Mmegi Online :: F/Town investment company appoints board
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Wednesday 17 October 2018, 15:48 pm.
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F/Town investment company appoints board

FRANCISTOWN: A board to run the affairs of the Francistown Investment Company (FIC) has finally been appointed almost three years since the establishment of the company.
By Chakalisa Dube Fri 09 Dec 2016, 15:16 pm (GMT +2)
Mmegi Online :: F/Town investment company appoints board








The Francistown City Council (FCC) set up FIC, which has been struggling to find its footing. Francistown mayor, Sylvia Muzila confirmed the appointment of the board, which was endorsed by councillors last week. The company’s main mandate is to drive the city’s Vision 2022 whose aim is to turn Francistown into the northern economic powerhouse. 

The board, which is made up of five members includes City Clerk, Robert Letlole, Gadzanani Makopola, who will represent the private sector, Business Botswana regional manager, Kebawetse Bogatsu as well as two councillors, Lesego Kwambala and Cornelius Gopolang. Another member of the board whose name is yet to be confirmed will be from the district commissioner’s office.

“The board’s first mission will be to assess applications for the coordinator of the company,” Muzila said. The position of coordinator, who will be tasked with running the company as per directions of the board, was advertised a few months ago. Initially, the council wanted to appoint a CEO to run FIC, but the position was scrapped to conform with the structures of the city council.

Muzila added that

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the board will also appoint its chairperson after its first meeting, which is yet to be scheduled. Yesterday, Kwambala also said the board is yet to decide on its first meeting.

The board will also be tasked with driving initiatives aimed at securing funds that will ensure the smooth operations of the company. Early this year, the FCC stated that the company would require around P10 million to take-off. The FCC, however, stated that there is a small fund allocated for payment of the coordinator. Muzila also told BusinessWeek that despite the lack of funds a lot of groundwork has been covered to ensure that the FIC takes-off with minor hiccups.

The mayor said an 83-hectare piece of land at the Gerald Estates Central Business District (CBD) and Francistown golf course, which is 42 hectares, has been reserved for the company by the city council.

FIC will operate as a real private sector entity with its own staff for it to produce the vibrancy and desired results without any red-tape and excess regulatory obligations that always stifle government organisations.

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