Finance Division

The Finance Division manages the financial operations and activities of the refinery. The Division also keeps all the financial records of the company, makes financial projections for the company, monetizes all aspects of the company’s operations, and disseminates financial information to the stakeholders of the company.

To be able to discharge its responsibilities effectively and efficiently, the Finance Division has been organized into four (4) departments: Management Accounts, Payroll, Treasury and Financial Accounts

Management Accounts

Management Accounts department is responsible for the gathering of all cost data for the calculation of Total Production Cost which is apportioned into the cost of each product. The Department is also responsible for inventory management and control, preparation of corporate budget, variance and management reports.

Payroll

The Payroll Department is responsible for imputing payroll data, preparing payroll, and making payroll payments.

Treasury

Treasury deals with the cash management of the Refinery. It is responsible for the raising of funds and the investment of idle funds. It deals with the banks and is responsible for the establishment of a Letter of Credit for the procurement of crude oil and spare parts.

Financial Accounts

The department is responsible for preparing the monthly, quarterly, and annual financial statements of the refinery. It also deals with matters relating to taxation.