Wednesday, June 29, 2022

BIHL hit by top management resignations

Botswana Insurance Holdings Limited, the titanic insurance  and  fund administration  outfit, has been hit by another  resignation at the top level, bringing the total number of people who have left since Regina Sikalesele- Vaka to seven.

Impeccable sources  told The Telegraph head of Communication for the Group, Sipho Showa, has decided to jump ship because of poor working relations.

However, BIHL‘s head of Human Resources, Elias┬áMagosi, flatly denied the reports on Monday, saying, “I am not aware of that.”

Sources said he was engaging in┬ásome “diplomatic coating” and they pointed out that Showa will be leaving next month.

Earlier this year, former Chief Executive Officer of BIHL, Regina┬á Sikalesele- Vaka, blasted Sanlam’s conduct at her farewell speech.

She accused  Sanlam of sucking out the money  from the company through outrageous dividend policies and trying to weaken Botswana operation by transferring some of the key operations to South Africa.

She was followed by Simon Ipe, Chief of Special Projects, Victor Senye, ex- head of Bifm, Seagiso Ramatshaba, former Chief Financial Officer at Bifm, Kenneth  Bogatsu, ex- Financial Manager at Botswana Life, Tutu Lenong, former Marketing  and Communication manager at Botswana Life.  All of them left in the last five months but Senye has since been retained as a consultant.

Despite the denials made by BIHL management┬á about Showa’s resignation,┬á sources said┬ámost of the top management┬á are frustrated and feel that┬á the┬á company┬á is trying to push them out.

The Botswana Stock Exchange-quoted  company  has assets under its  management  valued at   P 19 billion and  is  53 percent owned by South African  Asset Management  company, Sanlam.
BIHL is the biggest contributor to Salam balance-sheet and has over the years built surplus cash that currently stands at P 1 billion.

Though Vaka’s speech shocked most of the people, it got a lot of support from most of the top management at BIHL and its subsidiaries. She was applauded for being brave at a time when the company was losing a lot of people at top management due to frustration.

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