Mr Mafuru |
The Board of Directors
of NBC Limited will anytime from now announce the fate of the Bank's Managing
Director, Lawrence Mafuru, who went on forced leave two months ago to pave way
for investigations into allegations of irregularities against NBC Executive Management.
The Chief Executive of
Barclays Africa and Head of Africa Group Strategy, Mr Kennedy Bungane, said
here on Monday Evening that the investigations had been
completed.
"He'll shortly
announce the decision, we want this matter to reach conclusive end,"
stated Mr Bungane on the sidelines of the on going 16th annual Highway Africa
conference held here at Rhodes University.
ABSA Group bought majority shares in
NBC in April 2000 and formed the current NBC. It owns 55 per
cent, government of Tanzania 30 per cent and
International Finance Cooperation owns 15 per cent. Absa Group is a subsidiary
of Barclays Bank PLC.
Mr Bungane explained that the decision for Mafuru's forced
leave was a mutual one between involved parties to ensure fair and independent
investigations.
"We avoided
feelings of interference and influence peddling that's why we agreed he should
go for the leave in order to pave way for fair and independent
investigations," he stressed.
Pressed to hint on the report of the
investigations, Mr Bungane noted that interests of all parties had been
protected.
"We've done these
investigations in the interest of all parties; the bank, Mr Mafuru, our
customers. This is not of any interest to other company," he
commented.
When announcing the decision of forced leave, the Bank Chairman, Dr
Mussa J Assad, said the board had received allegations of irregularities
against NBC Executive Management.
"NBC is a reputable
and trusted bank for best practice and good governance. A proper investigation
has been initiated on this matter. The board has therefore decided to put Mr
Lawrence Mafuru, the NBC Managing Director, on leave during the investigation
period. This is expected to be completed shortly."He was quoted as saying.
Mr Mafuru was appointed
NBC Managing Director on June 1, 2010. He succeeded Christo de Vries from South
Africa. He is a Certified Chartered Banker from the Chartered Institute of
Banking (UK) and a Certified Treasury Practitioner - ACI Markets.
Meanwhile Mr Bungane has
said that NBC Ltd and Barclays Bank Tanzania will continue to operate
separately as alignment process within Barclays Group continues."They will
remain with separate management, staff and operations as it is the case in
Botswana where there's Absa Bank and Barclays.
We're still in alignment
process within the bank and there're other procedures to follow before we
regroup the banks," he explained.NBC is ranked third among 45 registered
commercial and financial institutions in the country.It has 1,387 employees, about
500,000 customers, 302 ATMs and 52 branches.
Barclays Bank Tanzania
which is 100 per cent owned by Barclays Group has 22 branches, 41 ATMS
strategically located countrywide, 457 employees and over 110 customers.
Source: The Daily News, http://www.dailynews.co.tz, reported by Leonard Mwakalebela in
Grahamstown, South Africa
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