Bona Life closes shop
Thursday, July 05, 2018
Bona Life holds about P800 million in annuities from nearly 1,000 clients. The company’s 20 permanent employees in Gaborone and Francistown were sent home yesterday, while the regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) was said to have been informed of the closure.
It is expected that the regulator will take control of the life insurance company, following the latest developments.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...