Mkurugenzi Mtendaji wa NBC aachia Ngazi

THE FORMAL RESIGNATION LETTER BY Lawrence Mafuru

I have today 24th December 2012 submitted my formal resignation as Managing Director of NBC to the Chairman of the Board of Directors of NBC to pursue other opportunities outside NBC.

As I had mentioned in my letter to the Chairman, this has not been an easy decision but as career person, there are times in our career life we have to make difficult decisions. The decision to relinquish my position is completely in line with my career objectives. After 4 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.

Looking behind 4 years ago – 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 3 years. 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.

I want to thank the board of NBC, my colleagues in the management team and the entire staff of NBC for the support and dynamism. I have no doubt in my mind that together with new leadership they will consolidate the success we have had in our transformational work and take the bank to the next level of being the ‘Go-To’ bank in Tanzania. All this success would not have been possible if it was not for the continued support from clients, customers and other stakeholders to whom I would like to express my most sincere gratitude.

I will announce my next destination that will certainly take me through the journey of ‘’success to significance’’, once I am through with what my family and I consider a well deserved rest , starting with the festive season, for which I extend my best wishes to all those who touched my life during my time at NBC.

Story by The Citizen Reporter, Dar es Salaam.

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.”