SAP
Godswill Babalola
FCCA Product Controller/ Commodity Accountant (Senior)
City of London
Summary
Experienced Product Control and Commodity Accounting Lead with over 15 years across top-tier energy trading firms, including Trailstone Ltd and RWE Supply & Trading GmbH. Proven track record in managing end-to-end financial reporting, trading P&L, hedge accounting, and risk control across renewables, LNG, gas, and biofuel markets. Adept at delivering accurate month-end close, balance sheet reconciliation, mark-to-market valuations, and technical accounting under IFRS and US GAAP. Trusted partner to Front Office, Risk, and Treasury teams, aligning trading performance with financial strategies through insightful analysis and strong governance. Skilled in driving process improvements and financial automation, with advanced proficiency in SAP, Endur, NetSuite, Power BI, and Excel (Pivot Tables, VBA, Macros).
Overview
16
16
years of professional experience
2016
2016
years of post-secondary education
1
1
Certification
Work History
Senior Product Controller
Trailstone Ltd
09.2023 - Current
- Leading financial reporting and P&L control for the Renewable Power and Gas trading business, ensuring accuracy in daily and monthly trading results, balance sheet substantiation, and risk-adjusted performance reporting
- Oversee all facets of the P&L and month-end duties for the Renewable Power and Gas Product Control team
- Month end accounting including responsibility for the submission and consolidation of the trading results into the European group reporting pack along with detailed commentary on the trading performance for senior management
- Prepare and deliver the monthly results pack for relevant business units/trading desks, investigating and communicating variances between general ledger gross profit and daily P&L reports, working closely with Front Office, Middle Office, and Risk teams to ensure accuracy
- Primary Finance Contact for Blackstone, the world’s largest alternative asset manager ($1T+ AUM), overseeing the Monthly Net Asset Value (NAV) and P&L reconciliation to track fund performance and trading activities
- Responsible for cash flow reporting, ensuring transparency in fund allocation, capital movements, and profitability
- Collaborate with Front Office, Risk, and Treasury teams to align financial reporting with trading results, providing variance analysis and investment insights to support decision-making
- Ensure proper substantiation of trading-related balance sheet values and documentation of realised trading income, enforcing relevant PC accounting policies
- Reconciliation of all balance sheet accounts at month end including highlighting large movements impacting cash flow statement
- Ownership of the trading entity accounting and audits including the preparation and submission of year-end derivatives footnotes within the statutory accounts
- Approve new products and transactions within the new business approval process, ensuring adherence to accounting standards and addressing technical queries regarding commodity transactions
- Provide expertise on accounting technical topics, particularly financial instruments and lease accounting treatments under various GAAP standards
- Review of all mark to market valuations including internal marks for non-quoted markets; monitoring compliance with accounting Standards including IFRS 9 and ASC 815 for derivatives; IFRS 16 and 842 for lease accounting for the Renewables PPAs; IAS 2 and ASC 330 for Inventory, providing technical advice in these topics
- Collaborate closely with the Front Office to ensure daily comprehension and agreement on the P&L, serving as the primary contact for non-standard P&L issues and escalations
- Help the traders understand their responsibilities in maintaining a visible control over their business
- Supervise and manage the daily operations of the PC analysts while supporting their professional growth
Commodity Accountant (LNG, Renewables, Gas)
RWE Supply & Trading GmbH
05.2014 - 05.2023
- Responsible for commodity accounting, financial reporting, and hedge accounting for global trading desks dealing with LNG, biofuels, and renewables
- Led the end-to-end month-end close process for LNG, biofuel, and renewable energy trading, ensuring accurate financial reporting and reconciliation of trading results in compliance with IFRS, UK GAAP, and regulatory standards
- Owned the P&L reporting process, analysing daily and monthly variances between general ledger figures, trading desk results, and market movements, providing detailed financial insights and commentary to senior management
- Managed hedge accounting and effectiveness testing in line with IFRS 9, assessing hedge relationships, conducting mark-to-market valuations, and ensuring correct financial recognition of derivative transactions
- Oversaw balance sheet reconciliations and substantiations, ensuring accurate recognition of trading-related accruals, prepayments, fixed assets, and inventory positions, identifying discrepancies, and implementing corrective measures
- Handled accounting for Renewable Obligation Certificates (ROCs) and REGOs, ensuring proper valuation, timely recognition, and alignment with market transactions, while working closely with trading, operations, and risk teams
- Played a key role in preparing year-end statutory accounts, ensuring alignment with audit requirements and financial regulations, while supporting external auditors by providing reconciliations, variance explanations, and technical accounting insights
- Collaborated with traders, risk teams, and finance leaders to enhance financial transparency, process efficiency, and risk management, ensuring trading performance was accurately captured in financial statements
- Spearheaded process improvements and automation initiatives, identifying inefficiencies in financial reporting, reconciliations, and data analysis, leading to enhanced accuracy, reduced operational risk, and increased efficiency
- Provided financial leadership and mentorship, guiding junior accountants in understanding complex commodity accounting principles, risk assessment methodologies, and regulatory compliance frameworks
Risk Controller (Secondment)
RWE Supply & Trading GmbH
01.2018 - 12.2018
- Oversaw daily P&L reporting and risk exposure monitoring for the Commercial Asset Optimization trading business, ensuring accurate reflection of trading performance and compliance with internal controls
- Conducted detailed variance analysis, reconciling discrepancies between trading desk results, market movements, and financial statements, and providing senior management with precise performance insights
- Worked closely with Front Office, Risk, and Finance teams, reviewing trading positions, risk-adjusted P&L, and financial exposures to ensure transparency and alignment with market risk metrics
- Assessed price-exposure limits, portfolio sensitivities, and financial risks, offering recommendations to mitigate potential exposure and enhance trading strategies
- Managed month-end risk reporting, ensuring accurate reconciliation of trading activities, open positions, and P&L attributions, while improving data accuracy and control processes
- Identified and escalated operational and financial risk issues, collaborating with traders and compliance teams to enhance governance frameworks
- Provided daily risk insights and performance analytics to senior stakeholders, explaining P&L fluctuations, market-driven impacts, and emerging risks within the trading portfolio
- Spearheaded process automation and risk reporting enhancements, improving efficiency, reducing manual errors, and strengthening overall financial transparency
Lead Back Office Analyst
RWE Supply & Trading GmbH
01.2009 - 04.2014
- Led end-of-day cash flow reporting, ensuring accurate reconciliation of payments, collateral, and margin calls, while proactively managing late payments and counterparty disputes to reduce financial exposure
- Acted as a key liaison between traders, finance, and external stakeholders, ensuring seamless communication on trade settlements, credit risk exposure, and financial reporting
- Developed and enforced internal controls and process improvements, enhancing operational efficiency and accuracy in post-trade execution
- Supported the automation and streamlining of back-office operations, implementing new reporting tools and workflow enhancements that reduced errors and improved settlement timelines
- Provided training and guidance to junior analysts, ensuring a high standard of financial control and compliance with industry regulations
Education
Fellow Chartered Certified Accountant (FCCA) -
ACCA
MSc - International Finance
University of Leeds
Bachelor of Business Administration - undefined
Lagos State University
Skills
Experience with SAP ERP Module Implementation
Technical Proficiencies
- Energy Trading Systems (e.g., Endur): Proficient in using leading Commodity Trading and Risk Management (CTRM) platforms for trade capture, P&L reporting, valuation, and risk analysis in energy and commodity markets.
- Financial Reporting and ERP Systems (SAP FI/CO, TRM, ERP; NetSuite): Extensive experience in managing trading finance, general ledger activities, reconciliations, risk analysis, and automating financial reporting processes.
- Commodity Derivatives Accounting: In-depth understanding of physical and financial commodity instruments, with practical application of IFRS 9 and ASC 815 for hedge accounting, embedded derivatives, and fair value measurement.
- Data Analysis and Visualization (Power BI, Advanced Excel, SQL): Skilled in financial modeling, dashboard creation, variance analysis, scenario analysis, and managing large datasets to support data-driven decision-making.
- Accounting Standards Compliance (IFRS, US GAAP, German HGB): Comprehensive knowledge of accounting standards, including IFRS 16 / ASC 842 (leases), IAS 2 / ASC 330 (inventory), and IFRS 15 / ASC 606 (revenue recognition), ensuring accurate financial reporting and compliance.
- Hedge Accounting and Derivatives Valuation: Proficient in mark-to-market valuation, effectiveness testing, and financial reporting for structured derivative instruments, ensuring compliance with relevant accounting standards.
- Balance Sheet and P&L Reconciliation: Expertise in validating trading performance, resolving variances, and ensuring accurate financial reporting through meticulous reconciliation processes.
- ERP Implementation and Optimization: Proven ability to streamline financial workflows, automate reporting, and support financial system integrations to enhance operational efficiency.
- Internal Controls, External Audit, and Statutory Reporting: Strong focus on maintaining financial control frameworks, preparing statutory accounts, supporting external audits, and ensuring transparency and risk mitigation in financial operations.
- Cross-Functional Collaboration: Demonstrated ability to work collaboratively with Front Office, Risk, Treasury, and Finance teams to align financial reporting with trading strategies and business objectives.
Career Experience
Accomplished finance leader with over 15 years’ experience in commodity trading, financial reporting, and risk control across renewable energy, LNG, biofuels, and gas markets. Currently serving as Senior Product Controller at Trailstone Ltd, overseeing financial reporting, P&L control, and balance sheet integrity for the Renewable Power and Gas trading business. Act as the primary finance contact for Blackstone, managing monthly NAV, P&L reconciliations, and fund performance reporting.
Previously held several senior roles at RWE Supply & Trading GmbH, including Commodity Accountant and Risk Controller, with a focus on hedge accounting, IFRS reporting, and risk-adjusted P&L for global trading desks. Proven track record of enhancing financial processes, leading automation initiatives, and supporting trading strategies through detailed financial analysis and risk insights.
A trusted partner to Front Office and Risk teams, with expertise in technical accounting (IFRS 9, ASC 815, IFRS 16, IAS 2), trading system reconciliations, and process governance. Experienced in mentoring finance professionals and driving operational excellence within dynamic trading environments.
Software
Certification
ACCA - Association of Chartered Certified Accountants
Timeline
Senior Product Controller
Trailstone Ltd
09.2023 - Current
Risk Controller (Secondment)
RWE Supply & Trading GmbH
01.2018 - 12.2018
ACCA - Association of Chartered Certified Accountants
08-2016
Commodity Accountant (LNG, Renewables, Gas)
RWE Supply & Trading GmbH
05.2014 - 05.2023
Lead Back Office Analyst
RWE Supply & Trading GmbH
01.2009 - 04.2014
MSc - International Finance
University of Leeds
Bachelor of Business Administration - undefined
Lagos State University
Fellow Chartered Certified Accountant (FCCA) -
ACCA
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