Botswana's financial services regulator has placed Minet Botswana (Pty) Limited under statutory management without publicly explaining what prompted the intervention.
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) appointed Thulisizwe Johnson as statutory manager, effective 12 October 2026, under Section 62(1) of the NBFIRA Act, 2023.
In a public notice dated 13 October, NBFIRA Acting Chief Executive Officer Mooketsi Ramanteba confirmed the appointment but gave no reasons for invoking the statutory management provisions.
The regulator directed stakeholders to refer all queries, complaints and claims concerning Minet to Johnson. It did not indicate how long the arrangement would remain in place.
NBFIRA has not explained whether the intervention relates to financial difficulties, regulatory compliance, corporate governance or other supervisory matters. Its notice also did not indicate whether the appointment followed an investigation, regulatory warnings or compliance directives.
Johnson, approached by The Monday Chronicle for clarification, did not comment on the reasons behind the decision.
In a separate statement, parent company Minet Botswana Holdings Proprietary Limited acknowledged the intervention and sought to reassure clients, employees and business partners about its scope.
"We recognise the questions this development may raise among clients, employees and business partners and wish to provide clarity on its scope," the company said in a statement issued by order of its board.
The holding company confirmed that statutory management affected only Minet Botswana (Pty) Limited, which provides insurance advisory services, and not its two other subsidiaries.
Minet Botswana Retirement Solutions (Pty) Limited, which provides pension consulting and administration services, and Minet Botswana Risk Management & Consulting (Pty) Limited, which specialises in risk advisory and asset valuation consultancy, remain outside statutory management.
Both will continue operating normally, according to the holding company. It said the affected brokerage would also maintain its services.
"Further, we wish to advise that Minet Botswana (Proprietary) Limited, despite the ongoing statutory management placement, will continue to provide insurance advisory services and support to all its clients," Minet said.
The company said the brokerage was working closely with NBFIRA and was committed to full cooperation, with due regard for the interests of clients and other stakeholders.
However, its statement did not explain the circumstances that prompted the intervention or disclose whether the brokerage had previously been required to address regulatory deficiencies.
Statutory management allows an appointed manager to oversee the affected business under the applicable legal framework. The appointment alone does not establish insolvency, financial misconduct or regulatory wrongdoing.
Neither NBFIRA nor Minet Botswana Holdings has publicly identified irregularities involving client funds, premiums or insurance claims.
The regulator has also not specified the conditions that must be met before statutory management can end or ordinary management arrangements can be restored.
Minet Botswana Holdings said it would continue supporting clients and keeping stakeholders informed, with further details to be shared through its official communication channels.
