Debswana Pension Fund moves for 50% of Bona Life

Debswana Pension Fund Eyes Significant Stake in Bona Life

The Competition and Consumer Authority (CCA) in Botswana is currently reviewing a proposed merger. The Debswana Pension Fund (DPF) intends to acquire a 50% stake in Bona Life Insurance (Pty) Ltd. This acquisition would involve purchasing shares from Bona Life’s holding company, Foudello (Pty) Ltd.

DPF’s Growing Presence

Established in 1984, DPF operates as a defined-contribution pension fund. It was jointly founded by the predecessor entities of Debswana. DPF also manages Mmila Fund Administrators. As of June 30, 2025, the fund reported substantial assets under management, totaling P11.9 billion.

Bona Life’s Complex Path

Bona Life has a notable history marked by various ownership changes and regulatory interventions. It began operations in June 2014 as Bramer Life Botswana. At that time, Mauritius-based British American Investment Corporation (BAIC) held 80%, with citizen investors owning the remaining 20%.

In April 2015, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) placed the insurer under statutory management. This action followed a wider crisis impacting the BAI/Bramer group. The business subsequently re-emerged under Foudello (Pty) Ltd, backed by a local shareholder group led by Botswana Opportunities Partnership (BOP). BOP is largely funded by the Botswana Public Officers Pension Fund (BPOPF). The company then rebranded as Bona Life.

Recurring Challenges and Stabilization Efforts

Further challenges arose in 2020. Governance disputes and capital pressures led NBFIRA to once again place Bona Life under statutory management. This period of turmoil was linked to broader issues surrounding BOP, including allegations against its former manager, Capital Management Botswana, which was later liquidated. Control ultimately consolidated under BPOPF.

By late 2021, BOP had acquired all remaining minority stakes. The CCA now identifies Foudello as being effectively owned by BPOPF. To stabilize the insurer after its second period of statutory management, BPOPF injected P130 million into Bona Life in February 2022.