- Tsaone Segaetsho
The Botswana Savings Bank Limited (BSB) board this week suspended its Chief Executive Officer, Nixon Marumoloa, for whom an internal investigation will be conducted.
The BSB Board of Directors on Wednesday announced that Marumoloa has been “precautionarily suspended from duty pending the outcome of an internal process relating to certain alleged matters currently under review,” said the board in a statement issued on Wednesday.
Further announcements will be made as and when there are material developments to report in accordance with the Botswana Stock Exchange (BSE) Debt Listing Requirements.
In 2022, BSB initially listed a Note Programme on the BSE, which allows the bank to raise capital by issuing debt instruments, such as bonds, that can be traded on the exchange.
Regarding the CEO’s suspension, BSB said the Board’s decision to implement a precautionary suspension is procedural in nature and is intended to allow for a thorough, fair and independent investigation.
“It does not constitute a finding of wrongdoing and Marumoloa remains presumed innocent pending the conclusion of the process,” said statement added.
The Board has also appointed Wabo Moswate as Acting Chief Executive Officer to ensure the continued smooth functioning of the bank’s operations and the implementation of its strategy.
“The Board wishes to assure investors and all stakeholders that the bank remains financially sound and continues to operate in the ordinary course of business; that there is no anticipated disruption to the bank’s services as a result of this development; and that the Board is committed to the highest standards of corporate governance, regulatory compliance and transparency,” said the BSB Board.
