Olukunle Olugbenro

As the Country Finance lead at Nokia managing the Nigeria, Ghana and Ethiopia Ethiopia entities , I lead the Company's overall financial activities and country finance organization, including controllership, accounting, financial planning and analysis, tax compliance, internal audit, statutory audit, regulatory/compliance audit, internal control, and treasury with direct reports to the sub -regional accounting head with dotted reporting line to the Country Manager

Financial Reporting and Asset Management

• Overseeing the company’s financial operations and responsible for high quality of accounting accuracy, timeliness of reporting and compliance to corporate policies
• Directs the timely preparation of financial statements, management reports, and analytical insights for internal and external stakeholders
• Ensures robust revenue assurance practices are in place to identify and address potential revenue leakages and optimize billing processes
• Led the finance team to deliver timely and accurate month-end closings, enhancing overall efficiency.
• Oversees asset management functions, ensuring accurate tracking and auditing of company assets
• Implements financial controls to protect the integrity of the company’s assets and investments
• Ensures transactions are recorded in compliance with policies and relevant local and international accounting standards
• Monthly and Quarterly Balance Sheet analysis and variance review: Ensures that all balances in the statement of financial position are fully reconciled and supported with necessary document, reviews recoverability of assets and aged recoverable with action plan to recover. Liabilities are also reviewed for completeness and settlement plan
• Monthly and quarterly review of income statement and analysis to monitor management target and evaluate performance indicators
• Optimized financial resource allocation by conducting in-depth variance analysis and adjusting spending plans according to evolving business needs.
• Monthly Financial management report on taxes, intercompany transactions, litigations and follow up on open aged items with respective stakeholders.
• Operating Expenses (Opex) Control: Implements cost-saving initiatives, identifying areas for improvement in resource allocation and utilization.
• Ensures end-to end financial reporting quality including compliance with appropriate local, international, and regulatory standards

Compliance and Risk Management

• Ensures all financial activities comply with federal, state, and local regulatory laws and rules for financial and tax reporting purposes
• Leads the development of risk management strategies to identify and mitigate financial risks across operations
• Oversees tax planning to optimize the company’s tax position and compliance with relevant laws
• External Statutory Audit Management: As the lead finance and accounting executive, I oversee and coordinate the timely completion of statutory audit
• Ensuring the team provide the necessary schedule and respond to queries raise by auditors
• Provide adequate explanation that ensures enough comfort for the auditor and relates with the partner for timely completion
• Monthly Reviews and approval monthly VAT and WHT tax, PAYE, and other statutory remittance to government
• Monitors and oversees the implementation of new legislation/ standards to ensure compliance with the appropriate authority
• Internal Control Reporting: Ensures team compliance with monthly, quarterly, bi-annual, and annual Sox reporting
• Reviews evidence attached in the control folder to ensure it meets the standard company requirement as contained in the control catalogue and suggests area of improvement
• Internal Audit Management: Responds to internal audit queries and coordinate timely completion of all internal audit defect with the relevant stakeholder

Corporate and Stakeholders Engagement

• Regulatory audit management: Coordinates and liaises with relevant federal and state tax authority to close open regulatory audit at minimal exposure
• Collaborate with the Managing Director and other senior management members to align financial strategies with company objectives
• Ensures adequate controls are put in place to ensure strict compliance with the regulatory authorities
• Coordinate the services of all outsourced function with the respective Service provider to ensure quality and timely response to all issues
• Manages shared accounting services functions: Monitors and reviews KPI performance Account payable and receivable team and other shared services working with regional accounting team
• Manage treasury functions, including cash flow planning, liquidity management, and financial risk mitigation
• Monitor and analyze cash flow, cost controls, and expenses to guide senior management decisions

Other Operational Responsibilities

• Participates in key strategic decisions making as a member of the Country Management Team
• Provides strategic direction and mentorship to unit heads, including Tax and Treasury, Credit Control, Revenue Assurance and Billing, Financial Reporting, and Asset Management
• Fosters a collaborative and high-performance culture, ensuring team alignment with organizational goals
• Recommend initiatives to enhance financial performance and seize business opportunities
• Provide timely day – to- day professional finance and accounting support and advise to business finance team
• Reviews and approve monthly payroll journal and issue resolution with People Organization Team
• Account Payable management and Issue resolution, manages escalation of all vendors
• Periodic review and management of Account Receivable
• Provides required leadership support for team member
• Annual Development Review for team Members
• Board member Nokia Solutions and Networks Nigeria Limited

Key Achievement In Current Role

• Successfully implemented financial planning and analysis frameworks that drove business growth and improved company’s profitability
• Developed and managed budgets and forecasts that helped with informed strategic business decisions to turn the business positively around
• Built and managed high-performing finance teams, providing coaching, mentoring, and development opportunities to team members
• Successful implementations and setting up of Nokia Ethiopia Finance Operations: Nokia in 2021 regained entrance into Ethiopia and I led the setting up of the finance team in Ethiopia and was part of the leadership team that set up the overall business operations for Nokia in Ethiopia.
• Successful closure of FIRS Tax investigation with an initial liability of over 140m EUR: The tax investigation was finalized with little or no cash tax payment, thus saving the company a huge tax liability.
• Facilitated smooth integration of Alcatel- Lucent Nigeria into existing Nokia operations by leading post-merger harmonization efforts, ensuring a seamless transition for all stakeholders.
• Clearing unsubstantiated liability: Prior to my appointment as the Country Finance and Accounting Manager, we have open POs of Goods Received without vendors invoices of about 1000 (PO counts) with Value of over 1000k EUR above 365 days, making the entity to be recording huge accruals in the books. These Items were cleared through detailed vendor reconciliation before my one-year anniversary on the role, making Nigeria one of the first Country in the whole of Middle East and Africa to achieve this.
• Successful closure of 2009 to 2012 LIRS Audit Assessment: Prior to 2014 the company has open LIRS audit of 2009 to 2012 with liability of about 10M EUR. The audit was closed with no additional liability.
• Statutory Audit: Completion of all pending statutory Audit of Nokia Nigeria : Prior to my appointment, the company has backlog of 3 years audit, this has been fully closed and the company records are up to date with both revenue and regulatory agencies
• Operating Expenses Reduction initiatives without disruption to business: During the period, I have been able to lead various operating expenses reduction initiative with no business disruption
• Team lead, for closing WHT receivable from Airtel wrongly issued in favour of Siemens worth 2.8M EUR

• Managed the Account Payable side of the balance sheet for Nokia Siemens Networks Nigeria Limited with monthly ageing report to Country controller
• Handled daily Vendor Payment with monthly Reconciliation with all Trade Creditors
• Constantly post and match all local bank transaction from the Electronic Bank statement to the respective vendor account and clear same to reduce the company’s liabilities
• Provided support to auditors and help in preparation of schedules, spools and query resolution
• Prepared monthly cash flow plan for the company
• Handled monthly Payroll posting from HR Team and payment of staff benefit, Pension and PAYE
• Payroll analysis monitoring and problem resolutions
• Maintained Local Bank Accounts for Nokia Siemens Networks Nigeria Limited with monthly bank reconciliation
• Managed operating expenses for Nokia Siemens Networks Nigeria Limited

• Cash flow planning: Prepared monthly cash flow plan for the company
• Handled monthly analysis of trade receivables with aged analysis and plan on collection
• Maintained Local Bank Accounts with monthly bank reconciliation for the Business controller
• Handled monthly account closing activities to ensure accuracy of periodic reporting
• Processed claim and advances and ensured quality check and archiving for audit purposes
• Handled daily Vendor Payment with monthly Reconciliation with all Trade Creditors
• Provided support to auditors and help in preparation of schedules, spools, and query resolution

• Processed invoices from vendors for both Nokia West Africa and Nokia Siemens Networks Limited; applying appropriate VAT and WHT rates and SAP codes
• Scanned and uploaded all vendor invoices for both Nokia West Arica and Nokia Siemens Networks Limited to Account Payable portal for posting
• Handled staff Travel cash advance Posting and payment for Nokia West Africa and Nokia Siemens Networks Nigeria Limited with monthly staff advance report
• Posted and paid staff’s expense claim for Nokia West Africa and Nokia Siemens Networks Nigeria Limited
• Referenced and archived all posted invoices for Nokia Siemens Network Nigeria Limited
• Handled Monthly petty cash posting and monthly reconciliation

• Team member of various statutory audit engagements
• Verification and testing of internal control systems and internal checks
• Vouching of transactions, discussing with managements and team members on audit issues
• Assistance in preparation of final accounts for various clients
• Handling of tax computation – income tax, PAYE, VAT and Withholding Tax
• Filing of annual income tax returns for clients
• Processing Tax clearance certificates for clients and liaison with various Tax Authorities