Calling out the top 5 CEOs of 2016
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It is not a simple exercise to rank personalities directing organisations and businesses that give impetus to the Botswana economy. But we decided to recap on business headlines of 2016, had an in-depth view on billion pula enterprises that generate national interest and command a major stake in the national economic activity.
Business Writer REARABILWE RAMAPHANE strokes up an intense scrutiny on the men and women at the helm of the multimillion pula firms with much emphasis on the positive accolades, he eventually came up with what he believes to be the top 5 Chief Executive Officers (CEOs) of the year.
1. THAPELO TSHEOLE
Number 1 on our list is Chief Executive Officer (CEO) of the Botswana Stock Exchange (BSE) Thapelo Tsheole. He is at the helm of over P400 billion worth of stock trade and market capitalization. Having risen through the ranks of the state owned entity from Product Development Officer until when he was confirmed Chief Executive Officer in January 2016, the Mochudi born soft-spoken Tsheole has over 15 years at the Botswana Stock Exchange having previously worked for the Bank of Botswana and the Directorate on Corruption and Economic Crime (DCEC).
The 40 year old Master of Commerce in Financial Markets graduate from Rhodes University in Grahamstown, South Africa is currently in charge of over 34 enterprises with a total Market Capitalization of P424.9 billion for which over 24 are domestic companies while 10 are foreign companies. In addition 38 Bonds and 4 Exchange Traded Funds (ETFs) are listed on the BSE. When Tsheole coughs the corporate industry and financial economic space catches flu, major economic & industry players are traded on BSE, your Barclays Bank, FNBB, Choppies, Letshego, Chobe Holdings, Cresta just to name a few.
Tsheole goes down as one of the most easily accessible captains of industry in the land, this year he officiated at a number of community and youth empowerment initiatives including Dinokaneng Youth Business Expo hosted in his native Kgatleng region. One of his biggest undertaking this year was BSE‘s Inaugural Listing Conference themed “Opening the BSE to the Business Community –creating value through listing”,
The conference brought under one roof corporate leaders, captains of industries, business and financial expert to raise awareness and exchange views of stock market and financial investment issues. In just a year in charge Botswana Stock Exchange has generated public interest under Tsheole leadership like never before. He avails his shrewd financial and business skills to NGO’s; under his captainship BSE has also developed a corporate social investment initiative that avails operational and financial support to impactful events and organizations.
2. BOITUMELO MOLEFHE
If you are a corporate and business person and this name doesn’t ring a bell, then the business you lead is probably not attractive enough to the ever wealth accumulating Molefhe. She commands over P55 billion worth of assets, of which P23 billion is domestic while the rest is offshore. Being the Chief Executive Officer (CEO) of the Botswana Public Officers’ Pension Fund (BPOPF), the ever smiling Molefhe however is tough at the boardroom.
This year‘s catch was when she convinced the BPOPF board which comprises of even hard to crack union leaders to transfer BPOPF administrative functions in-house. That decision saw the richest pension fund terminate their multi million pula mandate with Alexandra Forbes (a Unite States originating company).
Molefhe did not just stop there, she ended 2016 on a high element, shacking up the lucrative capital investment market, leaving foreign asset management companies in a bit of confusion when the year ends, Molefhe, former Finance Chief at Debswana Pension Fund, having led Bokamoso Private Hospital at some point, announced that her billions of Pula can be managed by local asset managers. She rolled out a new set of guidelines that will inform her awarding of mandates starting from next year January.
According to Molefhe, BPOPF mandates will be awarded to asset management companies with a significant local shareholding, board representation and executive management. Under Molefhe, BPOPF will also avail over 500 million for asset management company start ups to locals only, she also announced an incubation policy to help the local companies grasp a rigid stand in the multibillion pula asset management industry.
Out of Thapelo Tsheole’s billions Molefhe controls a significant stake, with BPOPF owning at least over 10 % stake in more than 2/3rd of the companies listed on the Stock Exchange, this includes FNBB, Barclays, Choppies, BTCL, Chobe Holdings, Wilderness Safaris amongst others. BPOPF also holds a major stake in Mascom, Sefalana just to name a few.
Molefhe’s other big catch was a bit in Prime Time Properties chunk worth hundreds of millions in the lucrative property development space, BPOPF now has a hotel in the Lucrative CBD. As if it is not enough, Molefhe’s final word to over 150 000 Fund Members was promising them that by 2021 she would have accumulated over 90 billion for them. In Molefhe, public officers surely are certain that their billions are in good hands, even the difficult BOFEPPPUSO approves of her, BOFEPPPUSO sits in the BPOPF board.
3. CATHERINE LESETEDI-LETEGELE
Botswana Insurance Holdings Limited (BIHL), CEO Catherine Lesetedi-Letegele rules an empire of almost P5 billion worth of asset portfolio and is still counting. BIHL owns Botswana Life which Lesetedi-Letegele headed to massive profit blossom before taking up the Group’s driving seat. BIHL also runs Botswana Insurance Fund Management (BIFM). Lesetedi-Letegele also commands 25-percent stake in Letshego, which makes BIHL the second largest investor in Letshego.
The soft Spoken Group CEO this year made news when she won 2016 “Ai100 CEO of the Year.” This year’s awards were held at the NASDAQ Stock Market in New York City on 19th September 2016. Her 5 billion pula ship, BIHL which she started captaining in September 2015 also won Ai Best Performing Ai100 Company Award at the prestigious Africa Investor (Ai) Capital Markets and Index Series Awards..
Lesetedi-Letegele in March 2016 was appointed 1st ever Chancellor of Ba Isago University, Botswana’s premier private tertiary institution. When she took over the highest decision making position, which resembles that of a Board chairperson in a corporate company, Lesetedi-Letegele just like any other organisation she led, announced a strategy! and strategy! as well as strategy leadership was going to be her contribution to Ba Isago, months later South Africa's biggest private education group, Curro Holdings acquired a 50 % stake in Ba Isago University, a move that will see Ba Isago expand its admissions footprint to a more international space which has more academic accessibility abroad.
Mrs Lesetedi-Letegele graduated with a BA in Statistics and Demography from the University of Botswana, she also holds an MDP from the Graduate School of Business (University of Cape Town), a Certificate in Executive Leadership (Cornell University, New York City) as well as professional qualifications in Advanced Insurance Practice and a Diploma in Insurance Studies (UNISA). She has undertaken the Sanlam Executive Leadership Programme, Gordon Institute of Business Science, (July 2014) and she is also an Associate of the Insurance Institute of South Africa (AIISA).Ms. Lesetedi-Letegele currently serves on the Boards of Funeral Services Group Limited, a Botswana Stock Exchange-listed entity, Botswana Insurance Company (BIC) and Nico Holdings in Malawi.
4. BASHI GAETSALOE
Managing Director of the Government investment arm, the Botswana Development Corporation, appointed April 2014, immediately when he took over the driving seat of the then cash strapped organisation with a stake in liquidating companies and failed national investment projects, Gaetsaloe developed a 5 year strategy to return the wholly state owned government entity to profitability. Just half way through the strategy, the former KPMG boss announced an over P200 million profit as of June 2016, making 100% growth in profits compared to over P100 million registered in 2015.
He commands asset base of over P4 billion which grew by 6% to 4.4 billion in 2016. Gaetsaloe’s leadership saw Botswana Development Corporation pay millions in dividends to the shareholder being the Botswana Government, something which last happened in 2008. BDC even had a special segment in this year’s State of the Nation Address when President Khama acknowledged it as one of the positives to have made rounds in 2016; he termed the paragraph BDC recovery.
The tough and economical shrewd Gaetsaloe faced parliament earlier this year when he requested P1 billion guarantee loan, although legislators rejected the request which was presented by Minister of Finance, Kenneth Matambo, it seems Gaetsaloe’s shrewd investment acumen convinced the government enclave as President Lt Dr Ian Khama announced over P800 million will be channeled to BDC’s treasury in the financial year. David Magang a local property mogul also observed in his ‘’view from Manna house’’ that Bashi’s request should be looked into. The former HRMC Managing Director holds a MA in Economics from Yale University, New Haven, USA and a Bachelor of Arts in Economics from Connecticut College, New London, USA.
5. LEINA GABARAANE
Coming fifth is Chief Executive Officer of Stanbic Bank Botswana a Standard Bank company. Leina Gabarane took the driving seat of the unlisted Bank in 2008, where he served in junior executive positions before, 2016 was a very fruitful year for Gabaraane’s ship. Under his leadership Stanbic Bank Botswana was named Best Investment Bank in Botswana, in the 2016 EMEA Finance African Banking awards. Stanbic Bank is one of, if not the only private bank in Botswana which has a chunk investment portfolio in agriculture.
Defying the odds Gabaraane‘s cash spinning drive saw Stanbic Bank Botswana pay one of the highest dividends to its mother company, South African run Standard Bank. The bank won 2016 Best Foreign Exchange Provider in Botswana according to Global Finance Magazine. Report from the United Kingdom also observes Stanbic Bank as “Botswana’s Bank of the Year 2016”,
Gabaraane holds a B.Comm (UB) and an MBA in International Banking and Finance (University of Birmingham). His career started with the Botswana Development Corporation in 1995 where he joined as Assistant Operations Officer responsible for business development, project evaluation and monitoring.
SPECIAL RECOGNITION
Lekwalo Leta Mosienyane – The Business Botswana President became the leader of the private sector federation, then BOCCIM in 2013, Mosianyane appears here not as a Chief Executive but an influential figure in the local Private sector space. The outspoken Mosienyane transformed BOCCIM to a more fashionable and corporate entity in Business Botswana, launched this year, the newly refurbished private sector advocacy institution made rounds in 2016.
Under the leadership of Mosienyane, Business Botswana has a commanding voice at the High Level Consultative Council which the President of the Republic occasionally chairs. A professional Architect himself, Mosienyane this year introduced the youth portal in the Business Botswana council.
He runs Mosianyane & Partners International, a professional architectural consultancy firms which has footprints of successful projects across Southern Africa, Mosianyane is recognized by the South African Council of Architectural profession as a shrewd industry leader.
After liquidation of BCL mine, Lekwalo Mosianyane is the only who was able to calm the frustrated Selibe Phikwe business community after they rejected their own regionally tailored SPEDU as well as government Investment arms. It was only after the intervention of Business Botswana that a way forward was mapped regarding retaining investors from the otherwise to become a ghost town.
PROMISING CEO OF THE YEAR – THABO THAMANE
This publication notices the good work by the CEDA Chief Executive Officer (CEO), Thabo Thamane who continues to transform CEDA to a more attractive entity with its community and native tailored products like Mabogo Dinku. Under Thamane’s leadership, CEDA continues to unpack hidden agricultural trade as well as other economic sectors.
The state owned Citizen Entrepreneurial Development Agency successfully hosted the Joint CEO Forum of the World Federation of Development Finance Institutions (WFDI). Amongst praises Thamane received was how CEDA had seamlessly and gracefully hosted an international conference that could have easily been a logistical nightmare. The forum received accolades for great outcomes and recommendations, against a trend of such events being labeled useless talk shops.
Amid cash strapped and poorly managed state owned enterprises and Parastatals CEDA has received accolades from even legislators for considerably doing well.
The accolades awarded here were not from any conducted study or scientific research, but are made from media publications about CEO’s and companies that did considerably well in 2016. Whereas much analysis seemed based on state owned companies, reasons being that 2016 was a harsh year for Botswana’s national economy hence much emphasis on entities that Batswana command a stake in, our views are not cast in stone and we do not claim intellectual monopoly.
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Local tennis team upbeat ahead of Billie Jean King cup
With almost two weeks until the 2023 Billie Jean King Cup, which will be staged in Kenya from June 12-17, 2023, the Botswana Tennis Association (BTA) ladies’ team coach, Ernest Seleke, is optimistic about reaching greater heights.
Billie Jean King Cup, or the BJK Cup, is a premier international team competition in women’s tennis, launched as the Federation Cup to celebrate the 50th anniversary of the International Tennis Federation (ITF). The BJK Cup is the world’s largest annual women’s international team sports competition in terms of the number of nations that compete.
The finals will feature 12 teams (Botswana, Burundi, Ghana, Kenya, Seychelles, Morocco, Namibia, Nigeria, Tunisia, Mauritius, Zimbabwe, and the Democratic Republic of Congo) competing in the four round-robin groups of three. The four group winners will qualify for the semifinals, and the 2023 Billie Jean King Cup will be crowned after the completion of the knockout phase.
Closer to home, the BW Tennis team is comprised of Thato Madikwe, Leungo Monnayoo, Chelsea Chakanyuka, and Kelebogile Monnayoo. However, according to Seleke, they have not assembled the team yet as some of the players are still engaged.
“At the moment, we are depending on the players and their respective coaches in terms of training. However, I will meet up with Botswana-based players in the coming week, while the United States of America (USA) based player Madikwe will probably meet us in Kenya. Furthermore, Ekua Youri and Naledi Raguin, who are based in Spain and France respectively, will not be joining us as they will be writing their examinations,” said Seleke.
Seleke further highlighted the significance of this competition and how competitive it is. “It is a massive platform for our players to showcase their talent in tennis, and it is very competitive as countries target to get promoted to the world categories where they get to face big nations such as Spain, France, USA, and Italy. Though we are going to this tournament as underdogs because it is our second time participating, I’m confident that the girls will put in a good showing and emerge with results despite the odds,” highlighted Seleke.
Quizzed about their debut performance at the BJK Cup, he said, “I think our performance was fair considering the fact that we were newbies. We came third in our group after losing to North Macedonia and South Africa. We went on to beat Uganda, then Kenya in the playoffs. Unfortunately, we couldn’t play Burundi due to heavy rainfall and settled for the position 9/10,” he said.
For her part, team representative Leungo Monnayoo said they are working hard as they aim to do well at the tourney. “The preparations for the tourney have long begun because we practice each and every day. We want to do well, hence we need to be motivated. Furthermore, I believe in my team as we have set ourselves a big target of coming home with the trophy,” she said.
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Pep Stores donates sanitary towels to Popagano JSS
The Guidance and Counseling unit at Popagano Junior Secondary School received a donation of 790 sanitary towels from Pep stores on Thursday.
When presenting the donation, Mareledi Thebeng, the Dinokaneng Area Manager, highlighted their belief in giving back to the community, as their existence depends on the communities they serve. Thebeng pointed out that research indicates one in four girls miss school every day due to the lack of basic necessities like sanitary towels. Therefore, as a company, they strive to assist in alleviating this situation. She expressed hope that this donation would help ensure uninterrupted learning for girls.
Upon receiving the donation on behalf of the students, Charity Sambire, the President of the Student Representative Council, expressed her gratitude. Sambire specifically thanked Pep Store for their generous gift, speaking on behalf of the students, especially the girl child.
She conveyed their sincere appreciation for Pep Store’s compassion and quoted the adage, “Blessed is the hand that gives.” Sambire expressed the students’ hope for Pep Stores’ prosperity, enabling them to continue supporting the students. As a gesture of gratitude, the students pledged to excel academically.
During her speech, Motlalepula Madome, the Senior Teacher in Guidance and Counseling, highlighted that many students at the school come from disadvantaged backgrounds where parents struggle to provide basic necessities. Consequently, some students miss school when they experience menstruation due to this lack.
Madome emphasized the significance of the donation in preventing the girl child from missing lessons and its potential to improve the school’s overall results. She expressed the school’s gratitude and expressed a desire for continued support from Pep Stores.
Popagano Junior Secondary School, situated in the Okavango District, holds the second position academically in the North West region. Despite its location, the school has been dedicated to achieving excellence since 2017
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Botswana misses out critical PAP committee meeting
The Pan African Parliament (PAP) committee on gender, family, youth and people with disability in its sitting considered, adopted and recommended to the plenary session the preliminary report on the framework for the model law on gender equality.
According to the last week’s media release from PAP which is sitting with its various committees until June 2nd, the committee is following up the PAP initiative to draw up a model law on gender equality to enable national governments to harmonize, modernize and standardize their legislations to address local needs is set to be discussed in Plenary.
However, what is concerning is the fact that Botswana which is a member state missed the deliberations. Kgosi Mosadi Seboko who sat in the committee representing Botswana has since been ejected by parliament and this is a huge blow for a nation that is still battling equity and gender balance.
“Although PAP has no legislative powers it makes model laws for member states to adopt. PAP also develops protocols to be ratified by countries. The input of countries at Committee state is extremely critical. It now means the voice of Botswana is missing the discussions leading up to development of protocols or model laws,” said one of Botswana’s representative at PAP Dr. Kesitegile Gobotswang who is attending the current session.
While Botswana is missing, the committee meeting took place on the sidelines of the Sixth PAP second ordinary Session being held under the African Union Theme of the Year for 2023, “The Year of AfCFTA: Accelerating the Implementation of the African Continental Free Trade Area” in Midrand, South Africa and will run up to 2 June 2023. Chairperson of the Committee, Hon Mariam Dao-Gabala expressed satisfaction with preliminary processes undertaken so far towards the formulation of the Model Law,” a release from the PAP website reads.
“The law should be suitable to all countries whatever the predominant culture or religion is. The aim is to give an opportunity to women to participate in the economic, political and social development of the continent. Women are not well positioned and face a lot of obstacles. We are introducing the idea of equity in the Law because we cannot talk about equality without equity,” said Hon Mariam Dao-Gabala in the press statement.
The release has stated that among issues to be covered by the Model Law is the migratory movements of women. The Committee proffered that this has to be addressed at the continental level to ensure that migrant women enjoy all their rights and live with dignity in their destination country. The members of the Gender Committee undertook consultations to consolidate the contributions of the various stakeholders that will be the logical framework format for the Model Law.