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Dar es Salaam’s stock market is no longer a niche corner of East African finance. The Dar es Salaam Stock Exchange has matured into a liquidity story driven by banks, telecoms, and a growing domestic investor base that increasingly trades through mobile platforms.
The past year was a reminder of how quickly sentiment can shift when liquidity improves. In 2025, the DSE closed with total market capitalization at TZS 24 trillion ($9.2 billion), a record, while domestic market capitalization finished at TZS 15.6 trillion ($6 billion). Returns were led by financials. The DSE All Share Index rose 29.08 percent to 2,761.93 in 2025, and the Tanzania Share Index gained 24.70 percent to an all time high of 5,759.41. The Banks, Finance and Investments index jumped 88.46 percent, powered by moves in CRDB and NMB. Trading followed the same direction. Equity turnover surged 190.3 percent year on year, with total equity turnover reported at TZS 663.75 billion, helped by June 2025 trading reforms that improved price discovery and encouraged wider participation.
Against that backdrop, a small group of individuals stand out, not by private wealth estimates, but by what can be verified in listed holdings right now. The rankings below reflect the estimated market value of their publicly listed stakes as of early February 2026, using the latest available public ownership disclosures and market prices.
(1) Patrick Schegg
Portfolio value: $78.3 million
Holdings: 1.84% stake in NMB Bank; 1.9% stake in CRDB Bank
Patrick Schegg is a Swiss-based money manager and Tell Investments executive whose Tanzania exposure sits in two of the Dar es Salaam Stock Exchange’s flagship lenders. NMB Bank and CRDB Bank are major universal banks in Tanzania, earning primarily from lending, transaction fees and treasury income, and they have been among the market’s most closely watched bellwethers.
(2) Aunali Rajabali
Portfolio value: $55.9 million
Holdings: 2.65% stake in NMB Bank
Aunali Rajabali is one of the largest named individual shareholders in NMB Bank, a position that places him high on the register of one of Tanzania’s most valuable listed companies. NMB is a leading commercial bank with a large retail footprint, corporate banking operations and a growing digital platform.
(3) Sajjad Rajabali
Portfolio value: $55.9 million
Holdings: 2.65% stake in NMB Bank
Sajjad Rajabali is another top individual shareholder in NMB Bank, holding a stake that keeps him closely tied to the performance of Tanzania’s banking sector. NMB is a core DSE counter, known for its scale in deposits, lending and branch-led retail banking.
(4) Hans Aingaya Macha
Portfolio value: $26.9 million
Holdings: 1.3% stake in CRDB Bank
Hans Aingaya Macha is one of the larger disclosed individual holders in CRDB Bank, a name that stands out on a register often dominated by institutions. CRDB is one of Tanzania’s biggest banks, with earnings driven by lending to businesses and households, payments, and treasury activity.
(5) Michael N. Shirima estate
Portfolio value: $10.4 million
Holdings: 42.91% controlling stake in Precision Air; 2.92% stake in TOL Gases
The estate of Michael N. Shirima remains the dominant shareholder in Precision Air, the airline he founded and built into a listed company. Precision Air operates domestic and regional passenger flights, while TOL Gases is an industrial gases business supplying oxygen, nitrogen and related products to hospitals and industry.
(6) Ernest S. Massawe and Erncon Holdings
Portfolio value: $7.4 million
Holdings: 16.72% stake in TOL Gases; 16.63% stake in TOL Gases via Erncon Holdings
Ernest S. Massawe is the controlling figure behind TOL Gases, holding influence through both a personal stake and his vehicle, Erncon Holdings. TOL Gases produces and distributes industrial and medical gases, a steady, utilitarian business tied to manufacturing demand and healthcare supply chains.
(7) Murtaza Nasser
Portfolio value: $3.9 million
Holdings: 0.9% stake in Tanzania Portland Cement
Murtaza Nasser is a notable individual shareholder in Tanzania Portland Cement, better known in the market as Twiga Cement. The company is one of Tanzania’s main cement producers, supplying construction and infrastructure projects and typically tracked closely for dividends and cyclical demand.
(8) Said Bakhresa
Portfolio value: $3.3 million
Holdings: 0.77% stake in Tanzania Portland Cement
Said Bakhresa is best known as the founder and chairman of the Bakhresa Group, one of East Africa’s largest industrial and consumer conglomerates. His listed position is in Twiga Cement, Tanzania’s leading cement maker, a stock closely watched because cement demand often mirrors the country’s building cycle.
(9) Sayed Kadri
Portfolio value: $2.5 million
Holdings: 0.59% stake in Tanzania Portland Cement
Sayed Kadri is a meaningful individual holder in Tanzania Portland Cement, a company that sits at the heart of the country’s construction supply chain. Twiga Cement manufactures and sells cement nationwide, and its performance tends to track construction spending, infrastructure activity and pricing discipline in the sector.
(10) Arnold B. S. Kilewo
Portfolio value: $1.3 million
Holdings: 5.88% stake in TOL Gases
Arnold B. S. Kilewo is a senior industry executive with leadership ties to TOL Gases and a sizeable holding in the company. TOL Gases supplies industrial and medical gases, serving hospitals, manufacturers and other large users that need reliable bulk gas production and distribution.
