Tanzania’s Dar es Salaam Stock Exchange PLC gets new CEO

Tanzania’s Dar es Salaam Stock Exchange PLC gets new CEO

Dar es Salaam. The board of directors of the Dar es Salaam Stock Exchange PLC has appointed Peter Situmbeko Nalitolela as the new chief executive officer, effective August 1, 2024.

Mr Nalitolela succeeds Moremi Marwa, who held the position for nine years.

Mr Marwa’s tenure concluded in 2022, and since then, Ms Mary Mniwasa has been serving as the acting CEO.

The appointment was approved during the 30th Extraordinary Meeting held on June 24, 2024, the board said in a statement on July 25, 2024.

“Mr Nalitolela brings a wealth of experience and expertise from large public and private sector organisations, most recently serving as director and Head of Treasury and Financial Markets at the National Bank of Commerce (NBC),” a statement posted on DSE website said.

It was signed by chairperson of the DSE board of directors, Dr Ellinami Minja.

At NBC, where he served for six years, Mr Nalitolela managed funding risk, market risk, and the sales and trading business.

He was responsible for offering various market products such as foreign currency (FX), fixed income (FI) sales, and risk management products (derivatives).

Mr Nalitolela’s LinkedIn profile showcases his extensive experience, including six years at Barclays and lecturing at the University of Dar es Salaam.

His career also includes notable roles at Songas Limited, Airtel Tanzania, and the Unit Trust of Tanzania.

“He has financial markets experience with exposure to major sectors of the economy and international knowledge of global markets, having engaged in primary and secondary markets,” the the statement said.

Endowed with leadership skills rooted in humility and mindfulness, Mr Nalitolela is well-positioned to drive growth and innovation at the DSE.

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Tanzania's opposition party ACT Wazalendo honours veteran politician under new policy
Tanzania Foreign Investment News
Investment News Editor

Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy

Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.

The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.

Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.

The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.

“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.

To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.

The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.

In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.

Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.

The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.

Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.

Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.

Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading