The on-going crisis at the National Investment Company Limited (NICOL) denied the firm a chance to own part of the Dangote Group’s cement investment in Mtwara.
Mr Felix Mosha
The embattled NICOL Chairman Felix Mosha told the ‘Daily News’ in Dar es Salaam over the weekend that initially they were expected to own 10 per cent of the cement project but the deal failed to materialise due to the crisis.
“Many people don’t know that we (NICOL) brought the Dangote (group) in the country, we contacted the group, sent a delegation to Abuja but the crisis drove us out of the deal,” Mr Mosha said.
“But we are more than happy to bring the group in the country—even if we are out of the investment,” said the chairman.
He said they wanted the current crisis to end amicably for the benefit of the shareholders who have yet to know the financial status of their firm since 2010 when the accounts were frozen through a court order.
“We don’t want to cling into power, what we want is for all parties to observe the rule of the law of this land…we are ready to handover the office any time after the High Court gives the ruling,” Mr Mosha said.
In 2012 NICOL shareholders removed from power the entire leadership of the company and appointed Dr Gideon Kaunda and Mr Kinoni Adam as leaders. Mr Mosha and his board challenged the legitimacy of the move, saying procedures were not followed.
Dangote Group is investing 500 million US dollars (about 800bn/-) in cement production in Mtwara, with prospects of 3,000 new jobs. The annual production capacity of the cement factory is estimated at three million tonnes.
By ABDUEL ELINAZA, Tanzania Daily News
