In 2017, the alleged NPF looting became Botswana’s biggest financial scandal after it was alleged that businessman, Bakang Seretse, Botho Leburu and Kenneth Kerekang, had diverted P250 million from the Fund. Seretse was at the time the managing director of Kgori Capital, an asset management company that was tasked with administering the NPF after winning the tender in January 2016. When the money laundering case started, the nation was buzzing with excitement and hope that finally the government in office has finally caught the big fish.
On Tuesday this week, the chief executive officer of Botswana Energy Regulatory Authority (BERA) Rose Seretse told members of the Parliamentary Committee on Statutory Bodies and State Enterprises that the fund (NPF) is still unable to perform what it's supposed to do. Seretse said according to the information they got from the Department of Energy, the NPF balance stood at P451 million as at September 22, 2021, against the P525 million being claimed by oil companies. “The claims for oil companies as at August stood at P525 million. You can see that the balance is lower than what the companies are claiming.
