{"id":34973,"date":"2021-08-15T16:04:56","date_gmt":"2021-08-15T16:04:56","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=34973"},"modified":"2021-08-15T14:02:14","modified_gmt":"2021-08-15T14:02:14","slug":"what-next-after-demise-of-five-tanzanian-tycoons","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/what-next-after-demise-of-five-tanzanian-tycoons","title":{"rendered":"What next after demise of five Tanzanian tycoons?"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>Dar es Salaam.<\/b><\/p>\n

Leaders of the business community yesterday expressed sadness over the loss of five business tycoons that occurred within the last six days.<\/p>\n

Those who spoke to The Citizen said the untimely demise of the business captains was a big loss to the private sector.<\/p>\n

The latest prominent business- man to die was the chairman of Asas Group, El-Hadj Faraj Ahmed Abri, who died yesterday.<\/p>\n

The other four who died in the last six days were Hamoud Mohammed Sumry, owner of Shivacom Group of Companies, Tonil Somaiya, John Lamba who owned Travertine Hotel Dar es Salaam and the owner of the Gold Crest Hotel, Mathias Manga.<\/p>\n

The Tanzania Private Sector Foundation (TPSF) executive director, Mr Francis Nanai, said their loss would likely shake their businesses. \u201cIf the captain of a football team gets in trouble, the whole team gets shaken,\u201d said Mr Nanai.<\/p>\n

He described the deceased as \u2018mentors\u2019 who not only inspired the private sector to strive for the highest measures of excellence and integrity, but also inspired businesspersons in serving the public.\u201d Mr Nanai argued that, if their successors do not handle the businesses well, then there is the possibility of the workers losing jobs.<\/p>\n

\u201cAlthough their companies still exist, we have lost human capital which is a very important element for the prosperity of any business,\u201d noted Mr Nanai.<\/p>\n

Asked what lesson could be drawn from the deceased, he was of the view that other investors should cultivate the culture of embracing a succession plan so that if they pass away, their businesses would remain intact.<\/p>\n

Confederation of Tanzania Industries\u2019 (CTI) policy and advocacy director Akida Mnyenyelwa said the death of the Asas founder, Abri was a huge blow whose gap could not be filled easily.<\/p>\n

\u201cHe will be remembered for his views and plans geared to taking the private sector to the next level,\u201d said Mr Mnyenyelwa. However, he exuded his optimism that his business could keep on existing, banking his hopes on the succession plan.<\/p>\n

\u201cI believe the company has a succession plan in place. I don\u2019t think the business will wobble,\u201d he stressed.<\/p>\n

Giving the examples of Reginald Mengi, of the IPP Group Ltd who died in 2019, and Subhash Patel, the founder and managing director of the Motisun Group who died last year, Mnyenyelwa said their businesses were still operating despite the demise of the founders.<\/p>\n

The Tanzania Business Community director of communications, Mr Stephen Chamle, had a differing view of the matter. He said even in the presence of a succession plan, businesses left by the five tycoons would wobble to some extent.<\/p>\n

\u201cTheir presence mattered a lot. Their convincing power was of paramount importance for the mushrooming of their businesses under their care. The business community has lost the pillars,\u201d he said – adding that this would reduce the workforce, as well as cut employment and the gross domestic product (GDP).<\/p>\n

Mr Chamle, therefore, urged Tanzanians to stand as one in attracting foreign investors to come and fill the gaps left behind by the fallen tycoons.<\/p>\n

\u201cFor this to be realised, the government should continue improving the business climate so as to boost investor confidence,\u201d opined Mr Chamle.<\/p>\n

Since President Samia Suluhu Hassan ascended to the highest office in the land in mid-March this year, she has been at the fore- front in preaching the creation of an enabling business environment through a friendly taxation regime and policy predictability.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Dar es Salaam. Leaders of the business community yesterday expressed sadness over the loss of five business tycoons that occurred within the last six days. Those who spoke to The Citizen said the untimely demise of the business captains was a big loss to the private sector. The latest prominent business- man […]<\/p>\n","protected":false},"author":84,"featured_media":34972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-34973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nWhat next after demise of five Tanzanian tycoons? - Tanzania<\/title>\n<meta name=\"description\" content=\"Dar es Salaam. 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