Majora Somba Email & Phone Number

Detroit, Mi, Us

 Led financial strategies for an agribusiness start-up with a projected annual spend of USD 45 million, planned shareholder bridging finance of USD 3.4 million. Developed and implemented policies for the finance department, setting up function structure and securing board approvals. Managed risk assessments, creating comprehensive risk registers to identify and mitigate financial threats. Provided company secretarial function to the business.

London, London, Gb

 Managed a diversified funding base of USD 3.2 million, including partnerships with KIVA Microfunds, Grameen Foundation, Global Partnerships Social Investment Fund, Lendwithcare, SIDI. Directed budgeting processes, aligning with strategic goals and improving cash management to minimize liquidity risk. Led the creation of a product performance tool that enhanced decision-making at the senior management level. Improved quality of Board information as Company Secretary.

Blantyre, Southern Region, Mw

 Spearheaded financial reporting for a bank with a balance sheet of USD 463 million, and annual profitability by USD 19 million. Led development and enforcement of internal control protocols for financial reporting as well as external and internal audit coordination, ensuring compliance with IFRS. Managed tax compliance and led finance team. Led IFRS 16 implementation and adoption by developing external audit and management approved lessee accounting model.

Mw

 Played a key role in recapitalizing the bank, securing USD 1.7 million and reducing operating costs by USD 4.6 million. Championed cost-cutting initiatives through effective expense management, aligning with CEO objectives and optimizing operational efficiency (reduced operating cost base by USD 4.6 million from USD 7.9 million to USD 3.3 million). Played a key role in the financial integration process during the bank’s merger with First Capital Bank plc, ensuring seamless regulatory compliance. Developed a robust product pricing model for all banking products, enabling agile decision-making in response to market dynamics, enhancing competitiveness and profitability.

 Pioneered the establishment of the finance function for New Finance Bank (initial owner shareholder funds of USD 5 million), defining systems, departmental roles, and correspondent bank relationships, enhancing operational efficiency and regulatory compliance. Implementation of a formal payroll process across the entire bank, ensuring accuracy and timeliness in payroll management. Led accounting and treasury teams, optimizing financial operations and bolstering financial controls. Presented comprehensive financial reports to the board, facilitating informed decision-making and strategic planning. Reported directly to the CEO and Chairman, providing strategic financial guidance and contributing to organizational growth and success.

Blantyre, Malawi, Mw

 Managed budgeting for a public sector entity with a USD 27M opex and USD 13M capex budget, and headcount of 900 employees. Directed a team of 23 members to complete external audits within statutory timelines, achieving unprecedented efficiency in the public sector. Directed a team of 7 members in the management accounting department, ensuring streamlined operations and accurate financial reporting. Implemented a revised management reporting framework, aligning it with organizational KPIs to facilitate data-driven decision-making by senior management. Orchestrated the timely completion of external audits, resulting in the Authority achieving audit opinion signoff within statutory deadlines for the first time. Led the preparation and coordination of monthly financial reports for the entire authority and divisional units, ensuring consistent and timely reporting for the first time in the Authority's history. Coordinated the preparation and monitoring of annual operating expenditure budgets totalling US$27 million and capital expenditure budgets totalling US$13 million, optimizing resource allocation and financial planning.

Blantyre, Mw

 Spearheaded the establishment of the finance function at CDH Investment Bank, including defining systems, departmental roles, and financial reporting protocols, ensuring efficient operations from inception. Provided leadership to a team of 6 finance professionals, ensuring accountability in financial reporting and analysis. Oversaw the preparation and presentation of monthly financial reports, facilitating informed decision-making by senior management and the Board. Played a key role in shaping the bank's strategic direction as a member of the ALCO and EXCO, contributing valuable insights to drive financial performance and growth initiatives. Managed payroll processes, ensuring accuracy and compliance with regulatory requirements, and obtaining CEO signoff, ensuring smooth payroll operations.

Lilongwe, Mw

 Facilitated mid-term budget reviews, revised estimates, and engaged in monthly and quarterly forecasting, ensuring alignment with corporate guidelines. Led the budgeting and forecasting process for the CIB unit and the entire bank, ensuring alignment with strategic objectives and facilitating informed decision-making by senior management and stakeholders. Directed financial reporting for the Corporate and Investment Banking (CIB) unit, a pivotal contributor to 90% of the bank's profitability (total bank profitability of USD 25 million). Spearheaded the monthly management reporting for the entire bank, providing comprehensive insights into financial performance and key metrics.

Gb

 Led external audit teams covering investment funds (domiciled in the Cayman Islands or the British Virgin Islands, mainly reporting under IFRS), ensuring IFRS or UK GAAP compliance. Mentored staff to achieve engagement, annual, and career goals, fostering a culture of continuous development and achievement. Managed teams of up to 20 professionals, defining roles, setting goals, and ensuring performance alignment with organizational objectives.

Georgetown, Grand Cayman, Ky

 Worked on hedge fund clients (mainly reporting under IFRS and US GAAP. Structured as master-feeder funds and fund of funds, employing various investment strategies), ensuring IFRS or US GAAP compliance. Conducted comprehensive audit fieldwork and gathered evidence to facilitate Manager review and Partner signoff, ensuring accuracy and compliance with regulatory standards.

Toronto, On, Ca

 Led external audit teams across diverse sectors (varied sector clients-tobacco processing, retail chain, shipping, transport, UN agency, donor projects, microfinance, agriculture, parastatals, SOX engagements for local subsidiaries of SEC listed parent companies), ensuring IFRS compliance or preset guidelines, and identifying control weaknesses for rectification. Mentored staff to achieve engagement, annual, and career goals, fostering a culture of continuous development and achievement. Delivered comprehensive staff training on audit methodologies, International Financial Reporting Standards (IFRS), and firm values, fostering a culture of continuous learning and professional development. Facilitated knowledge transfer and skill development by coaching a team in Zambia on managing a Sarbanes-Oxley (SOX) engagement for a subsidiary of a US-listed company, strengthening the firm's expertise and service capabilities.

Fcca

Accounting Technician Diploma

Bsc Civil Engineering

O-Levels

Cma Candidate