By Nankali za Muserengwa.
WINDHOEK – May 06 – Letshego Holdings, whose headquarters are in Gaborone, Botswana, has announced the dismissal of Group Chief Executive and Executive Director of Group board Andrew Fening Okai with immediate effect.
Letshego is listed on the Botswana Stock Exchange (BSE) since 2002.
The company is an inclusive finance-focused group with microfinance banking and consumer lending subsidiaries across eleven countries in sub-Saharan Africa.
According to a statement released by the company, Okai was dismissed due to an irreparable breakdown in trust and confidence between the two parties. The statement did not elaborate on the reasons for the dismissal.
In addition, the board announced the simultaneous suspension of company Secretary Matshidiso Kimwaga pending a disciplinary process. The board did not elaborate on the reasons for the suspension.
The board has also announced the appointment of Aupa Monyatsi, the current Chief Operations Officer of the Company as the interim Group CEO and Executive Director of the Board.
Speculations are high that Okai was dismissed because of mismanagement while some sources close to the running of the fast-growing Letshego affairs suggested that this has to do with a power struggle within the shareholders because Andrew Okai is a Ghanaian running a company controlled by Botswana shareholders.
Okai is regarded as an internationally renowned financial consultant.
The board stated that they fully support and have confidence in Monyatsi and his
executive team to drive the company forward.
The company will appoint an acting company secretary pending the outcome of the disciplinary process of the suspended Company Secretary, the statement concluded.
Both Letshego Namibia and their headquarters in Gaborone refused to comment on the group CEO’s leader’s sudden dismissal.
