The Times of Tanzania
Eastern Africa News Network

NMB Bank pays 45.5 billion dividends to State coffers Earning Presidential award for great performance

President Samia Suluhu Hassan has presented a special award to the NMB Bank in recognition of the financial institution’s outstanding performance and contribution into the government coffers.

The presidential award was presented to the NMB Bank’s Chief Executive Officer Ruth Zaibuna in Arusha, during the working meeting of Board Chairpersons and Executives of the Public Enterprises and Government Agencies.

The NMB Bank paid dividends amounting to 45.5 billion/- to the government as the financial institution’s contributions from realized profits in the previous fiscal year.

“I encourage the office of the registrar of treasury to ensure that all public institutions and government agencies record good performance enabling them to record profits and reduce dependency on state support,” President Samia stated.

The government owns 31.5 shares in the NMB Bank, which is the second biggest financial institution in the country.

According to the head of state, the government has invested over 73 trillion/- in the public enterprises and other state-run institutions and it was their expectation that the funds should yield massive returns in profits.

On his part, the Registrar of Treasury, Dr Nehemiah Kyando Mchechu pointed out that there are ongoing reforms in the public institutions and that so far there are 28 such organizations that have unhooked themselves from state-dependency and have now started making profits.

“Just as we have come up with this ‘list of fame,’ for top performing institutions, we were also contemplating to compile another list of shame for non-performers in future but with the ongoing reforms we are confident that it won’t come to that,” Dr Mchechu stated.

More than 600 participants from nearly 250 public enterprises in the country are attending the strategic workshop in Arusha, targeting to improve performances of parastatal entities in Tanzania.

Other awarded entities include the Twiga Minerals, State Mining Company (STAMICO), National Insurance Company (NIC), Tanzania Ports Authority and Tanzania Communications Regulatory Authority (TCRA)

In crowning the event, the Prime Minister Kassim Majaliwa presented a special award to President Samia Suluhu in recognition of the Head of State contributions in the ongoing reforms for the public sectors.

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