Tuesday, March 2, 2021

Ebineng heads to Capital Management Africa

The founding Chief Executive Officer of Bokamoso Private Hospital, Kabelo Ebineng, has landed at Capital Management Africa (CMA) Botswana as its acting Chief Executive Officer.

CMA Director, Rhys Carr, this week told Sunday Standard that Ebineng’s appointment is subject to regulatory approval and confirmation from the Non Banking Financial Institutions Regulatory Authority (NBFIRA) and that is why he is in the acting capacity.

 He pointed out that Bifm Capital is regulated by NBFIRA and added that prior to making an appointment for a CEO, NBFIRA has to do a number of checks. He said that after everything was completed, Ebineng got the appointment on an acting basis.

“Our mandate of the company is to seek investment opportunities for the saving pool of Botswana to invest in Botswana,” he said.

He further said that CMA is still awaiting the response after vetting the appointment of Ebineng and added that Ebineng will only be formalized as the CEO after the process has been finished.  
He added that Ebineng is currently serving on several boards as a director and is also in chairman in diverse commercial and financial services entities. Carr also stated that there are a number of opportunities in Botswana as the economy is reputably changing in developing and is in a shifting landscape.   

“Ebineng has served as a director and chairman in several local, national and global organizations in a personal and representative capacity,” he stated.

Contacting by Sunday Standard, Ebineng revealed that he has been vetted before by NBFIRA under the insurance vetting. He said that his insurance vetting is currently still valid. “The law requires that every controller goes through this process of checks, examination vetting process,” said Ebineng.

He pointed out that his post at CMA is also being vetted by NBFIRA under capital markets category of vetting.

Ebineng lost his previous job at the newly established Bokamoso Private Hospital after he was served with letter of termination of employment. Before he became the CEO of Bokamoso, Ebineng was the managing director of Associated Fund Administrators (AFA). He left the hospital just a week after it was placed under a court appointed management. That was after the Lobatse High Court approved a petition by the creditors to put the private hospital under provisional sequestration.

┬áCurrently, Capital Management Africa owns forty-nine percent of BIFM Capital. The balance of 51 percent, which is the controlling stake, is owned by Bifm Holdings. Capital Management has agreed to buy Bifm Holdings’ 51 percent, subject to final regulatory approval. On the approval of the transaction, Bifm Capital will become a subsidiary of Capital Management and has been renamed CM Botswana.

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