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Following a series of disappointment with some of its service providers and business partners over the past few years, the Botswana Public Officers Pension Fund (BPOPF) is reportedly cross-checking the credibility of those in its data base.
Chief Executive, Boitumelo Molefe told a group of journalists in the capital Gaborone this week that, “We are now internally reviewing all our service providers and the process is an intense one which takes time”.
Molefe also said that the multi billion Funds has also reviewed its Investment Policy Statement (IPS) which has since been approved the board of directors.
The Fund recently announced Africa Lighthouse Capital and Aleyo Advisors as beneficiaries for the P1 billion through the Fund’s Incubation Program.
Meanwhile Molefe said the Fund has learnt a number of lessons from the recent multimillion pula Court case with the Capital Management Botswana (CMB). The asset manager – which shares an equity Fund – BOP with BPOPF has since been placed under statutory management by the Non Bank Financial Institutions Regulatory Authority.
Following the placement of CMB under statutory management, Molefe said, “We want a technical partner to partner with us who can technically run the fund for the benefit of our members,”
At the recent case, the Court of Appeal President Ian Kirby said a lot, including millions owned by pensioners was at stake following the marathon case that almost got into its second year running.
In a final judgment read out on 27 July 2018, Judge Kirby noted that the lower court, through Justice Motumise was in error, to grant an order reviewing and setting aside NBFIRA’s decision to appoint a statutory manager for CMB – one of BPOPF’s long time business partners.