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Sunday, June 07, 2009

TweetThis! Ex BoT official now a BIT boss

Ikiwa hii connexion ndivyo ilivyo, walahi hii sistim sawa na nyumba ya buibui, inaanzia hapa inazungukia pale ina konea huku inatokezea wapi sijui kuleee...!

Ex-B.O.T official who worked closely with late Governor (Balali) now named TIB boss

THE appointment of a senior Bank of Tanzania (BoT) official, Peter Efraim Mayunga Noni, as managing director of the state-run Tanzania Investment Bank Limited (TIB) has sparked plenty of controversy.

Peter Noni, who was this week named the new chief executive officer of TIB, is a former close assistant of the BoT’s late governor, Dr Daudi Ballali. He is also among a few key central bank officials familiar with the workings of the EPA account where more than 133bn/- was looted during 2005/06.

According to a statement issued by the Ministry of Finance and Economic Affairs earlier this week, President Jakaya Kikwete appointed Noni as the MD of TIB bank effectively from May 27, this year. He replaces former TIB chief William Mlaki, who has reached the statutory retirement age.

At the time of his new appointment, Noni was the Director of Strategic Planning and Performance Review at the central bank. Previously, he served as the BoT’s Director of Economic Policy, where he was among key central bank officials involved in the processing of payments from the EPA account.

In January this year, Noni appeared before the Kisutu Resident Magistrate’s Court in Dar es Salaam as a prosecution witness and testified against three former BoT officials facing criminal charges in the ongoing EPA trials. He told the court that the late Ballali gave final approval and authorization for each payment made from the EPA account. The ex-BoT officials on trial in the case are Ms Ester Mary Komu, Imani David Akim Mwakosya, and Bosco Ndimbo Kimola, with Noni testifying against them as their former boss.

An audit report by Ernst & Young named several senior BoT officials who held the following positions between June 2005 and July 2006 as being ’’directly or indirectly’’ implicated in the EPA scandal:

  • The Governor (Ballali)
  • Director of Finance
  • Secretary to the Board (two different officers served in this capacity during the period under review)
  • Director of Economic Policy (2 different officers served in this capacity during the period under review)
  • Deputy Director of the Debt Department (2 different officers served as DDDD during the period under review)
  • Head of Bilateral and Commercial Debt
Furthermore, the report censures the then central bank’s acting director of internal audit, the director of bank supervision, and the BoT board of directors present between September and October 2006.

The audit report uncovered that the BoT Debt Department, which falls under the directorate of economic policy (once headed by Noni), was responsible for the management of the EPA debts. During the period reviewed in the audit, the department was headed by its deputy director (DDDD), Ms Esther Komu, who took up the position in June 2005.

Reporting to Ms Komu is the head of bilateral and commercial debt (HBCD), Imani Mwakosya, who held the position for a number of years. The audit report recommended disciplinary action to be taken against all BoT officials involved in the actions of ’’initiating, processing, authorizing and approving’’ the dubious EPA payments.

Until recently, Noni’s family held a significant amount of shares in Vodacom Tanzania Limited through Planetel, a Vodacom super dealer. Vodacom Tanzania was licensed in December 1999, with its local partners Planetel Communications and Caspian Construction holding 36 per cent and 10 per cent shares respectively. Planetel’s stake later decreased to 16 per cent, while Caspian’s increased to 19 per cent. Caspian is owned by businessman-politician Rostam Aziz. Another company linked to Rostam, Mirambo Limited, has now snapped up both Planetel’s and Caspian’s stake in Vodacom, remaining with a combined stake of 35 per cent. Vodacom Tanzania Ltd, the biggest mobile phone services company in the country in terms of subscribers, is currently owned by Vodacom Group (Pty) Limited of South Africa (65 per cent) and Mirambo Ltd.

Info source: ThisDay

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