Trade Finance Executive at Ascentech Services Limited

Ascentech Services Limited is a full-fledged Human Resource Solution Provider incorporated in 2013 with its Head Office in Lagos, Nigeria. We are committed to forging long-term partnerships with our clients by creating and delivering robust and flexible services that address the changing needs of their business through our core offerings.

We are recruiting to fill the position below:

Job Title: Trade Finance Executive

Location: Ikeja,  Lagos

Responsibilities

• e-Form ‘M Coordination: - Registration, validation, amendment, cancellation, extension and substitution for Letters of Credit, Bills for Collection and Not Valid for Forex e-Form ‘M’
• Thorough engagement with banks on letters of credit from the point of initiation to conclusion
• Responsible for monitoring other mode of payments such as bills for collection and Not-Valid-for -Forex until fund is confirmed received by the beneficiary.
• Review of pre- and post-negotiation interest charges on letters of credits against unscrupulous debits and recover excess charges if any.
• Review transaction charges such as LC commission, bills for collection commission, swift charges, amendment charges etc.
• Review all trade documentation to ensure completeness and compliance
• Manage interactions with banks on trade-related transactions.
• Prompt resolution of trade issues such as delayed transaction processing, problematic transactions, rejections and fast-tracking release of shipping document for consignment clearance at the port.
• Periodic review of banks’ current account statements with respect to trade transactions and recoup excess charges if any.
• Reconcile account statements such as Collateral, advance payment guarantee, fixed deposits, domiciliary and other designated accounts. All appropriate entries are also passed.
• Reconcile the company’s overseas accounts including our accounts with overseas subsidiaries and advises the CFO on the activities flow.
• Communicate with overseas suppliers concerning international standards and best practices in accordance with International Chambers of Commerce (ICC) and statutory local regulations.
• Manage overseas suppliers’ enquiries regarding trade finance.
• Coordinate reconciliation of overseas suppliers’ accounts to ensure receipt of items paid for.
• Maintains letters of credit register to ensure all established Letters of credit transactions are completed within its validity period and reconciles outstanding shipments, excess shipments, shortfalls in payment, shortfall and/or excess foreign exchange allocations.
• Periodic report on all trade finance related obligations for internal use.
• Keep records of all bank loan obligations and the respective repayments schedule. Also passes appropriate entries in accordance with the repayment and interest schedules.
• Relates with the procurement unit on the overseas purchase needs and proffers required financing guide.
• Keep updates of new regulations from all relevant regulators.
• Liaise with relevant authorities such as Nigeria Customs Service, Central Bank of Nigeria etc. on trade-related issues and approvals.
• Keep records of the company’s investment portfolio such as capital importation, treasury bills and advises on the appropriate derivatives contract to be booked.
• Review import finance facilities from the banks and advise the CFO appropriately for management approval.
• Management of consignments insurance with the respective insurance firms.
• Manage the trade finance team.
• Other responsibilities as may be assigned by the CFO.

Job Requirement

• Candidates should possess relevant qualifications.

Application Closing Date
9th November, 2022.