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INTERNSHIP REPORT

O
Oluwaseun Babalobi

This document is an internship report from Babalobi Oluwaseun Ayokunle's internship at the National Petroleum Investment Management Services (NAPIMS) in Lagos, Nigeria from July 22nd to September 19th, 2015. The report provides an overview of NAPIMS and the work Babalobi did during the internship, which involved learning about the SAP accounting software system and assisting with tasks in the Finance and Accounts Department like reconciling bank statements. The internship experience helped Babalobi gain relevant skills and knowledge for their course of study in finance and career path in financial management.

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BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng INTERNSHIP REPORT National Petroleum Investment Management Services (NAPIMS). (A COPORATE SERVICE UNIT OF NIGERIAN NATIONAL PETROLEUM COOPERATION, NNPC). 36/38 Gerrard Road, Ikoyi, Lagos. 22nd July, 2015 19th September, 2015.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng TABLE OF CONTENTS INTRODUCTION OF THE REPORT. DESCRIPTION OF INTERNSHIP ASSIGNMENT. PROFILE OF NNPC / NAPIMS. OVERVIEW OF F.A.D (FINANCE AND ACCOUNT DEPARTMENT). OVERVIEW OF TREASURY. DECRIPTION OF WORK DONE. RELEVANCE TO COURSE OF STUDY AND CAREER PATH. RECOMMENDATIONS. ACKNOWLEDGEMENTS.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng INTRODUCTION OF THE REPORT This report gives an overview of my internship assignment at NNPC/NAPIMS office. It also analyses the enormous lessons & opportunities I have gained during my assignment. I would want to appreciate everyone that played a part to this assignment. God bless. DESCRIPTION OF INTERNSHIP ASSIGNMENT SAP速 Financial Accounting (FI) collects and stores business transactions in a way that satisfies external reporting requirements. Due to online integration within itself and with other modules, it allows managers to assess the financial position of the company in real time. It handles financial relations with vendors and customers, such as booking receivables and payables, sending and collecting payments, issuing dunning notices and account statements. Interface with banks (processing outgoing and incoming payments, posting bank statements) is also done within this module. Financial Accounting in SAP consists of: General Ledger Accounting (FI-GL) - the core of FI and of financials in general, providing the basic financial reports such as balance sheet, P&L statements or data for VAT returns. Due to its importance in the whole financial reporting structure, all "general settings" that are shared by all submodules (e.g., organizational structures, document types or posting periods) are described under this heading. Accounts Receivable (FI-AR) - all financial relations with customers. Accounts Payable (FI-AP) - all financial relations with vendors. Asset Accounting (FI-AA, formerly known as "Asset Management" FI-AM) - supports acquisition, depreciation and retirement of fixed assets. Bank Accounting - processing of bank statements.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng PROFILE OF NNPC / NAPIMS The National Petroleum Investment Management Services (NAPIMS) is a Corporate Services Unit (CSU) in the Exploration and Production (E&P) Directorate of the NNPC charged with the responsibility of managing Nigeria Government's investment in the upstream sector of the Oil and Gas industry. The objective is to enhance and maximize the margin accruing to the Nigerian Federal Government through effective supervision of the Joint Venture Companies (JVCs), Production Sharing Companies (PSCs) and Service Companies (SCs). We shall achieve our objective through adequate supervision of budgets and performance, as well as ranking of projects that give higher "returns on investment" to the Nigerian government. The cooperation also engage in direct exploration of the frontier and inland basins. Vision: To be a world-class portfolio manager of the Federal Government of Nigeria (FGN) investments in the Upstream Oil and Gas Sector. Mission Statement: To enhance the benefits accruing to the Federation from its investments in the Upstream Petroleum Industry, through effective cost control and supervision of the Joint Venture Contract (JV), Production Sharing Contract (PSC) and Service Contract (SC) Operations. Organizational Structure: NAPIMS is headed by a Group General Manager (GGM) who oversees the divisional General Managers (GMs) who are in charge of the Divisions, and report directly to the GGM. The GMs, in turn, oversee the departmental Managers, while the Departments are further sub- divided into Sections that are headed by Deputy Managers who directly oversee the rest of the staff. Division: The Ten (10) Divisions in the NAPIMS organizational structure are Joint Venture Operations (JV), Production Sharing Operations (PS), Gas, Frontier Exploration Services (FES), Materials
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng Management, Planning, Finance and Accounts, Nigerian Petroleum Exchange (NipeX), Services and Legal. Staffing: Staffs cut across all professions in engineering, geosciences, economics, accounting, law, humanities and social sciences. In order to improve our manpower development, NAPIMS consistently trains its staff to meet the challenges in the dynamic Oil and Gas Sector. Our Business: NAPIMS manages Nigeria government's investments in the Upstream Sector, to maximize return on its investments through effective supervision of the JV, PSC and SC Companies, using best industry practices. We also engage in direct exploration of the frontier basins in order to open it for investors. Our Nigerian Petroleum Exchange (NipeX) division oversees both the e-marketplace and the Joint Qualification System (JQS) for electronic procurement/contracting and registration of contractors/service providers respectively. This ensures transparency in the contracting process and reduces contract approval cycle. Our Partners: NAPIMS represent the Nigeria government's equity holdings in the Joint Venture operations with Shell Petroleum Development Company Limited, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Total Exploration and Production Nigeria Limited, Nigeria AGIP Oil Company Limited, and Pan Ocean Oil Corporation. In addition, we also supervise the mechanism of funding the Joint Venture Operations through the Cash-Call Process. We have about 50 PSC Companies currently at various levels of operations. Seven of the companies that we supervise are already at production stage. Local Content and Capacity Building: NAPIMS is the vehicle through which the NNPC achieves its Local Content Strategy. Through effective monitoring of its contracting process and implementation, NAPIMS ensures that there is indigenization in both project award and project execution, in line with corporate strategy. We ensure local content and capacity building through the domiciliation of all geological and geophysical studies, pre Front- End Engineering studies as well as certain segments of engineering construction. This strategy is aimed at building Indigenous capacity as well as stimulating backward integration.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng Social Responsibility/Sustainable Development: As a responsible corporate citizen, NAPIMS ensures that Oil Companies carry out their operation in accordance with global standards and best practices to ensure that operations are carried out in an environmentally friendly manner. The Public Affairs Department (PAD): Ensures that our partners undertake developmental programmes and Community Development projects in communities where they operate. This has ensured a harmonious relationship with host communities and an environment conducive to smooth operation. The Corporate Social Responsibility (CSR): Programmes cut across infrastructural development, health care, educational sponsorship, sport development and awareness campaigns. OVERVIEW OF F.A.D (FINANCE AND ACCOUNTS DEPARTMENT) The department comprises of three (3) sections: H.O.A (Head Office Account). J.I.A (Joint Interest Account). P.S.C (Production Sharing Contract). OVERVIEW OF TREASURY The office is involved in the process of administering the financial assets and holdings of the corporation. The goal of the treasury management department is to optimize the corporations liquidity, make sound financial investments for the future with any excess cash, and reduce or enter into hedges against its financial risks.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng OVERVIEW OF WORK DONE Introduction and overview of S.A.P (Systems Application & Products). Incoming accounts, Outgoing accounts, Incoming & Outgoing accounts, Third party. Reconciliation of accounts. Sorting & matching of bank statements for various banks. Clearing of bank statements to S.A.P for various banks. Reconciliation of bank statements errors on S.A.P. Registration and dispatch of payments vouchers. Monitoring of payments vouchers for signatories. Introduction to payroll office of the Treasury department. Administrative duties. RELEVANCE TO COURSE OF STUDY & CAREER PATH Managing financial performance to control costs and execute organizational strategies. Plan and allocate resources to accommodate market change and align performance with strategy using SAP software for financial planning and analysis. Define and cascade strategy, model cost drivers, improve forecasting, and analyze huge amounts of data. Let managers streamline budgeting processes, capture growth opportunities, short-circuit predicted variances, and customize business flows. The result is increased profitability and a closer match of tactics with organizational vision. RECOMMENDATIONS 1. An in-house training should be organized for SIWES staffs. 2. Orientation and presentation of expected work to be done.
BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng ACKNOWLEDGEMENT The internshipopportunityIhadwith National PetroleumInvestmentManagementServices (NAPIMS) was a great chance for learningandprofessional development.Therefore,Iconsidermyself asavery luckyindividual asIwas providedwithanopportunitytobe a part of it.I am alsograteful forhavinga chance to meetso manywonderful people andprofessionalswholedme thoughthisinternshipperiod. BearinginmindpreviousIam usingthisopportunitytoexpressmydeepestgratitude andspecial thanks to my wonderful parents, Mr & Mrs. BABALOBI BABATOPEfortheireverydaysupport; tomysiblings, thankyou verymuchfor beingthere. Itismy radiantsentimenttoplace onrecordmy bestregards, deepestsenseof gratitude tomyuncle,Mr. FALOBI EMMANUEL O. for givingme the opportunityto workwithwonderful people andprofessionals,maythe almightyGODrewardyouabundantly. I wouldalsolove toappreciate Mr. SEJEBOR DAFESTEPHEN, Group general Manager, NAPIMS.Iwish expressmydeepestthankstoMr. ABBA A.I.,General Manager,Finance &Accountsdepartment(F.A.D) for takingpart inuseful decision&givingnecessaryadvicesandguidance andarrangedall facilitiesto make life easier.Ichoose thismomenttoacknowledge hiscontributiongratefully. I wouldalsolike toappreciate Dr. BakoM., Mr. Ogunleye Olajide,Mr. Abiri Idris,Mr Ameh, Mrs. Iroha Caro, Mr. Abdullahi Usman,Mr Arasi,Mr. Eture-Edhebe JohnWalker,Mr. Muhammed Abdullahi,Mr Familoni Kehinde,Mr.Funsho,Mr. IsiakuAbdullahi, Mrs.Okafor, Mr. Danladdi,Mr. ModibboA.,Mr. DavidObinnaUgochukwu Ugenyi, Staffsof Treasury & H.O.A departmentandall S.A.PConsultantsof SEMA CONSULTINGfor theircareful andpreciousguidance whichwere extremelyvaluable formystudy boththeoreticallyandpractically. I perceive asthisopportunityasabig milestoneinmycareerdevelopment.Iwill strivetouse gained skillsandknowledge inthe bestpossibleway,andIwill continue toworkontheirimprovement,inorder to attaindesiredcareerobjectives.Hope tocontinue cooperationwithall of youinthe future. Bestof Regards, Babalobi OluwaseunAyokunle. 07066100379, 08035897435, 08054523766. obabalobi@ymail.com,babalobi.oluwaseun@lmu.edu.ng.

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INTERNSHIP REPORT

  • 1. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng INTERNSHIP REPORT National Petroleum Investment Management Services (NAPIMS). (A COPORATE SERVICE UNIT OF NIGERIAN NATIONAL PETROLEUM COOPERATION, NNPC). 36/38 Gerrard Road, Ikoyi, Lagos. 22nd July, 2015 19th September, 2015.
  • 2. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng TABLE OF CONTENTS INTRODUCTION OF THE REPORT. DESCRIPTION OF INTERNSHIP ASSIGNMENT. PROFILE OF NNPC / NAPIMS. OVERVIEW OF F.A.D (FINANCE AND ACCOUNT DEPARTMENT). OVERVIEW OF TREASURY. DECRIPTION OF WORK DONE. RELEVANCE TO COURSE OF STUDY AND CAREER PATH. RECOMMENDATIONS. ACKNOWLEDGEMENTS.
  • 3. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng INTRODUCTION OF THE REPORT This report gives an overview of my internship assignment at NNPC/NAPIMS office. It also analyses the enormous lessons & opportunities I have gained during my assignment. I would want to appreciate everyone that played a part to this assignment. God bless. DESCRIPTION OF INTERNSHIP ASSIGNMENT SAP速 Financial Accounting (FI) collects and stores business transactions in a way that satisfies external reporting requirements. Due to online integration within itself and with other modules, it allows managers to assess the financial position of the company in real time. It handles financial relations with vendors and customers, such as booking receivables and payables, sending and collecting payments, issuing dunning notices and account statements. Interface with banks (processing outgoing and incoming payments, posting bank statements) is also done within this module. Financial Accounting in SAP consists of: General Ledger Accounting (FI-GL) - the core of FI and of financials in general, providing the basic financial reports such as balance sheet, P&L statements or data for VAT returns. Due to its importance in the whole financial reporting structure, all "general settings" that are shared by all submodules (e.g., organizational structures, document types or posting periods) are described under this heading. Accounts Receivable (FI-AR) - all financial relations with customers. Accounts Payable (FI-AP) - all financial relations with vendors. Asset Accounting (FI-AA, formerly known as "Asset Management" FI-AM) - supports acquisition, depreciation and retirement of fixed assets. Bank Accounting - processing of bank statements.
  • 4. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng PROFILE OF NNPC / NAPIMS The National Petroleum Investment Management Services (NAPIMS) is a Corporate Services Unit (CSU) in the Exploration and Production (E&P) Directorate of the NNPC charged with the responsibility of managing Nigeria Government's investment in the upstream sector of the Oil and Gas industry. The objective is to enhance and maximize the margin accruing to the Nigerian Federal Government through effective supervision of the Joint Venture Companies (JVCs), Production Sharing Companies (PSCs) and Service Companies (SCs). We shall achieve our objective through adequate supervision of budgets and performance, as well as ranking of projects that give higher "returns on investment" to the Nigerian government. The cooperation also engage in direct exploration of the frontier and inland basins. Vision: To be a world-class portfolio manager of the Federal Government of Nigeria (FGN) investments in the Upstream Oil and Gas Sector. Mission Statement: To enhance the benefits accruing to the Federation from its investments in the Upstream Petroleum Industry, through effective cost control and supervision of the Joint Venture Contract (JV), Production Sharing Contract (PSC) and Service Contract (SC) Operations. Organizational Structure: NAPIMS is headed by a Group General Manager (GGM) who oversees the divisional General Managers (GMs) who are in charge of the Divisions, and report directly to the GGM. The GMs, in turn, oversee the departmental Managers, while the Departments are further sub- divided into Sections that are headed by Deputy Managers who directly oversee the rest of the staff. Division: The Ten (10) Divisions in the NAPIMS organizational structure are Joint Venture Operations (JV), Production Sharing Operations (PS), Gas, Frontier Exploration Services (FES), Materials
  • 5. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng Management, Planning, Finance and Accounts, Nigerian Petroleum Exchange (NipeX), Services and Legal. Staffing: Staffs cut across all professions in engineering, geosciences, economics, accounting, law, humanities and social sciences. In order to improve our manpower development, NAPIMS consistently trains its staff to meet the challenges in the dynamic Oil and Gas Sector. Our Business: NAPIMS manages Nigeria government's investments in the Upstream Sector, to maximize return on its investments through effective supervision of the JV, PSC and SC Companies, using best industry practices. We also engage in direct exploration of the frontier basins in order to open it for investors. Our Nigerian Petroleum Exchange (NipeX) division oversees both the e-marketplace and the Joint Qualification System (JQS) for electronic procurement/contracting and registration of contractors/service providers respectively. This ensures transparency in the contracting process and reduces contract approval cycle. Our Partners: NAPIMS represent the Nigeria government's equity holdings in the Joint Venture operations with Shell Petroleum Development Company Limited, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Total Exploration and Production Nigeria Limited, Nigeria AGIP Oil Company Limited, and Pan Ocean Oil Corporation. In addition, we also supervise the mechanism of funding the Joint Venture Operations through the Cash-Call Process. We have about 50 PSC Companies currently at various levels of operations. Seven of the companies that we supervise are already at production stage. Local Content and Capacity Building: NAPIMS is the vehicle through which the NNPC achieves its Local Content Strategy. Through effective monitoring of its contracting process and implementation, NAPIMS ensures that there is indigenization in both project award and project execution, in line with corporate strategy. We ensure local content and capacity building through the domiciliation of all geological and geophysical studies, pre Front- End Engineering studies as well as certain segments of engineering construction. This strategy is aimed at building Indigenous capacity as well as stimulating backward integration.
  • 6. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng Social Responsibility/Sustainable Development: As a responsible corporate citizen, NAPIMS ensures that Oil Companies carry out their operation in accordance with global standards and best practices to ensure that operations are carried out in an environmentally friendly manner. The Public Affairs Department (PAD): Ensures that our partners undertake developmental programmes and Community Development projects in communities where they operate. This has ensured a harmonious relationship with host communities and an environment conducive to smooth operation. The Corporate Social Responsibility (CSR): Programmes cut across infrastructural development, health care, educational sponsorship, sport development and awareness campaigns. OVERVIEW OF F.A.D (FINANCE AND ACCOUNTS DEPARTMENT) The department comprises of three (3) sections: H.O.A (Head Office Account). J.I.A (Joint Interest Account). P.S.C (Production Sharing Contract). OVERVIEW OF TREASURY The office is involved in the process of administering the financial assets and holdings of the corporation. The goal of the treasury management department is to optimize the corporations liquidity, make sound financial investments for the future with any excess cash, and reduce or enter into hedges against its financial risks.
  • 7. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng OVERVIEW OF WORK DONE Introduction and overview of S.A.P (Systems Application & Products). Incoming accounts, Outgoing accounts, Incoming & Outgoing accounts, Third party. Reconciliation of accounts. Sorting & matching of bank statements for various banks. Clearing of bank statements to S.A.P for various banks. Reconciliation of bank statements errors on S.A.P. Registration and dispatch of payments vouchers. Monitoring of payments vouchers for signatories. Introduction to payroll office of the Treasury department. Administrative duties. RELEVANCE TO COURSE OF STUDY & CAREER PATH Managing financial performance to control costs and execute organizational strategies. Plan and allocate resources to accommodate market change and align performance with strategy using SAP software for financial planning and analysis. Define and cascade strategy, model cost drivers, improve forecasting, and analyze huge amounts of data. Let managers streamline budgeting processes, capture growth opportunities, short-circuit predicted variances, and customize business flows. The result is increased profitability and a closer match of tactics with organizational vision. RECOMMENDATIONS 1. An in-house training should be organized for SIWES staffs. 2. Orientation and presentation of expected work to be done.
  • 8. BABALOBI OLUWASEUN AYOKUNLE 07066100379, 08035897435, 08054523766. obabalobi@ymail.com babalobi.oluwaseun@lmu.edu.ng ACKNOWLEDGEMENT The internshipopportunityIhadwith National PetroleumInvestmentManagementServices (NAPIMS) was a great chance for learningandprofessional development.Therefore,Iconsidermyself asavery luckyindividual asIwas providedwithanopportunitytobe a part of it.I am alsograteful forhavinga chance to meetso manywonderful people andprofessionalswholedme thoughthisinternshipperiod. BearinginmindpreviousIam usingthisopportunitytoexpressmydeepestgratitude andspecial thanks to my wonderful parents, Mr & Mrs. BABALOBI BABATOPEfortheireverydaysupport; tomysiblings, thankyou verymuchfor beingthere. Itismy radiantsentimenttoplace onrecordmy bestregards, deepestsenseof gratitude tomyuncle,Mr. FALOBI EMMANUEL O. for givingme the opportunityto workwithwonderful people andprofessionals,maythe almightyGODrewardyouabundantly. I wouldalsolove toappreciate Mr. SEJEBOR DAFESTEPHEN, Group general Manager, NAPIMS.Iwish expressmydeepestthankstoMr. ABBA A.I.,General Manager,Finance &Accountsdepartment(F.A.D) for takingpart inuseful decision&givingnecessaryadvicesandguidance andarrangedall facilitiesto make life easier.Ichoose thismomenttoacknowledge hiscontributiongratefully. I wouldalsolike toappreciate Dr. BakoM., Mr. Ogunleye Olajide,Mr. Abiri Idris,Mr Ameh, Mrs. Iroha Caro, Mr. Abdullahi Usman,Mr Arasi,Mr. Eture-Edhebe JohnWalker,Mr. Muhammed Abdullahi,Mr Familoni Kehinde,Mr.Funsho,Mr. IsiakuAbdullahi, Mrs.Okafor, Mr. Danladdi,Mr. ModibboA.,Mr. DavidObinnaUgochukwu Ugenyi, Staffsof Treasury & H.O.A departmentandall S.A.PConsultantsof SEMA CONSULTINGfor theircareful andpreciousguidance whichwere extremelyvaluable formystudy boththeoreticallyandpractically. I perceive asthisopportunityasabig milestoneinmycareerdevelopment.Iwill strivetouse gained skillsandknowledge inthe bestpossibleway,andIwill continue toworkontheirimprovement,inorder to attaindesiredcareerobjectives.Hope tocontinue cooperationwithall of youinthe future. Bestof Regards, Babalobi OluwaseunAyokunle. 07066100379, 08035897435, 08054523766. obabalobi@ymail.com,babalobi.oluwaseun@lmu.edu.ng.