The government is set to extend the contract of the Chief Executive Officer (CEO) of the Non Banking Financial Institutions Regulatory Authority (NBFIRA), Oaitse Ramasedi.
Sunday Standard can reveal that Ramasedi will sign a three-year agreement upon his return from leave. Meanwhile, his deputy Sriram Gade is acting CEO. Ramasedi’s signature will extend his tenure at NBFIRA through to early 2020.
The NBFIRA Board of Directors is said to have expressed satisfaction on Ramasedi’s leadership to deliver the mandate of the organisation and has recommended an extension of his employment contract.
It has also emerged that the Minister of Finance and Economic Development, Kenneth Matambo, has recommended the extension of Ramasedi’s contract.
When contacted NBFIRA Public Relations Manager Tapologo Kwapa could not comment on issues that involved the employer and employee.
“In addition to that we are not aware of contractual issues involving our CEO since he is on leave and we do expect him back in the office by end of March,” said Kwapa.
Ramasedi’s journey with NBFIRA started in 2009 when the authority was established as a regulatory body. This was a period when the global financial crisis was at its peak after the collapse of the global markets.
NBFIRA was negatively affected by the global financial crunch especially because its set-up was fully funded by government, which has a direct link to the foreign market through sales of diamonds ÔÇô Botswana’s all-time largest revenue earner.