The Non-Bank Financial Institution Regulatory Authority (NBFIRA) has taken a tough stance against Stock Brokers Botswana (SBB) and its Managing Director, Titose Tibone following a decision by the latter to request for suspension from the Stock Exchange. This has been a culmination of events which started with the dismissal of an accountant at SBB who was later fined P10 000 by the NBFIRA for practicing as a Controller without permission.
But the grass is still suffering as Titose Tibone and NBFIRA herald a possible showdown as the former refuses to accept possible penalties and a removal from practice by the latter. Titose Tibone assumed the position of Managing Director of Stock Brokers Botswana in June 2012 upon the acquisition of this company by the current shareholders during that period.
In a letter addressed to the Chairman of the Board of Stock Brokers Botswana by NBFIRA CEO, Mr Oaitse Ramasedi, a directive in terms of Section 53(3) and a Civil Penalty in terms of Section 93 of the NBFIRA Act is directed at the Company and Titose Tibone. “ Please be informed that the Capital Markets Department of the NBFIRA has noted several instances of non-compliance by Stock Brokers Botswana Ltd, and to this end, have reffered the same to the Compliance Department for enforcement action. In particular, the Compliance Department has been instructed that through its Managing Director, Mr Titose Tibone, the SBB has:
Appointed a controller to the organization without prior approval of the Authority as required in terms of Section 65 of the NBFIRA Act; Failed, on several occasions and despite numerous requests, to provide the Authority with information regarding the job descriptions of Managing Director and Chief Executive Officer functions, how the two relate to each other, and who is the more superior between the two; And on August 30, 2016 sent an email to the Authority and the Botswana Stock Exchange, indicating that the SBB wishes to wind down its operations due to inability to operate as a going concern, although winding down was never the intention of SBB, and the contents of the email did not present a true reflection of the SBB position. This was thus misleading and false statement made to the Authority, which statement had the potential to disrupt and discredit capital markets of Botswana.”
Ramasedi argues on behalf of NBFIRA that the issues outlined, all precipitated by Mr Titose Tibone as Managing Director, indicate that Mr Titose Tibone conducts himself in a careless manner that breaches his fiduciary duties towards SBB and its clients. “To this end, the Authority has formed the view that he is no longer fit and proper to hold office as a controller, much less a managing director or director, at SBB.”
The NBFIRA Chief indicated that the Authority issues Directive in terms of Section 53(3) that effective from September 6, 2016, Mr Titose Tibone be removed from holding office as a controller, a Director and the Managing Director of SBB. “The Authority further directs that a formal letter be submitted by SBB indicating that it takes note of this directive and has actioned it. Such letter should be submitted to the Authority no later than September 9, 2016.
Ramasedi further pointed out that NBFIRA will impose a civil penalty on SBB in line with Section 93 (a) of the NBFIRA Act for knowingly making a false statement to the Authority. However he has given SBB 21 days to request a hearing, if it wishes for one, to show cause why the proposed penalty should not be imposed. In the meantime SBB has complied with the directive to remove Titose Tibone as Managing Director and Director.
TITOSE TIBONE ON HIS OWN DEFENCE
Although SBB has agreed to comply with the directive, from its rebuttal of the NBFIRA letter, it is clear that the company is not happy with the decision. “ We now refer to your paragraph 4 of the aforesaid letter in which you have issued a directive in terms of Section 53 (3)(b) of the NBFIRA Act to remove our Managing Director, Mr Titose Tibone from holding office as a Controller, as Director and the Managing Director of our company. On a without prejudice basis, we hereby confirm that we will comply with this directive and that we have requested Mr Titose Tibone not to be involved in the management and business affairs of the company,” writes SBB chairman
However SBB says it notes the action of removing Mr Titose Tibone in their view is highly prejudicial to the company in that Mr Titose Tibone has played a major role in the success of this company. They further point out that Mr Titose Tibone is a fit and proper person and without him, they strongly believe that the continued profitability and success of the company will be compromised.
On noting reasons for declaring him, not to be a fit and proper person, SBB tabulated a rebuttal, which we or Mr Titose Tibone, can substantiate and prove, should the opportunity be given to us:-
In relation to the allegations that they appointed a controller before vetting, SBB says Mr Titose Tibone, or the company, did not and has never appointed Ms Rebaone as a controller of the company. “It is for this reason that we had not applied for the prior approval of the Authority. Ms Rebaone was an accounting clerk/officer and not a controller and it was as a result her own self-doing that she gave the impression to the Authority that she was a controller and not by any instructions from Mr Titose Tibone or the company. It is for this reason she was penalized and paid P10 000.00 and was accordingly dismissed. If at all, it was the intention to appoint her as a controller, we would have thereafter applied for her vetting so as to re-instate her. We believe that using this again to penalize Mr Titose Tibone is unfair and not in the spirit of the NBFIRA Act.”
SBB is of the view that using this as a ground to hold Mr Titose Tibone is unfair and not in the spirit of the NBFIRA Act.
On the charge of disruption capital markets and presenting a false and misleading position of the company (SBB): “In relation to the allegations stated at clause 2.3 of your letter, we confirm that this matter was dealt with and the reasons were given by Mr Titose Tibone for sending such an email. This was done at a meeting held on the 30th day of August 2016, at. At this meeting Mr Titose Tibone explained that as a result of the dismissal of Ms. Rebaone, the accountant and not having a financial manager in place (as the approval process was being pursued), he felt that it would be in the interest of the clients of the company to stop trading until the affairs of the company were sorted out. It is our opinion that this was a responsible move because without a finance manager and without an accountant, the company would not be able to manage the accounts, which would in turn prejudice the clients. It is for this reason that at the meeting, the parties confirmed that instead of using the words “winding down”, which would give an impression that the company is closing down instead of giving the true intention of Mr Titose Tibone, which was to suspend trading until such time that the affairs of the company were sorted out, the company should state that it is suspending trading, thus use the words “suspend trading”.”
SBB Board indicates that they believe that the email was sent out with the client interests and protections at the core of Mr Titose Tibone’s intentions and that same was not made with any bad intentions as correctly stated in Ramasedi’s letter.
“Further to this, it is stated that, you will note that this statement was not published, that is, it had never entered the public domain, it was an email sent to the Authority and the BSE. Therefore we disagree that it had any potential to disrupt and discredit the capital markets of Botswana. It was sent to the Authority and to the BSE to advise them that there is a problem at the company and to let them know that as a result the company wanted to stop trading and await further instructions from the Authority and the BSE.”
Titose Tibone and his Board are of the view that when joined, the company was not performing well. In fact it had showed losses in the amount of P8,000,000.00. They state that shortly thereafter the fortunes of the company had reversed. “We are therefore confident that based on market share figures and profitability, the CEO of the BSE, Thapelo Tsheole can attest not only to the successful turnaround strategy implemented by Mr Tibone but also to the extent to which SBB has contributed to the fiscus of the BSE under the tenure of Mr Tibone. The shareholders from a profitability and management side are pleased with Mr Titose Tibone performance.”
SBB says at this stage there is no threat of the company being insolvent, in fact, “we worry that with the removal of Mr Titose Tibone, the company might end up in such a position. Having said the above, which we felt would be necessary to bring to the attention of the Authority; we do note that the issue of Mr Titose Tibone’s removal will be dealt with separately.”
SBB has sought clarification on imposition of a civil penalty because they are of the view that it can only be imposed on a person who has committed an act within the purview of that section and that the company cannot be penalized under that section. SBB says the civil penalty on the company will be unlawful.
In an era where the advocacy for the rights and inclusion of marginal groups, especially individuals beset with profound and multiple impairments, grows more fervent, the Ministry of Education and Skills Development is actively devising schemes to integrate these individuals comprehensively.
Embarking on a pioneering venture, heralded by the Minister Douglas Letsholathebe, the establishment of a novel facility designated for individuals faced with disabilities is on the horizon, set to inaugurate in Maun by mid-2024.
This forthcoming entity, bestowed with the title “Maun Center for Learners with Severe and Multiple Disabilities,” is set to emerge as a sanctuary for those grappling with intense and diverse disabilities in the expanse of the Ngamiland District. Its mission extends beyond serving as a haven; it aims to elevate educational standards and secure outstanding scholastic achievements for this special cohort.
With palpable optimism, Dr. Letsholathebe heralds that this sanctuary, a collective effort of the ministry’s allies, is constructed and awaits its ceremonial launch in the June of 2024, marking a significant epoch in the winter season.
“Construction of the Maun Center for Learners with Severe and Multiple Disabilities has concluded, now in the stewardship of my Ministry. We are poised for its operational unveiling come June 2024,” Dr. Letsholathebe revealed, signaling a new chapter of assurance.
The Government of the Republic of Botswana is steadfast in elevating the status of individuals with disabilities, fostering an environment where their rights are fervently protected and upheld.
Echoing this commitment, the recent adoption of the Persons Living with Disabilities Act marks a historic stride. Its foremost objective is the establishment of the National Disability Coordinating Office alongside the National Disability Council, aligning with the mandates of the Convention on the Rights of Persons with Disabilities (CRPD). This movement is expected to significantly influence the integration of disability-centric issues.
Moreover, this legislative framework is set to fortify ongoing initiatives, increasing the economic participation of disabled individuals, thereby enhancing their living conditions and steering them towards securing a life marked by dignity and fulfillment.
In light of historical evidence, individuals bearing disabilities have consistently encountered significant obstacles in securing employment, often finding themselves at the margins of the workforce. Constraints to equitable employment opportunities compared to their non-disabled counterparts were a common plight.
A substantial portion of employers harbor reservations about integrating people with disabilities into their workplaces, fearing potential complications. Only a select few are open to the idea of employing individuals with disabilities. Consequently, these individuals face heightened unemployment rates and a lack of social support, exacerbating their vulnerability to economic hardship. The International Labour Organisation (ILO), along with the nation of Botswana, champions the cause of workplace inclusion for people with disabilities.
Statistics from Botswana’s multi-topic survey for the fourth quarter of 2021 underscore the situation. The labor force comprising individuals with disabilities saw an uptick to 11,553 from 8,649 in just a year. Among these, 4,313 were males and 7,240 were females. The unemployed tally stood at 2,195, against 9,358 who were employed. A notable majority resided in Urban Villages, with the remainder spread across rural locales and cities.
During this quarter, individuals with disabilities accounted for approximately 1.3 percent (9,358 persons) of the overall 717,418 employed populace, marking a significant increase from the previous year. The distribution of employed persons with disabilities across various areas also saw changes, with urban regions employing a majority, followed by rural areas and cities.
The report further delves into the occupational landscape for people with disabilities, noting a predominant employment in service/sales roles over elementary positions – a contrast to the broader employment data.
Despite a reduction in unemployment figures for individuals with disabilities from the preceding year, the unemployment rate stands at a worrying 19.0 percent, with disparities between genders. Urban areas house the majority of the unemployed, with rural areas and cities following suit.
Unemployment across different age groups reveals a balanced distribution, highlighting a widespread issue across the demographic spectrum. This paints a vivid picture of the ongoing challenges and gradual progress within the sphere of employment for people with disabilities.
Majority of employers are still hesitant to employ people with disabilities because they believe they may bring problems in the workplace. Only a few employers are willing to hire workers with disabilities. This as a result makes people living with disability to be affected by high unemployment and insufficient social protection which then further increases their risk of poverty. The International Labour Organisation (ILO) is advocating for the inclusion of people with disability in the world of work and Botswana as a country too is advocating for their inclusion in the workplaces.
According to statistics Botswana, multi-topic survey quarter 4, 2021 labour force module report, the total labour force for people with disability was estimated at 11,553 persons, an increase of 2,904 persons over a period of twelve months (from 8,649 persons recorded in Q4 2020). From this total, 4,313 persons were males while 7,240 were females. In addition, 2,195 persons were unemployed whereas 9,358 persons were employed. Furthermore, the data showed the majority of labour force with disability were in Urban Villages (6,185), 3,708 were in rural areas and 1,661 in Cities & Towns.
The essence of community and local flair reigns supreme as St Louis Lager takes a bold step with its ambitious “Hype the Homegrown” Initiative, designed to bolster the visibility and support for local artists and home-based brands, weaving them into the fabric of mainstream success through revolutionary partnerships.
The launchpad for this endeavor has been set with a plethora of creative projects. Among them, a musical odyssey titled “The Journey,” featuring the fusion of local House and Pop virtuoso Hanceford Magapatona, widely celebrated as Han C. Enriching the project further are talents like the visionary Producer Flex the Ninja and the RnB Phenom, Priscilla K, whose track “Away” has captured hearts. This six-track EP, ripe with local genius, is up for grabs across all streaming services, inviting listeners to a world of Botswana’s finest.
But “Hype the Homegrown” transcends the bounds of musical exploration, delving into the realms of fashion and lifestyle, stitching a dynamic collaboration with Collections by B.K. Proctor. This venture, rooted in 100% local ownership by the trailblazing Rapper and Entrepreneur Bokang βBKβ Proctor alongside Digital Maverick, Fifi Wale, showcases a vibrant melding of St Louis Lager and Collections by BK Proctor insignias across a series of street-savvy sneakers and tees. These exclusive pieces have hit the shelves at the Collections by BK Proctor boutiques within the bustling hubs of Gaborone Fairgrounds Mall, Grand Palm, and Toro Junction Mall in Francistown.
Unveiled by the marketing maestro of Kgalagadi Breweries Limited, Gaamanngwe Ramokgothwane, this initiative not only shines a spotlight on KBL’s enduring commitment to the arts but also underscores the wealth of creativity brewing within Botswana, deserving of grand stages and accolades. Ramokgothwane passionately advocates for a collective embrace of this homegrown brilliance, positioning “Hype the Homegrown” as not merely a campaign but a clarion call to action for institutions far and wide to champion and elevate local talent.
Echoing this sentiment, KBL’s steward Carlos Bernitt envisions a future where these artisans not only sparkle locally but also etch their mark on the global canvas, all through the unified backing of Batswana. With “Hype the Homegrown,” a legacy of innovation, creativity, and inspiration is in the making.
The Deputy Permanent Secretary of the Ministry of Trade and Industry, Seipati Olweny, acknowledged this campaign as a turning point for the creative community. She stressed the indispensable role of local talent in crafting Botswana’s cultural tapestry and stimulating economic diversification, pledging unwavering support from the ministry towards this collective journey of uplifting local flair.