The National Development Bank (NDB) has terminated the ‘life board members’ who have served for more than eight years.
In her staff update of April 14, 2015, the bank’s chief executive officer, Lorato Morapedi said the former board chairperson, Lesedi Seitei, former board deputy chairperson Mabu Nteta and Thembisile Phuthego’s terms have come to an end.
“This comes after the multiple renewal of their contracts at the instance of Ministry of Finance and Development Planning given the transformation that the bank is going through. I wish to take this opportunity, on my behalf and your behalf to thank them for their years of dedicated service and strategic leadership to NDB,” said Morapedi.
Seitiei has been serving in the board for 13 years, Nteta for 12 years and Phuthego for nine years.
To replace the departed board members, the ministry appointed three new people with effect from March 1, 2015. The University of Botswana’s director of financial services, Mendel Nlanda, attorney Oganeditse Marata and Professor Patrick Makepe, head of Department of Economics at UB have been appointed new board members.
The Minister of Finance, Kenneth Matambo has appointed Godfrey Molefe to replace Seitei as the new board chairperson.
The removal of the ‘three musketeers’ comes at the time when the bank is teetering on the brink of collapse following reports that it has stopped loan disbursements. It has been reported that the bank is likely to declare a loss of between P10-P15 million with sources intimating this week the figure could be higher. The bank has failed to file its end of year financial results at the end of March as scheduled. Morapedi’s contract is expiring at the end of month and it is yet to be seen if Matambo will renew it or not.