Botswana’s government has granted Botswana Oil exclusive rights to import 90% of petroleum products into the country.
However, this decision has sparked controversy, with fuel supply syndicates planning to oust CEO Meshack Tshekedi.
A report by Tuesday Grill suggested that the syndicate are seeking to monopolize the fuel supply in the country, believing Tshekedi is the obstacle to their goal.
Tshekedi, with over 20 years of experience in the mining sector, oil industry, and consultancy, has been leading Botswana Oil since 2020.
The company has transformed its business operations, growing revenue to P2.6 billion and profits to P99 million in the 2022-2023 financial year.
The government’s decision to grant Botswana Oil exclusive import rights aims to ensure security of fuel supply and promote citizen economic empowerment.
The company is expected to grow its revenues to approximately P15 billion with profits ranging between P400 million and P500 million in the near future.
However, the move has been met with resistance from fuel syndicates, who circulated doctored documents suggesting Tshekedi had unfairly awarded contracts.
An investigation revealed that these allegations were false and orchestrated by individuals seeking to control the country’s fuel supply.
The situation has put Tshekedi in a difficult position, with some calling for his removal.
The newly appointed Minister of Energy, Bogolo Kenewendo, has been urged to take action against Tshekedi, but it remains to be seen how the situation will unfold.
Source: https://energynewsafrica.com
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