Developed standard operating procedures (SOP)

In my project with a sports betting brand that was part of an international group, I successfully facilitated the transition of the local finance operations from reliance on the UK office to full independence. This initiative addressed significant inefficiencies arising from differing systems and compliance requirements between Nigeria and the UK.

Project Overview

The project aimed to establish a self-sufficient finance team in Nigeria, thereby reducing operational inefficiencies and aligning financial processes with local regulations. The existing model, which centralized finance operations in the UK, was not only cumbersome but also hindered responsiveness to local market conditions.

Key Steps in the Project

Assessment of Current Operations: I began by conducting a comprehensive review of the existing finance operations managed by the UK office. This included evaluating workflows, compliance issues, and the specific needs of the Nigerian market (including taxation, local disclosure requirements, financial reporting and industry-specific taxes).

Identification of Gaps: The analysis revealed significant gaps in operational efficiency due to the mismatch between UK-centric processes and local requirements. This step involved engaging with local stakeholders to understand their challenges and needs better.

Development of Local Processes: Based on the findings, I designed tailored financial processes that complied with Nigerian regulations while still aligning with the broader objectives of the international group. This included creating new reporting structures and compliance protocols specific to Nigeria.

Implementation and Training: The new processes were implemented with a focus on empowering the local finance team. Training sessions were conducted to ensure that staff were well-versed in the new systems and could operate independently without reliance on the UK office.

Transition to Independence: Gradually, the local finance team transitioned to full independence, taking over all financial operations previously managed by the UK office. This included establishing their own financial reporting mechanisms and compliance checks.

Cost Reduction Analysis: As a result of these changes, I conducted an analysis that demonstrated a significant reduction in group-allocated costs associated with maintaining operations in Nigeria through the UK office.

Outcomes and Benefits

The project resulted in several key outcomes:

Operational Efficiency: By establishing independent local processes, operational efficiency improved significantly. The finance team could respond more quickly to local market demands and regulatory changes.

Cost Savings: The reduction in reliance on group processes led to decreased overhead costs associated with cross-border operations, making the Nigerian branch more financially viable.

Enhanced Compliance: Localized processes ensured better compliance with Nigerian regulations, reducing risks associated with non-compliance that could arise from using a UK-centric approach.

Empowerment of Local Team: The project fostered a sense of ownership within the local finance team, enhancing their capabilities and confidence in managing financial operations independently.

Conclusion

This project exemplified strategic financial reengineering tailored to address specific operational challenges faced by an international sports betting brand operating in Nigeria. By transitioning to an independent finance structure, I not only improved efficiency but also positioned the company for sustainable growth within the local market. The methodologies employed reflect best practices in process optimization and stakeholder engagement, showcasing my ability to drive meaningful change in complex organizational environments.