Be conversant with OTR

TANZANIA: THE Office of Treasury Registrar (OTR) is among the key government’s bodies which hold the fate of this nation, due to the critical roles it plays.

OTR was established as a Corporation Sole through the Treasury Registrar Ordinance Cap 418 of 1959, purposefully for holding and overseeing all government investments and properties.

These include investments comprising paid-up capital of public and statutory corporations as well as in private investments where the government owns shares or interests in trust for the President.

The birth of today’s OTR, whose responsibilities have been divided into four groups, namely, supervisory role, custodianship, advisory role and privatisation, came after the revision of the Cap in 2002, with a view to improving the Office’s performance and eventually shaping the performance of public entities.

However, it is a plain reality that the amendments which were made in 2002 in relation to OTR, were not sufficient to improve its role in moulding the performance of the public parastatals as per the government’s wishes.

This assertion could be attested to the 2010 revisions that were meant to strengthen the role of the Office, which currently has 309 public entities under its watchdog, with a total investment capital of a whopping 76tri/-, according to the Treasury Registrar (TR), Mr Nehemiah Mchechu (pictured).

In order to pave the way for return in investments, the 2010 revisions strengthened the role of the OTR by vesting the Treasury Registrar with more powers and responsibilities, enabling the TR to perform his/ her objectives efficiently and accountably.

Mr Mchechu reaffirmed his office’s commitment to safeguarding and effectively overseeing government’s investments in both Public and Statutory Corporations, through collective responsibility of all key stakeholders.

Mr Mchechu reaffirmed his office’s commitment to safeguarding and effectively overseeing the government’s investments in both Public and Statutory Corporations, stressing the importance of collective responsibility among all key stakeholders.

“We are determined to be the most effective and efficient oversight body for public and statutory corporations,” Mr Mchechu asserted confidently.

In 2014, the OTR assumed all roles and functions of the defuncts Consolidated Holding Corporation (CHC), a statutory corporation established by the National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act [Cap. 404].

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The powers and functions of CHC which were inherited by OTR in 2014 were a result of changes in laws which were made in 2007 vide National Bank of Commerce (Reorganisation and Vesting of Assets and Liabilities) Act No. 26/2007.

Cap 404 also dissolved the Presidential Parastatal Sector Reform Commission (PSRC) that had been mandated to undertake privatisation and restructuring of public enterprises and amended Cap 404 by vesting the residual powers and functions of the defunct PSRC to the CHC.

Following this, the OTR became responsible for determining how the restructured specified public corporations are to be diversified, conducting post privatisation monitoring and evaluation and administering initial public offering of the government shares in the stock markets.

It also had a responsibility to collect debts owed to public enterprises arising from sale and purchase agreements; and procure title deeds in respect of diversified public enterprises.

For the purpose of securing the proper management of the property and other investments vested in it, the OTR has a mandate to closely monitor the supervision and control of the financial affairs of all public and statutory corporations.

All investments and other property vested in the Treasury Registrar (TR), including investment in the paid-up capital of a public corporation or a statutory corporation pursuant to section 4 of the Public Corporations Act 1, are held by the Treasury Registrar.

TR plays the role of trust for the President and for the purposes of the government.

In relation to corporations OTR has a role to render advice to the Government relating to the establishment of public or statutory corporations, and the vesting of any business or property in those organisations.

Additionally, the Office has an obligation to review the financial performance of public and statutory corporations with a view to recommending measures aimed at amalgamation, disestablishment or improvement of their performance.

For the purposes of securing the proper management of the property and other investments vested in it, the Treasury Registrar has power to closely monitor the supervision and control of the financial affairs of all public and statutory corporations.

OTR is there to help H.E President Dr Samia Suluhu Hassan to realise her dream of seeing a country being endowed with efficient public entities which provide value for money.