DANIEL NJENGA
Finance and Accounting
Nairobi,30
Summary
- Extensive experience in cashflow management, budget and forecasting, debt structuring, fundraising, regulatory affairs, and group financial reporting and analysis
- A knowledgeable leader with a proven record of risk assessment, administrative quality, financial expertise, and achievement; instrumental in creating an environment of quality control process improvements that result in compliance, profitability, growth, and risk mitigation measures.
- Ability to make decisions when identifying; monitoring and measuring any risk that could negatively impact the Business.
- Diverse professional development including assurance, financial reporting, financial analysis, and application of International Financial Reporting Standards (IFRS) and International Standards of Auditing (ISA).
Overview
13
13
years of professional experience
12
12
years of post-secondary education
Work History
Group Finance Controller
Transcentury Plc
07.2021 - Current
- TransCentury Plc is an Investment Holding Company, with a focus on Infrastructure specifically in the Energy, Transport, Water, Industrial, and Agriculture sectors
- The Company is listed on the Nairobi Securities Exchange (NSE) and has investments across East, Central, and Southern Africa
- Http://transcentury.co.ke/
- Responsibilities: Overall responsibility to manage the Group's Financial Accounting function in the implementation of the Group's finance strategy
- My key roles are cash flow management, corporate treasury, tax planning, budgeting and forecasting, financial reporting and analysis, risk and compliance reviews, technical accounting, financial modeling, capital and debt structuring, and fundraising
- Achievements and Key Responsibilities
- Finance Reporting
- Lead the monthly and quarterly book close ensuring that the monthly tasks are done as per the scheduled timelines
- Monitoring of the Group’s financial performance and reporting to key stakeholders (i.e., Board of Directors, lenders, investors among others)
- Have overall financial management responsibility including the review and approval of monthly, quarterly, and annual financial reporting materials and metrics for the CFO/CEO and Board of Directors
- Coordinate with subsidiaries on the quarterly group reporting in terms of correct inputs into the Microsoft AX including an update of all the schedules
- To ensure that this is done within the group timeline
- Operational and Financial Controls
- Coordinate and manage the annual company and group external and internal audits
- Design and implement an accounting framework to outline a long-term financial outlook, backed by financial data that will inform strategic decisions and guide the subsidiaries on risk management
- Developed capacity for technical accounting involving IFRS and regulatory compliance across the group
- Proactively analyze financial information and provide input to the CFO on decisions that will create sound financial principles for the business
- Successfully managing suppliers and debtors to ensure that the cash flow requirements are met with a leading role in managing banking, legal, and regulatory relationships
- Support in the development and monitoring of the Capital Structures for TC PLC and its subsidiaries and monitoring the adherence to bank covenants
- Investment and Treasury Management
- Offering treasury support to the operating Business Units to optimize cash across the Group
- Preparation and maintenance of the rolling cash flow forecasts for the Business Units and Group
- Preparation and presentation of monthly and quarterly treasury reports to management
- Successfully raised through the rights issue USD 10 million- cash injection and debt
- Lead role in significantly reducing the cash conversion cycle for the manufacturing and trading operations by developing and implementing working capital management policies
- E.g
- Receivables reduced from 180 to 90 days and inventories from 180 to 60 days
- Planning and Budgeting
- Development and management of the Company's and Group's annual business budgets
- Develop and articulate the Transcentury financial strategy aligned to key focus areas in close consultation with the Head of Finance and Senior Management
- Design, development, and implementation of Group corporate strategy (2022- 2025)
- As a member of the operations committee, I am involved in deliberations on short-term and long-term operations strategies
- Develop financial model(s) including multi-year forecasts to ensure the company meets its strategic goals while maintaining long-term financial health
- Tax and Regulatory Compliance
- Lead role in the group tax planning and compliance of the portfolio companies in different jurisdictions
- Successfully liaising with Capital Market Authority (“CMA”), Nairobi Securities Exchange (“NSE”) and Central Depository and Settlement Corporation on the various transactions
- Active monitoring of changes in tax legislation and ensuring compliance
- Timely implementation of internal and external audit recommendations
- Leadership and Team development
- Promote and foster a culture of professional growth of a highly qualified team of finance professionals through effective feedback, succession planning, coaching, and professional development in alignment with Transcentury values and belief in justice, diversity, equity, and inclusion; contribute to further building the finance team and designing its structure to support scale
- Developed the Finance Department through; the Financial Accounting and Management/Financial Reporting department
- This involved recruitment, developing staff, staff appraisal, and operating systems.
Risk and Compliance Manager
TransCentury Plc
01.2017 - 06.2017
- Achievements and Key Responsibilities
- Appropriately assess risk when business decisions are made, demonstrating consideration for the firm's reputation and safeguarding Transcentury Group, its clients, and assets, by driving compliance with applicable laws, rules, and regulations, ensuring adhering to Policy, applying sound ethical judgment, conduct, and business practices, and escalating, managing, and reporting control issues with transparency
- Lead risk management planning including the preparation of detailed risk work plans for each department, country, and field office in coordination with the CFO, Regional CEO, and the Finance and Audit Committee, with the scope, objectives, and procedures based on an evaluation of applicable risks
- Oversight of the management of, Operational risk, Liquidity risk, Market risk, innovations and new products, and other relevant risks within Transcentury PLC, ensuring compliance with policies and procedures as defined by the various constitutions in different jurisdictions where TC PLC is present
- Develop management audit approaches to address risks and promote operational effectiveness
- Assess internal control systems to ensure compliance with established policies and procedures
- Mitigate key risks affecting the market identified because of the leadership risk assessment
- Conduct testing and analysis of specified areas identified in the work plan by carrying out interviews, reviewing processes, and using samples and other data to ensure compliance with organization policies and procedures and best practices
- Able to understand, engage, and provide value-add recommendations on all institutional dimensions including development programming, financial management, asset management, operational processes, and human resources
- Develop tools to track risk and audit data and ensure that follow-up actions are performed as agreed and promptly
- Draft risk assessment gaps and dashboards for leadership which communicate insights and practical recommendations
- Monitor the design and effectiveness of remediation activity and report on its progress to market and subsidiaries (Finance, Commercial, Compliance, Legal and Human resource)
- Execute projects and prepare clear succinct working - paper documentation linking risks identified to control testing and audit results to support audit and risk procedures performed and findings noted
- Advise and assist the business on change initiatives, while advancing integrated risk and compliance concepts and technology adoption
- Apply an in-depth understanding of risk management, risk assessment, Internal Audit standards, policies, and technology to a specific product or function within the group
- Maintaining and developing awareness of risk issues and changes across the Transcentury Group and delivering periodic training to process owners on risk management and mitigations
- Keeping abreast of regulatory changes, new regulations, and internal policy changes to further identify new key risk areas
- Reporting on the status of the TransCentury PLC risk profile and risk practices (comprising operational, compliance, legal, credit and liquidity risk and other material risks.
Group Senior Internal Auditor
TransCentury Plc
09.2014 - 12.2016
- Deliver timely and meaningful audit outputs in alignment with the Core Audit Process (or other assurance products as required), providing a holistic view of risk management in language the business understands
- This includes not only identifying gaps in control and risk management but also good practices and insights to be shared and leveraged more broadly across Transcentury Group
- Strategic Advisory Role: Provide ongoing advice to management on accounting, reporting, control, and compliance matters, offering guidance to prevent costly errors and irregularities
- Fraud Prevention and Evaluation: Evaluate the adequacy of the organization's fraud prevention strategies, including a review of fraud control policies and procedures, and recommend enhancements as necessary
- Board Reporting: Report periodically to the Board of Directors through the Board Audit and Compliance Committee, presenting audit results and offering recommendations in line with the internal audit charter and annual audit plan
- Audit Standards Adherence: Ensure that audits conform to professional standards and that financial statements align with applicable accounting standards regarding presentation and disclosures
- Planned and performed ongoing financial and operational audits for all construction projects, Revenue Accounting with a focus on accuracy, relevance, and timeliness of revenue recognition and intercompany settlements
- Compliance Assessment: Evaluate internal control systems to ensure compliance with policies, plans, procedures, laws, regulations, contracts, and ethical business conduct
- Develop and Implement Audit Strategy: Develop a robust risk-based audit and compliance testing strategy to proactively identify and address potential risks and issues
- Establish, implement, and enforce a robust risk management framework and systems in line with the Guidelines/instructions from the regulators and the Board Audit committee
- Evaluating systems of internal controls, reviewing administrative and operational procedures, and identifying problem areas, control concerns, and management issues as well as providing practical recommendations
- Provide leadership, and manage the performance, growth, and development of staff, ensuring they meet their objectives and support the organization's strategy
- Successfully implemented audit software in Teammate AM 12.2 and Subsequent Upgrade
Financial Accountant/Financial Analyst
Dry Associates Investment Bank, DAL
01.2011 - 08.2014
- Https://www.dryassociates.com/ ] Dry Associates has been active in corporate finance
- Working with corporations in Kenya, developing debt instruments such as Commercial Paper, Corporate Bonds, Convertible Bonds, and similar debt instruments to meet the financial requirements of growing businesses
- Achievements and Key Responsibilities
- Financial statement preparations and keeping proper accounting records that adhere to International Financial Reporting Standards
- Investment analysis and investment advice specialized in income securities, commercial papers, Bonds, Offshores (Franklin Templeton Investments), and Stocks
- In charge of audit and statutory reporting which includes the preparation of financial statements for the company and publishing of the results in the printed media
- Ensure the Business complies with various regulations from various regulators
- Preparation and enforcement of budgets and other financial estimates including the development of financial models for the business units
- Timely remittance and monthly filing of statutory deductions (VAT, NHIF, NSSF and PAYE)
- Company taxes i.e., Withholding tax, Installment taxes, and corporate tax
- Maintenance of fixed deposits and call deposit registers
- Accounts payable and Receivable and Portfolio management
Education
Master of Science - Finance
Jomo Kenyatta University of Agriculture and Technology
01.2014 - 01.2017
Qualified as a Certified Public Accountant of Kenya (C.P.A-K - undefined
Strathmore University
01.2009 - 01.2012
Bachelor of Commerce (Accounting) - undefined
Jomo Kenyatta University of Agriculture and Technology
01.2008 - 01.2011
undefined
Pursuing a Certified Investment and Financial Analyst currently (CIFA) in Section 4 - undefined
Kairi High School
01.2004 - 01.2007
ADC - Agriculture
Development Cooperation
1 1 - 1 1
Skills
Computer Knowledge and Skillsundefined
Affiliations
- Member, Institute of Certified Public Accountant of Kenya (ICPAK) No.11734 since year 2013
- Associate Member of -Association of Certified Fraud Examiners (ACFE) Member No.956051
Accomplishments
- Various Training by the Association of Certified Fraud Examiners (ACFE)
- Various Training by ICPAK and IIA-Kenya
- International Financial Reporting Standards Training: - The training covered the audit aspects of IFRS
- Teammate Training Suite by Walter Kluwer
- Major Publication:
- Published a Journal on the effects of Technological Innovation on the financial performance of Commercial Bank in Kenya ISSN: 2456-7760 https://www.ijebmr.com/link/75
- Published in International Journal of Economic, Business and Management Research
- Regional knowledge having worked in various countries, notably
- Kenya, the Democratic Republic of Congo (DRC), Rwanda, South Africa, South Sudan, Tanzania, Uganda, and Zambia
Additional Information
- 2 | Page
Timeline
Group Finance Controller
Transcentury Plc
07.2021 - Current
Risk and Compliance Manager
TransCentury Plc
01.2017 - 06.2017
Group Senior Internal Auditor
TransCentury Plc
09.2014 - 12.2016
Master of Science - Finance
Jomo Kenyatta University of Agriculture and Technology
01.2014 - 01.2017
Financial Accountant/Financial Analyst
Dry Associates Investment Bank, DAL
01.2011 - 08.2014
Qualified as a Certified Public Accountant of Kenya (C.P.A-K - undefined
Strathmore University
01.2009 - 01.2012
Bachelor of Commerce (Accounting) - undefined
Jomo Kenyatta University of Agriculture and Technology
01.2008 - 01.2011
Pursuing a Certified Investment and Financial Analyst currently (CIFA) in Section 4 - undefined
Kairi High School
01.2004 - 01.2007
undefined
ADC - Agriculture
Development Cooperation
1 1 - 1 1
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