Homegrown CEOs drive gains in local, strategic joint ventures

Josephine Christopher is a senior business journalist for The Citizen and Mwananchi newspapers

Mwananchi Communications Limitted

Dar es Salaam. A quiet but powerful transformation is taking place in Tanzania’s corporate sector, as Tanzanian nationals increasingly assume leadership of some of the country’s most strategically significant joint venture companies.

For decades, leadership in such institutions, particularly those with government stakes and international partners, was dominated by expatriates.

Today, that trend is changing, and the results are both symbolic and financial.

Companies such as NMB Bank Plc, NBC Bank, Puma Energy Tanzania, and Tanzania International Petroleum Reserves Limited (TIPER) have transitioned from foreign-led management to Tanzanian Chief Executive Officers.

These executives bring not only strong professional credentials but also an in-depth understanding of the local economic landscape.

At NBC Tanzania, Theobald Sabi has led the bank since July 2018, following the departure of British executive Edward Marks.

Under his leadership, government dividends surged from Sh1.3 billion to Sh10.5 billion, a remarkable 707.7 percent increase. Similarly, NMB Bank, under Ruth Zaipuna, saw dividends rise from Sh16 billion to Sh68.1 billion, a 325.6 percent increase.

Zaipuna, appointed in August 2020, is the first Tanzanian to hold the CEO position after a succession of foreign executives.

Her focus on sustainable growth, digital transformation, and expanding financial inclusion has strengthened NMB’s corporate foundation and public trust.

In the energy sector, TIPER, a joint venture between the Government of Tanzania and Oryx Energies SA, has experienced a 267 percent increase in dividends since Mohamed Mohamed became Managing Director in January 2023.

Puma Energy Tanzania, under Fatma Abdallah since January 2023, has recorded a 68.8 percent increase in government dividends, reflecting her operational expertise and deep knowledge of the sector.

Treasury Registrar Nehemiah Mchechu attributes this surge to deliberate government policy promoting Tanzanian leadership in strategic joint ventures.

“Our goal is not just to localise leadership but to ensure that it is tied to performance, accountability and long-term national interest,” he said.

He also highlighted how improved investment environments and strengthened government-business relations have built confidence among international shareholders in Tanzanian executives.

President Samia Suluhu Hassan has emphasised the importance of “win-win” partnerships with the private sector, ensuring both the government and investors benefit.

This approach underpins many successful public-private ventures that have contributed to rising dividend inflows.

By June 2025, the Office of the Treasury Registrar had collected Sh1.028 trillion in dividends and contributions, 68 percent more than the previous year.

The rise of homegrown CEOs is more than a symbolic shift; it marks a fundamental change in Tanzania’s corporate DNA.

These leaders are proving that local talent can deliver strong financial results, improve governance, and redefine the nation’s presence in strategic sectors.

With continued oversight and policy support, the future of Tanzania’s joint ventures is increasingly local, profitable, and sustainable.