Insurance and risk management company, Aon Botswana, has rebranded to Minet Botswana in an acquisition that saw private equity firm Africa Lighthouse Capital buy a stake in the business.
The firm held an official corporate identity unveiling and celebration this week at Fairgrounds Holdings where insurance and financial services gurus spoke highly of the transition, saying it is a landmark that will change the course of the company’s fortunes for good. Speaking at the ceremony, the CEO of Minet Botswana, Barnabus Mavuma, said throughout the past 20 years, Aon Botswana developed into a formidable insurance company and stood out among its peers. However, he added, the transition aims to make citizens as part owners of the entity.
In his address at the launch, the Founder and CEO of Africa Lighthouse Capital, Bame Pule, said through their equity investment into Minet, they want to help turn the company into a champion through their global experience.
“We are looking forward to this private equity investment,” said Pule. “It is time for new growth and strategies. We must think of today as a renewal, and that is our outlook as we embark on this journey.” The outspoken private equity expert, Pule, emphasised that Africa Lighthouse Capital will be active, and not passive investors. “We will actively engage with our customers throughout the country to see how we can best manage our relations,” he said.
Minet, is now Aon’s Global Network Correspondent. For his part, the CEO of Minet Group, Joe Onsando, said they shall continue to embrace Aon’s global best practices and emphasised that throughout the years values such as honesty, agility and respect had seen them rise to the top of the pinnacle. “In Botswana, we have been able to partner with Africa Lighthouse Capital and we believe the growth of African economies lie in increased African to African investment,” Onsando noted. He noted that Minet Group business is guided by three pillars, namely risk, reinsurance and people.
Several speakers hailed the transition as a milestone and expressed optimism that the company will be propelled to greater heights and in the process expand its footprint in Botswana. So far, Aon’s buyout has been completed in other African countries such as Zambia, Mozambique, Kenya, Lesotho, Malawi, Tanzania and Uganda.