TREASURY REGISTRAR’S CORNER. From foreign to local leadership: Tanzanian CEOs prove they can in joint ventures
IN recent years, a quiet but powerful shift has been unfolding in Tanzania’s corporate governance landscape one marked by a growing presence of Tanzanian nationals at the helm of some of the country’s most strategically important joint venture companies.
For decades, leadership in these institutions especially those involving government shareholding and international partners was dominated by expatriates.
Today, that tide is turning, and the results are not just symbolic but also financial. A case in point is the transformation seen in companies such as NMB Bank, NBC Bank, Puma Energy Tanzania and Tanzania International Petroleum Reserves Limited (TIPER).
Each of these entities has, over the past few years, transitioned from foreign-led management to Tanzanian Chief Executive Officers individuals who bring not only strong credentials but also a deep understanding of the local economic landscape.
This strategic localisation of leadership aligns with a broader government vision championed by President Samia Suluhu Hassan and implemented through the Office of the Treasury Registrar (OTR), under the stewardship of Mr Nehemiah Mchechu.
According to Mr Mchechu, the Treasury Registrar, the appointment of capable Tanzanians to these top executive positions has yielded tangible benefits notably, a significant increase in government dividends from these companies over the 2024/25 financial period.
At NBC Tanzania, Theobald Sabi has been at the helm since July 2018, following the departure of Edward Marks, a British executive previously with Barclays Egypt.
Mr Sabi’s appointment was a defining moment in NBC’s transformation journey, and under his leadership, the bank’s dividends to the government have grown exponentially from Sh1.3 billion to Sh10 billion, a remarkable 669 percent increase.
NMB Bank, under the leadership of Ms Ruth Zaipuna, has witnessed a staggering 300 percent increase in government dividends from Sh16 billion to Sh64 billion.
Ms Zaipuna, who assumed office in August 2020, is the first Tanzanian to hold the CEO role after a succession of foreign executives including Ben Christianse, Mark Wiessing, and Ineke Bussemaker.
Her leadership has focused on sustainable growth, digital transformation, and expanding financial inclusion pillars that have strengthened NMB’s corporate foundation and public trust. A similar trend can be seen at TIPER, a joint venture between the Government of Tanzania and Oryx Energies SA.
When Mohamed Mohamed stepped in as Managing Director in January 2023 succeeding Daniel Belair, the company was already a key player in petroleum storage. Under his tenure, dividends have surged from Sh1.5 billion to Sh5.5 billion, marking a 267 percent increase.
His local expertise and operational acumen have significantly contributed to strengthening TIPER’s competitive edge. In the energy sector, Ms Fatma Abdallah’s appointment as Managing Director of Puma Energy Tanzania in early January 2023 marked another historic moment.
Replacing South Africa’s Dominic Dhanah, Ms Abdallah brought with her deep international experience from Puma’s Geneva office. Since taking over, Puma’s dividends to the government have grown by 50 percent, from Sh8 billion to Sh12 billion.
Her appointment by President Samia Suluhu Hassan not only recognized her competence but also marked a strategic push to boost local leadership in key sectors.
This shift is reflected in the impressive financial results: by June 9, 2025, the Office of the Treasury Registrar had collected Sh1.028 trillion in dividends and contributions an increase of 68 percent compared to the same period last year, and 34 percent more than the total collections of Sh767 billion for the 2023/24 financial year.
These collections include dividends and contributions from all public institutions under OTR oversight, as well as joint venture companies in which the government holds minority shares.
A strategic policy shift Speaking on “Gawio Day” on June 10, 2025, President Samia reaffirmed the government’s commitment to working with the private sector in areas deemed strategically important. She stated that partnerships will follow a mutually beneficial “win-win” model, ensuring both the government and investors derive value from collaboration.
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This win-win framework forms the basis of many of the successful public-private partnerships currently contributing to the government’s rising dividend inflows especially from institutions in which the state holds minority equity.
According to the Treasury Registrar, these impressive figures are no coincidence, but a direct result of deliberate government policy that promotes Tanzanian leadership in strategic joint ventures.
“Our goal is not just to localise leadership, but to ensure that leadership is tied to performance, accountability, and long-term national interest,” said Mr Mchechu recently.
He also emphasised the role of improved investment environments and government-business relations in creating confidence among private partners.
“What we’re seeing is a new era of trust between the government and its partners. Our international shareholders are confident in the competence of Tanzanian executives, and the results are speaking for themselves,” he added.
Beyond representation Appointing locals to top executive positions is more than a symbolic milestone it marks a fundamental shift in the DNA of corporate leadership in Tanzania.
These executives have demonstrated not only their capacity to lead large, complex organisations, but also their ability to redefine what Tanzanian leadership can achieve on the global business stage.
Their success also serves as a reminder that when local talent is empowered, and when governance structures are aligned with national priorities, the dividends both literal and metaphorical can be substantial.
As the government continues to strengthen its oversight and involvement in state-affiliated ventures, the momentum behind this leadership transformation appears irreversible.
And if the current trend holds, the future of Tanzania’s joint ventures looks both brighter and more Tanzanian than ever before.
Prepared by Office of the Treasury Registrar
