Ref: PR/AF/031/24 Date: October 05, 2024
The Africa Federation Secretariat is pleased to update the Community of the progress made by the Directors of the National Investments Ltd following enormous challenges faced by the Company in updating and regularizing its registration together with tracing of shareholders and their inheritors.
The company which was formed in February 1962 made its first investments by purchasing the below five properties in the affluent suburbs of Dar es Salaam. These investments formed the foundation of the company’s portfolio. However, Tanzania’s nationalization policies in 1971 significantly impacted the Company leading to the loss of most of its properties. Despite various efforts made to restitute the properties; only one (*) was returned.
Plot No. 21 Sea View
Plot No. 2111/5 Sea View
Plot No. 2051/5 Sea View
Plot No. 77 Upanga Road
Plot No. 572 Mindu Street in Upanga *
The Property that was returned consisted of four Maisonette on Mindu Street in Dar es Salaam and due to nonpayment of rent by the existing tenants the then Board of Directors had to get them evicted and took over the premises, renovated it before leasing it out.
The company Directors despite the challenges worked diligently to remain afloat and in 1990 in collaboration with AFED began efforts to raise funds through the sale of shares to address the urgent repair works required on the Property. AFED played an instrumental role in supporting the company by providing financial resources to help them during its difficult times. AFED’s involvement also ensured that the Institution remained a guardian shareholder in the company, reinforcing their long-term commitment to supporting NI's stability.
In the year 2008, the Directors at that time decided to swap the property with another property in Masaki, thus the income of the company increased to a reasonable amount for this one property of NI Limited. AFED continued to provide guidance and resources which was essential in navigating the complex process of property swaps and sales, helping NI Ltd transition from less profitable assets to more income generating investment.
AFED’s leadership again played a pivotal role in the mid-2000s to ensure the company’s affairs were managed transparently and legally. AFED intervened to install new leadership in 2009, ensuring that the company’s interests remained safeguarded and that the shareholders' rights were upheld.
As one of the major shareholders, AFED consistently prioritized the community's collective interest and pushed for the Directors to work towards the regularization of the Company’s registration which had not been updated for 35 years, this has been a tough process however through consultation and support from various personalities who were involved in the Company this task commenced and records were updated and registered with the relevant authorities.
The current Board of Directors has been working hard on finalizing the regularization of the Company’s returns, preparation of accounts and with the grace of the Almighty, their efforts and zeal, some good progress has been made on both the issues.
The Directors have been successful in identifying 189 shareholders which amounts to around 6,500 shares out of 25,000 excluding AFED/Bilal Tanzania and it has begun disbursing payments to the shareholders who are living or have living descendants that are confirmed to have authority to receive the funds on behalf of the deceased.
The Company Directors are also focused on providing shareholders with options to either continue with the restitution efforts for the nationalized properties or to move the company's journey in a favorable direction; this will ensure that a collective decision is made with all fairness and transparency.
The Shareholders also have the option to donate their funds towards charitable causes within the community institutions locally, reflecting the spirit of service and resilience that has defined National Investment’s long history.
A small function was organized by the the Company on Monday 23rd September 2024 at the AFED Training Centre, AFED Tower in Dar-es-Salaam where stakeholders and members who have been involved with the Company were invited. The Company has made payment to 23 shareholders so far and are in communication with the identified shareholders/their family members who are overseas on this matter.
Below are a few pictures of the function:
The Africa Federation Office Bearers commend the great achievement made by the Board and records its appreciation to the Directors - Alhaj Muslim Hassanali (Chairman – Board of Directors), Alhaj Mushtak Fazal, Alhaj Alijawad Manji, Alhaj Ali Dharamsi and Alhaj Mohamedraza Bharwani for the perseverance and dedication in bringing the Company to this stage within a short time which is a testimony of their commitment. May Allah (s.w.t.) reward them amply for their efforts, and grant them more tawfeeqat to continue with the good work they are doing, Aameen.
We also record our appreciation to the shareholders and their inheritors for the patience and support over the years and pray for the successful conclusion of the affairs of the Board.
Secretariat
Comments