Citibank Nigeria Limited (CNL) was incorporated in Nigeria on May 2, 1984 and the oldest international bank in the country. It provides a wide range of financial products and services to corporate and commercial customers, financial institutions and public sector organizations. It offers deposit and loan products, global transaction services, cash management, sales and trading, corporate finance and investment banking products.
The company was formerly known as Nigeria International Bank Ltd and changed its name to Citibank Nigeria in 2008. Today it employs about 300 people and operates 12 branches in Lagos, Abuja, Port Harcourt, Warri, Kano, Bonny, Aba, Lanlate and Ososa. As at December 31, 2016, it had over NGN 600 billion in total assets. Citibank Nigeria is owned by Citibank Overseas Investment Corporation, a subsidiary of Citibank N.A. (USA).
Sub Saharan Africa Treasury and Trade Solutions (TTS SSA) team are looking for suitable candidate to fill the position of Nigeria TTS Head. This Product Performance Management Senior Specialist is a strategic professional who keeps abreast of developments regional and global in order to contribute effectively to the directional strategy of the franchise.
Nigeria as a country is a key regional player in West Africa, accounting for over 50% of the population. It is considered an emerging market with notable opportunities in the expanding sectors of manufacturing, communications, technology and financial services. The economy at present is experiencing a number of hits – rising inflation, elevated unemployment, security challenges and social tensions. GDP contraction has been estimated at 3.62% based on the collapse in oil prices and overall impact of the pandemic. The economy is currently faced by tight FX liquidity with the Naira at 380/$1. The situation is however set to improve with the expectation of an incline in oil prices
Citi’s TTS business in Nigeria ~$80 million business split between Cash and Trade (60:40 mix), with the potential to grow to $100+ million over the next few years. The business consists of 350 global subsidiaries names our GSG business, 40+ local corporates inclusive of public sector clients and 15 Financial Institutions.
This senior country management role focuses on running the TTS business in Nigeria with a team construct of 17 individuals reporting into the position. As a result of new business opportunities in the market, the role will be responsible for running a number of strategic initiatives such as integration with financial market infrastructure (Fintech, Payment Intermediaries), partnership with digital names, enhanced public sector presence and developing a robust client strategy coupled with our Digital First offering.
The TTS Nigeria Head position reports directly to the TTS Sub Saharan Head with a matrix reporting line to the Nigeria Chief Country Officer role. As a member of the TTS SSA Managing Committee, the role will be incharge of successfully developing and executing the strategy and plans for sustainable growth of the TTS franchise in Nigeria.
Additionally, this role is a member of the Nigeria Managing Committee (Nigeria ManCom), with involvement in Citi’s Country Committees (CCCs) within the sub-cluster. The role shall also offer guidance to the regulatory ecosystem in the region and will ensure fulfillment of a number of local regulatory roles as required.
The role holder will lead and work with the local TTS Country Heads and product managers, in delivering the strategy for the sub-cluster in alignment with the wider cluster strategy. The TTS Head must achieve collaboration and alignment across all stakeholders, effectively managing a large domestic product team across all TTS products (Cash and Trade) and functions in the country. A thorough understanding of the TTS products, Clients, Operations and Technology, and Controls and a strong understanding of Asset and Liability management and Risk policies within Citi will be an important asset.
The role requires basic commercial awareness and developed communication and diplomacy skills in order to guide, influence and convince internal teams and external customers for buy in towards optimal returns commensurate with the best interest of shareholders, customers, employees and the public, underpinned by the highest standards of risk management and governance. Managing operational risk and related controls is a critical part of the role, as is the delivery of results with adherence to stringent regulatory, risk and controls, against all legal and compliance requirements and with the highest level of ethical standards.
- Strategic Leadership and Direction: Develop and implement short and long-term strategy for TTS business in Nigeria to achieve financial growth targets and business returns, ensuring expansion of market and client wallet share and a broadening of the product solutions in line with TTS global strategy, EMEA regional objectives and SSA cluster strategy.
- Build a strong network internally and externally and effectively compete with traditional global and local banks and non-bank transactional service providers (including digitally enabled Fintech and non-bank payment aggregators) through superior client propositions and innovative solutions. Develop a response to the increasing digitization and disruptive trends of the industry in East Africa, with special consideration to the innovation initiatives within Citi.
- Partnership across product disciplines to ensure that the overall business strategy is well defined and articulated to all key stakeholder such as CCO’s, BCMA and TTS teams, operations and technology as well as second line and third line partners.
- Manage transactional P&L through business drivers, and profitability ratios. Analyze vertical/product specific P&L’s to ensure goals are being met
- Provide a low cost liability base for the business by leveraging our international strength and product capability. Manage and grow the trade asset portfolio within the appropriate risk appetite and frameworks. Provide structured solutions to mitigate some of the credit and cross border risks. Ensure return and risk hurdles are met.
- In coordination with TTS regional and cluster teams and other Business and Product Heads ensure the deployment of optimal TTS products and services for client needs and business growth in East Africa.
- Together with internal teams, gather market intelligence and develop market sizing initiatives to identify new/ emerging market segments and product offerings with special focus on the Public Sector, FI and NBFI and Fintech segments
- Represent customer alignment on product development features, functionality and overall competitiveness. Together with marketing teams in the cluster, refine and produce sector specific material to arm sales teams with the right tools for necessary growth of the business
- Build internal consensus and awareness of value propositions throughout the franchise and organization
- Provide leadership to the local TTS and BCMA team in advancing relevance, advice, insights and solutions to the client-base and in execution of the client experience initiatives to drive the ‘Be the Best for our Clients’ vision.
- Promote an inclusive and ethical culture, engaging employees in our strategy and the highest standards of conduct that underpin it.
- Drive an effective talent strategy, ensuring appropriately skilled and experienced individuals are in place for critical roles, developing the next generation of leadership in product and functional roles, and making progress towards Citi’s gender representation and diversity goals. This position may mentor and coach team members towards building a bullet proof talent pool
- As TTS Head, serve in the relevant management and governance committees such as the Management committees, ALCO, BRCC and local regulatory roles. Ensure engagement and alignment with key industry bodies providing insights and acting as a spokesperson for Citi’s views and perspectives.
- Foster good working relationships with the various regulatory bodies, supervisors and policy makers in the region.
- Be responsible for effective risk management and controls of the TTS business in the cluster including franchise, credit, operational, conduct and compliance risks.
- Leading in a complex business environment, driving for innovation , exposure to senior players in regulator and finance market in Nigeria, leading a seasoned team.Positions for furthe growtih to MD position in cluster or in region.
Knowledge / Experience
- Minimum of 15 years of Post-Graduation Work Experience.
- Minimum of 12 years of experience in Banking.
- Minimum of 2 years as DGM/VP with experience in at least 3 three (3) major areas of banking operations.
- Deep Treasury and Trade Solutions product set knowledge and country management experience
- Work experience within Nigeria and/ or Sub Sahara Africa and similar markets
- Clear ability to articulate and translate global/regional strategy.
- Managing teams in a matrix organization.
- Relationship/stakeholder management with both internal and external stakeholders.
- Experience in leading corporate governance frameworks.
- Exceptional speaking and written communication skills.
- Strong listening skills and ability to influence key stakeholders.
- Exhibits credibility, flexibility and authenticity when communicating with clients, employees, internal partners, regulators, media, and other key stakeholders.
- Proven track record of developing and executing business growth strategies
- Client-Facing and Relationship Management Skills
- Builds strong and lasting relationships with clients and partners.
- Navigates internal and external networks to drive value for clients and the Firm.
- Demonstrates sound knowledge of Citi’s core product range
- Identifies cross-sell / multi-product solutions that optimize client experience and meet Citi’s RORC targets
- Inspires and informs through all communications, written, verbal or virtual
- Leverages social media and digital solutions as appropriate
- Generates new customer value propositions by identifying unmet customer needs
- Familiar with innovation strategies
- Risk, Finance and Controls
- Familiar with Citi’s risk culture, risk and finance frameworks and their application at a legal entity, cluster and country level.
- Sound understanding of credit, interest rate, liquidity, operational, reputation, strategic and compliance risk.
- Sound understanding of capital allocation and the management of liquidity.
- Promotes and embodies a culture of a strong control environment.
- Demonstrates ability to generate, evaluate and execute optimisation strategies
- Governance and Culture
- Familiar with Citi’s franchise governance framework.
- Creates alignment between the global strategy and local execution, while balancing resources among front, middle and back offices.
- Ensures timely issue escalation.
- Strengthens relationships with external stakeholders, including regulators.
- Understands the importance of local corporate governance requirements with the legal entity boards and management, where applicable, and with outside directors.
- Demonstrates inclusive leadership and commitment to diversity.
- Is able to articulate the organisational culture and adapt it to the local context
- Holds self and others accountable to working in a manner that is team oriented, collaborative and responsible.