THE AFRICAN BUSINESS FORTUNE MAGAZINE ISSUE #006 The African Business Fortune Magazine | Page 16

THE AFRICAN BUSINESS FORTUNE - FINANCE
are an unequivocal demonstration of
our commitment to strict adherence
to corporate governance tenets and
the various CBK guidelines,” said the
bank’s chairman Mohamed Hassan.
Observers believe the bank’s woes
can be traced back in 2011 when the
government lost control of it after
NSSF decided to go it alone in decision-making.
Then chaired by Adan D. Mohammed, NSSF flexed its muscles, replacing
government appointees Jennifer Riria,
Paul Ngumi and Alfred Juma with Mohammed Hassan (who was later voted
as the bank’s chairman), Sylvia Kitonga and Erastus Mwongera.
The new catch added to NSSF directors sitting on the bank’s board who
included Francis Atwoli (Cotu boss)
and then NSSF managing trustee, Alex
Kazongo giving the Fund five of the
bank’s eight voting rights.
A few months later the board retired

Reuben Marambii who had taken over in
1998 from John Simba.
Marambii steered the bank to declare
profit in 16 years and for the first time
paid dividends to its shareholders in
2010. In June 2012, Ahmed was tapped
from Standard Charte