The
managing director of National Bank of Commerce (NBC), Mr Lawrence
Mafuru, has resigned from the financial institution to which he had been
reinstated about two months after a three-month suspension spell. Mr
Mafuru was suspended by the board of directors in July to pave the way
for investigations into alleged irregularities within the National Bank
of Commerce (NBC).
The allegations which originated from a whistleblower report raised issues around irregular governance practices, fraud and corruption against the NBC executive management team. The statement issued upon his reinstatement in October, and which was signed by board chairman Dr Musa Assad, pointed out, in part, that, the board “had resolved appropriately all the matters arising out of the investigation.”
Mr Mafuru told The Citizen yesterday that his resignation starts effective December 24 as he looks for other opportunities, “I am a professional banker and think it is high time I pursued other opportunities outside the bank,” he said, adding: “After four years of a very progressive career at NBC, first as country treasurer since August 2007 and later as chief executive officer since June 2010 to date, I think that it is appropriate to seek other challenges elsewhere and allow others to steer the ship at NBC.”
The head of Marketing, Communications and Corporate Affairs at NBC, Ms Mwinda Kiula-Mfugale , confirmed to The Citizen that it was true that Mr Mafuru has resigned, but said she would issue a statement only after getting instructions from the board of directors.
Mr Mafuru was appointed managing director of one of the largest financial service providers in Tanzania in June 2010, succeeding Mr Christo de Vries from South Africa.
NBC is one of the oldest banks in Tanzania, tracing its origins to 1967 when the government nationalised financial institutions, including banks, before the banking industry was deregulated in 1991.
In 1997, NBC was split into three separate entities – NBC Holding Corporation, National Microfinance Bank (NMB) and NBC (1997) Limited.
In 2000, South Africa’s Absa Group Limited acquired a majority stake in NBC (1997) Limited. The government retained 30 per cent shareholding and the International Finance Corporation (IFC), a member of the World Bank Group, took a 15 per cent stake.
Speaking of the success he has had with the bank in the four years that he worked with it, Mr Mafuru remarked: “ I am very satisfied with the success I have had especially on the transformation agenda of NBC operations. We now have a much cleaner balance sheet, a stronger pool of talented young men and women; our customer experience has improved relative to where we are coming from and even more important we are well positioned for strong and sustainable growth in the next three years.”
He added: “On a personal note, I have had the opportunity to grow and develop professionally – I have grown both as business manager and a leader not only in the bank but also at industry level where I was privileged to serve as Chairman of Tanzania Bankers Association; I take pride that I also have been actively involved in shaping the future of banking in Tanzania.”
The allegations which originated from a whistleblower report raised issues around irregular governance practices, fraud and corruption against the NBC executive management team. The statement issued upon his reinstatement in October, and which was signed by board chairman Dr Musa Assad, pointed out, in part, that, the board “had resolved appropriately all the matters arising out of the investigation.”
Mr Mafuru told The Citizen yesterday that his resignation starts effective December 24 as he looks for other opportunities, “I am a professional banker and think it is high time I pursued other opportunities outside the bank,” he said, adding: “After four years of a very progressive career at NBC, first as country treasurer since August 2007 and later as chief executive officer since June 2010 to date, I think that it is appropriate to seek other challenges elsewhere and allow others to steer the ship at NBC.”
The head of Marketing, Communications and Corporate Affairs at NBC, Ms Mwinda Kiula-Mfugale , confirmed to The Citizen that it was true that Mr Mafuru has resigned, but said she would issue a statement only after getting instructions from the board of directors.
Mr Mafuru was appointed managing director of one of the largest financial service providers in Tanzania in June 2010, succeeding Mr Christo de Vries from South Africa.
NBC is one of the oldest banks in Tanzania, tracing its origins to 1967 when the government nationalised financial institutions, including banks, before the banking industry was deregulated in 1991.
In 1997, NBC was split into three separate entities – NBC Holding Corporation, National Microfinance Bank (NMB) and NBC (1997) Limited.
In 2000, South Africa’s Absa Group Limited acquired a majority stake in NBC (1997) Limited. The government retained 30 per cent shareholding and the International Finance Corporation (IFC), a member of the World Bank Group, took a 15 per cent stake.
Speaking of the success he has had with the bank in the four years that he worked with it, Mr Mafuru remarked: “ I am very satisfied with the success I have had especially on the transformation agenda of NBC operations. We now have a much cleaner balance sheet, a stronger pool of talented young men and women; our customer experience has improved relative to where we are coming from and even more important we are well positioned for strong and sustainable growth in the next three years.”
He added: “On a personal note, I have had the opportunity to grow and develop professionally – I have grown both as business manager and a leader not only in the bank but also at industry level where I was privileged to serve as Chairman of Tanzania Bankers Association; I take pride that I also have been actively involved in shaping the future of banking in Tanzania.”
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