Inventory Control Accountant at Flour Mills of Nigeria Plc

Flour Mills of Nigeria Plc was incorporated in September 1960 as a private limited liability company, and commenced operations in 1962 with an installed capacity of 600 metric tons per day. The Company was converted to a public limited liability company in 1978, and its shares were subsequently listed on The Nigerian Stock Exchange. In its 54 year history, Flour Mills has remained at the forefront of wheat milling in Nigeria. The Company’s flagship brand, Golden Penny, remains one of the best known and the preferred brands amongst bakers, confectioneries and consumers in Nigeria. Flour Mills has invested over N25billion in milling infrastructure over the last seven years, to maintain its competitive advantage. Today, Flour Mills has a rated milling capacity of over 8,000 metric tons per day, making it one of the largest single site mills in the world. The Company’s flagship mill located in Apapa, Lagos comprises of 10 integrated mills. Each mill was designed as a multilevel operation in order to optimize the use of gravity in the sifting process, thereby reducing the energy requirements. In addition, the Company maintains dedicated mills to the processing of different wheat varieties to produce different flour types. This has ensured consistent quality of its products for 50 years. The Apapa Mill also boasts of modern silos with a storage capacity to 191,000 metric tons. Flour Mills has also made significant investments in power generation. The Company has 11 General Electric (GE) Jenbacher gas generators at its Apapa Mills, with a combined capacity of 30 megawatts. This has enabled the company to reduce the occurrence of production stoppages. In addition, the Company has a 30megawatt diesel plant at the same site to act as a backup in the event of any shortage of feedstock to the gas generators.
Purpose

To effectively monitor all inventory transactions relating to production materials, finished goods, engineering spares, and other stock items to prevent financial exposure and ensure accurate financial control of inventory within Flour Operations.

The Job 

Ensure all inventory transactions and stock transfers are correctly posted in the system.
Perform monthly reconciliation of inventory sub-ledger with the general ledger and resolve all variances.
Ensure adequate provision is made for stock losses and prevent prior-year adjustments.
Implement proper controls and approval processes for stock write-offs.
Monitor stock status to ensure correct item setup and accurate costing at all times.
Ensure there are no negative stock balances or incorrect inventory postings.
Monitor transit locations to ensure transfers are completed within standard timelines.
Reconcile manual inventory records with system records to ensure accuracy.
Prepare weekly and monthly inventory reports, including movement analysis and stock level reviews.
Ensure all spare parts transactions are correctly recorded and monitored.

Qualifications

B.Sc. / HND in Accounting, Finance, Economics, or related Social Science discipline.
Professional qualification (ACA /ACCA or equivalent) is required.
Master’s degree will be an added advantage.

Experience:

Minimum of 5 years’ experience, with at least 3 years in manufacturing finance or inventory control.
Experience in FMCG or manufacturing environment will be an added advantage.

The Person Must:

Have good interpersonal and communication skills
Possess strong analytical and problem-solving skills.
Have good knowledge of inventory control and manufacturing finance.
Be able to work under strict deadlines and reporting timelines.