Matsheka to quit CEDA for Aon

Brian Benza
Staff Writer | Wednesday May 19, 2010 00:00

 

In a telephone interview yesterday, CEDA Chairman Lucas Gakale confirmed the move and said Matsheka, who has been at the agency since March 2003, was currently serving notice until end of June.

'Yes, he is leaving,' Gakale said. 'He is currently serving notice until the end of next month. His replacement will be found through a recruitment process and we should be flighting the adverts for the position very soon.'

Matsheka, who is a former senior lecturer at the University of Botswana, will take over from Dora Moremi who left the insurance brokerage company about ten months ago. Bryn Williams is the acting CEO at Aon.

Matsheka holds a Bachelors degree in Economics and Demography from the University of Botswana, a Master of Philosophy from the University of Glasgow and a PhD from the University of Kent.

Established in 1970, Aon Botswana is the largest and oldest insurance broking company in Botswana. It currently controls 60 percent of the market and provides broking and advisory services in all insurance disciplines in short-term and life insurance.

In a move aimed at boosting citizen participation in the firm, Aon Botswana transferred 25 percent of its shares worth P25 million to local shareholder CEDA Venture Capital Fund in 2007.

The P200 million CEDA Venture Capital Fund was set up in 2003 and Venture Partners Botswana (VPB) appointed as its fund managers.

Aon Botswana's move meant that 30 percent of the company's shareholding was transferred into the hands of citizens as employees of Aon already held five percent in the company, which they acquired in 2004. Headquartered in Chicago, Aon Corporation is the leading provider of risk management services, insurance and reinsurance brokerage and human capital and management consulting.

Matsheka joins a number of high profile industry movers who include Regina Sikalesele-Vaka, who was recently appointed CEO of the expanded BIHL group; Lorato Morapedi, who took over at NDB at the beginning of this month; and as revealed by Mmegi last month, Serty Leburu, who will soon take over at Standard   Chartered Botswana.

According to sources in the banking sector, Leburu is set to take over from David Cutting at Botswana's oldest bank, becoming not only the first woman but the first Motswana ever to head the bank in its 113 years in the country.

Formerly Chief Financial Officer, Leburu was last month appointed Deputy CEO from where market sources say she will understudy Cutting. Cutting's contract will end around August this year, but it is still unclear when Leburu will take over from the West Indian banker.

This month, former Deputy CEO at CEDA (Operations) Lorato Morapedi took over from Oaitse Ramasedi who left NDB last year to become CEO of a relatively new entity, the Non-Banking Financial Institutions Regulatory Authority (NBFIRA).

Industry sources say another woman, Shirley Segokgo, is headed for the top post at the Public Enterprises Evaluation and Privatisation Agency (PEEPA) to replace Kgotla Ramaphane, who has been acting.

'Sekokgo's appointment should be finalised this week,' said one source. 'Presently,  nothing official has been confirmed, but it looks like she is the preferred choice.'