbursement issues in coordination with concerned departments and stakeholders.
20. Conduct loan disbursement missions to verify statements of expenditures, resolve disbursement issues, verify expenditure control measures and general compliance with relevant agreements and policies.
21. Ensure the proper liquidation of overdue advances, reconciliation of suspense and special accounts, and ensure the timely closure of completed loans and grants.
22. Prepare disbursement training material.
23. Serve as a training resource person for Disbursements.
24. Provide training to executing agencies and Bank Staff to ensure familiarity with and the proper implementation of applicable policies and procedures.
25. Assist with capacity building of projects/EAs, specifically in the area of disbursement and financial management.
26. Review and recommend changes to disbursement systems, policies and procedures to promote timeliness, accuracy and efficiency in processing while maintaining appropriate internal controls.
27. Undertake or contribute to the implementation of special projects for process and systems improvements.
28. Provide leadership and support to Disbursement Assistants.
29. Provide clear direction to and monitor the work done by Disbursement Assistants.
30. Provide input into the evaluation of Disbursement Assistants.
Including desirable skills, knowledge and experience
9. Working Together-Maintaining collaborative relationships and working with diverse colleagues in and outside the Bank.
10. Communication, Knowledge Sharing and Innovation and Change.
THIS POSITION DOES NOT ATTRACT INTERNATIONAL TERMS AND CONDITIONS (THE POST HOLDER WILL BE CONSIDERED AS A LOCAL STAFF AND WILL NOT HAVE INTERNATIONAL TERMS AND CONDITIONS OF EMPLOYMENT).
Should you encounter technical difficulties in submitting your application, please send an email with a precise description of the issue and/or a screenshot showing the problem to: HR Direct HRDirect@AFDB.ORG
To apply for this position, you need to be national of one of AfDB member countries.
Applicants who fully meet the Bank's requirements and are considered for interview will be contacted. Only online applications submitted with a comprehensive Curriculum Vitae (CV) and copies of the required degrees will be considered. The President, AfDB, reserves the right to appoint a candidate at a lower level. The African Development Bank is an equal opportunities employer. Female candidates are strongly encouraged to apply. www.afdb.org
The African Development Bank Group (AfDB) does not ask for payments of any kind from applicants throughout the recruitment process (job application, CV review, interview meeting, and final processing of applications). In addition, the Bank does not request information on applicants’ bank accounts. The African Development Bank Group declines all responsibility for the fraudulent publications of job offers in its name or, in general, for the fraudulent use of its name in any way whatsoever.