Aon Botswana will soon get a new name change after regulators approved a deal that will see an increase in citizen shareholding in the company.
On Friday it was revealed that the Competition and Consumer Authority has approved the acquisition of shares by Africa Lighthouse Capital and Minet Group from the global giant Aon, which has been a major shareholder in Aon Holdings Botswana. The proposed transaction first came to light in December 2020 following regulatory filings.
Africa Lighthouse Capital is a fully owned citizen private equity firm, and the latest deal is the only publicly known investment made by the company since it was awarded P500 million by Botswana Public Officers Pension Fund (BPOPF) as part of the incubation programme to grow citizen owned asset management firms. The P500 million is to be invested in unlisted companies.
Minet Group is a pan-African risk advisory firm and Aon’s largest global network correspondent. Minet Group has been rapidly expanding its African footprint since 2017 through the acquisition of Aon’s operations in Kenya, Lesotho, Malawi, Mozambique, Namibia, Tanzania, Uganda and Zambia.
Aon is a global professional services firm providing a broad range of risk, retirement and health solutions, which operates through subsidiaries in a number of countries on the African continent and globally.
Following the approval, Aon Botswana will change names to Minet Botswana, but will maintain the consistency in leadership and staffing, with Barnabas Mavuma, currently managing director of Aon Botswana, continuing to lead the business supported by the local management team.
Like other members of the Minet Group, Minet Botswana would also be an Aon Global Network Correspondent, retaining its access to Aon’s resources and technology, combined with the benefit of independent local agility.
“The addition of Minet Botswana to our growing African network affirms our belief in the great opportunities for growth that Africa offers, driven by rising consumer demand, huge investment in infrastructure and quick adoption of new technology,” said Joe Onsando, the chief executive officer at Minet Group, in a statement released on Friday.
“This transaction significantly adds to the diversity and skills base of our team and will have a positive impact on the range of products and services we provide. Our correspondent agreement with Aon gives us access to global expertise and data driven insights and uniquely positions us to deliver risk advisory solutions that reduce volatility, thus driving improved performance for our clients. This is a very exciting time to be Minet in Africa.”
Bame Pule, the founder and CEO of Africa Lighthouse Capital, said the transaction has significantly increased citizen shareholding in Minet Botswana.
“We intend to work with Minet Botswana’s local management team to further localise the business in terms of product development, while at the same time investing in local skills development and business development. We look forward to this exciting journey, which will result in a significantly enhanced service offering for Minet Botswana’s clients,” Pule said.