NBC boss cleared of corruption, recalled

Mr Mafuru
Allegations of bad management, corruption and theft made against the National Bank of Commerce (NBC) Managing Director, Mr Lawrence Mafuru, have been cleared and the suspect has resumed duties.

In a statement, the NBC Board of Directors Chairman, Mr Mussa Juma, said that Mr Mafuru, who was forced to go on a two-month leave last July to pave way for investigations, has been allowed back on duty with immediate effect. 

Mr Mafuru is one of the youngest locals to manage one of the largest banks in the country.

Dr Juma said: “I am pleased to say that the board has resolved appropriately all the matters arising out of the investigation and that Mr Mafuru will be returning to work immediately.” 

He further noted that it was necessary to suspend Mr Mafuru pending the investigations in order to maintain high governance standards among its shareholders and the general population.

“It was a necessary process for all the stakeholders in our business, be they customers, employees, shareholders, regulators and the public at large, that a thorough investigation take place to ensure that our executive management is, indeed, running the bank in accordance with the best corporate governance processes,” Dr Juma said in a brief statement.

A whistle blower report raised issues around irregular governance practices, fraud and corruption against the NBC executive management team which forced the board to order an investigation.

The board chair said a thorough investigation has been conducted to establish the authenticity of the allegations which however have proven to be untrue. 

On July 19, this year, the bank’s Board of Directors announced that Mr Mafuru was requested to go on leave in order to allow investigations into irregularities allegedly perpetrated at one of the country’s largest commercial banks.
Source: The Daily News,http://www.dailynews.co.tz
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