Tanzanian news media yesterday (1 May) released the news that 37-year old Moremi Marwa has been appointed as the new CEO of the Dar es Salaam Stock Exchange (www.dse.co.tz). According to this news report on Tanzania Daily News, Marwa was selected by the DSE governing board in mid-March, after the post had been advertised earlier (see this blog post), and is the first stockbroker to manage the East African securities exchange.
He is scheduled to take up his post in mid-May, He replaces Gabriel Kitua, who resigned early in 2013 and will be the fourth CEO since the DSE began operations in April 1998. At the time of writing the news is not yet confirmed on the DSE website (1 May was holiday).
Mr Marwa was the Director and Chief Executive Officer for stockbroker Tanzania Securities Ltd. According to this bio on the TSL website, he was responsible for executing the licensed brokerage’s corporate strategy and investment policy and for discretionary mandates.
“Before he joined Tanzania Securities Limited in September 2010, Moremi was a Senior Manager in Ernst & Young’s Transaction Advisory Services. He has a significant corporate finance and investment advisory experience and has worked with a number of major clients both in the public and private sector.”
Before E&Y he was with Deloitte & Touche in Corporate Finance Services since 2006 as a business analyst. His accounting career included managing assignments such as corporate finance structuring, capital raising, transactions support, syndicated loans structuring and reviews, valuations and financial modeling, feasibility studies and business plans. His earlier career was with Barclays Bank and Bank of Africa.
Qualifications include being a Certified Public Accountant (CPA), a Masters of Business Administration in Finance (MBA) and a Bachelor of Commerce (B.Com) in Accounting. He also holds the ACI (Financial Markets Association) Treasury Operations Certificate. He is licenced by the Capital Markets & Securities Authority (CMSA) as Authorised Dealers Representative and Authorised Investment Adviser. Moremi is also a Licensed DSE Floor Trader and is a Council Member of the DSE.
Congratulations to Mr Marwa and best wishes to the DSE, well managed in the interim by Mrs Mary Mniwasa.