Ref: PR/AF/026/21 Date: August 05, 2021
NATIONAL INVESTMENTS LTD
The Africa Federation is pleased to inform the community of major milestones achieved under the leadership of Chairman, Alhaj Shabir Najafi with respect to National Investments Ltd. The company having faced major challenges in the past 17 years has now reached to a stage where we can see the light at the end of the tunnel.
Brief History of NI Limited.
This company was formed on 15th February 1962 thereby a Memorandum and Articles of Association for Ithna-Asheri Investments Limited was approved creating a collective investment scheme for everyone in the community, later on the name was changed to National Investments (EA) Limited. The main objective of the company was to carry on the business of Investment Company. Five properties were purchased in the effluent suburbs of Dar es Salaam with four in the sea view area. These were:
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
During the 1971 nationalization of buildings by the Government of Tanzania, these properties were nationalized. The Government compensated a token amount of money to the company. Efforts were made to restitute the properties but all efforts were futile.
The company suffered heavily due to 80% drop in earnings as a result of nationalization like many companies in the country.
The remaining building with four massionetts on Mindu Street in Dar es Salaam was mainly occupied by civil servants and payment of rent was not easy to come by. The company faced difficulties in even paying the statutory payments, thus had to take a loan to offset the statutory debts, it was the efforts of the Directors of NI at the time who managed to keep the company afloat.
The then Directors of NI Limited managed to evict the tenants from the building and made a deal with M/s. Omni Enterprises who agreed to renovate the dilapidated building to inhabitable status and to occupy it, offsetting the expenditure from the rent to NI Limited.
The Directors then in the year 2008 decided to swap the Mindu Street property with another property in Masaki, which is presently rented to Sali International Hospital Ltd. Thus the income of the company increased to a reasonable amount for this one property of NI Limited.
The Directors under the Chairmanship of Shabir bhai Mohamedrafik Somji and currently Hussein bhai Habib Peera working closely with Africa Federation have been trying to locate the individual Shareholders for a long time with little success, many are deceased and some are not traceable. Efforts to track the remaining continued by sending mails etc. on their mailing list with no much success. The list was also circulated through the AFED Mailing List, some of the shareholders have communicated with the company Secretary.
The Company Directors and the Major Shareholders held a meeting in May 2021 to finalize and close all the pending issues post their resolution as well as discuss strategies for the best way forward in the Community and its members’ best interest.
The Share price for the Company has been valued and agreed at a nominal market value determined independent Consultants. The shareholders can contact the Africa Federation (NI Team) to obtain further details on the transfer of the shares.
The Africa Federation Secretariat is highly appreciative of the tireless efforts put forth by Alhaj Hussein Peera, Alhaj Ahmed Alloo, Alhaj Munawar Bharwani, Alhaj Aunali Khalfan and Marhum Syed Hassan Naqvi and Alhaj Akil Hirji, Chairman of the Africa Federation Housing Development Board.
In keeping with the required regulations, the company Directors have fully supported the transition towards the new Directors for which Africa Federation shall reach out to the Jamaats and interested members, for the future of this company.
If you are interested in learning more about Africa Federation and its role with National Investments Ltd., reach out firstname.lastname@example.org