- Tsaone Segaetsho
For the first time in its 12-year history, asset management firm Kgori Capital is now under the full leadership and majority ownership of a Motswana woman.
Last year, Sharifa Noor acquired a 45% stake in Kgori Capital from former Managing Director Alphonse Ndzinge, bringing her total shareholding to 90%. While the transaction has been completed, it is still subject to regulatory approval from the Competition and Consumer Authority. A public notice regarding the merger was recently issued as the antitrust body continues to assess any competition concerns.
In a brief interview with The Executive Botswana, Ndzinge declined to discuss details of the transaction or any matters related to Kgori Capital, citing the ongoing regulatory processes.
Nonetheless, the focus is firmly on Noor and her remarkable journey to the helm of a company that has seen both triumphs and controversies. Noor has been a steady presence throughout Kgori Capital’s evolution, from its promising beginnings as a trailblazing asset management firm to its embroilment in one of the nation’s most significant corruption scandals.
Noor was there in the early days, helping to build Kgori Capital’s reputation and later working to restore it amid turbulent times. She co-founded the firm alongside two men, creating a pioneering 100% Motswana-owned investment management company. Kgori Capital quickly gained a substantial client base across both the private and public sectors.
During her tenure as Chief Operations Officer, Noor worked alongside Bakang Seretse and Ndzinge. However, the firm’s trajectory took a dramatic turn when it became embroiled in the National Petroleum Fund (NPF) scandal.
Seretse, who is a cousin of former President Ian Khama, was accused of receiving preferential treatment in public tenders. Some observers claimed the allegations were politically motivated or fuelled by envy. Seretse eventually left the company, leaving Noor and Ndzinge to manage the fallout.
The scandal erupted seven years ago, just five years after Kgori Capital’s establishment. It was alleged that the firm received over half a billion Pula from the NPF without adhering to proper public procurement practices. The controversy led to parliamentary investigations and extensive negative media coverage, severely damaging Kgori Capital’s reputation.
As a result, the company lost numerous clients, including its largest, the Botswana Public Officers Pension Fund (BPOPF), which had entrusted Kgori with managing P3.9 billion in assets. The scandal marked a turning point, with many clients terminating their contracts.
Through it all, Noor remained steadfast, guiding the company through its most challenging period. With Ndzinge’s departure last year, Noor was hailed as the “queen of asset management,” having weathered adversity and demonstrated resilience.
Armed with 21 years of industry experience, Noor brought a wealth of expertise to her role. Before co-founding Kgori Capital, she held senior positions, including Unit Trust Manager at BIFM Unit Trusts and Operations Manager at Investec Botswana (now Ninety-One), one of the region’s largest asset management firms.
“Sharifa has been instrumental in the setup and penetration of Unit Trust investments in the Botswana landscape, having been a driving force in the establishment of Unit Trust structures with multiple asset manager firms in Botswana. She holds an MBA from the University of South Africa and a Bachelor of Business Administration from the University of Botswana,” Kgori Capital stated.
Noor’s leadership marks a new chapter for Kgori Capital, as she takes the reins of a company she helped build and sustain through both success and scandal.
