馃嚙馃嚰BotswanaSouthern Africa
Letshego shareholders approve sale of five East and West African subsidiaries
via Mmegi1 min read
Letshego Africa, a pan-African microlender, has secured shareholder approval for the sale of five subsidiaries in East and West Africa. The subsidiaries include Letshego Ghana Savings and Loans PLC, Letshego Faidika Bank Tanzania Limited, Letshego Microfinance Bank Nigeria Limited, Letshego Rwanda Limited, and Letshego Uganda Limited. The transaction is valued at approximately P840 million, resulting in a P280 million loss for Letshego. The board urged shareholders to approve the deal, citing fair value given the circumstances. The group has faced challenging trading conditions in these regions due to macroeconomic pressures, foreign exchange volatility, inflation, increased credit impairments, and regulatory changes, which contributed to a P519.5 million loss in Letshego's previous financial reports. Letshego's Kenyan operations are slated for a separate sale, marking the company's complete exit from East and West Africa. Following these sales, Letshego will operate in Botswana, Namibia, Eswatini, Kenya, Lesotho, and Mozambique. In the full year 2025, Letshego's profit after tax from continuing operations increased to P284 million, driven by improved credit performance and revenue growth.
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Attorney General Dick Bayford has declared that Minister of Water and Human Settlements Oneetse Ramogapi acted unlawfully by appointing a private law firm, Kanjabanga & Associates, to represent the government in legal proceedings without his authorization. In an affidavit filed with the High Court concerning a case involving Ramogapi and three Botswana Housing Corporation executives, Bayford confirmed his agreement with the applicants that Ramogapi lacked the legal authority to instruct the firm on behalf of the government. Bayford stated that it was unlawful for Ramogapi to grant a Power of Attorney to Kanjabanga & Associates for an application appearing to be brought on behalf of the government.
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