National Investment Company Limited (NICOL) was established in 2001 with the main objective of mobilizing local investors to participate in the then on-going privatization of State Owned Enterprises. NICOL was licensed by the Capital Markets and Securities Authority (CMSA) as a closed-ended collective investment scheme focusing on financial markets and real estate.

As of 31st Dec 2021, majority (83%) of NICOL was owned by the general local public while foreign investors owned 2.93%. The largest single shareholder, PSSSF, owns 9.2% and is the only shareholder with a holding of more than 3% of the Company. NICOL was first listed on DSE on July 15, 2008, and delisted three years later, on July 6, 2011 due to lapses in observation of Continuous Listing Obligations. It was relisted on the Dar es Salaam Stock Exchange (DSE) on June 6, 2018 after a series of court cases that replaced the board and management.