• On November 2015, Basis Points Capital, the company at the centre of the National Petroleum Fund (NPF)saga was awarded P15 million as proposed consultancy fees for drafting the technical, advisory and financial strategy document for the Ministry of Mineral, Green Technology and Energy Security.
  • According to records the company says it has not yet been paid P5. 5 million for final scopes of the project.
  • Afena Capital (now Kgori Capital) was then subcontracted by Basis Points in December 2016 as a Fund Manager of the NPF. Both companies are owned by the same directors.
  • The Auditor General recently told Parliament that the awarding of the tender and its subcontracting was irregular.
  • In January 2016 Afena capital took P524 million of the NPF and opened the NPF current account with Stanbic bank.
  • Project scope of the tender awarded included reviewing NPF and National Electricity Fund with a possibility of merging them to create Renewable Energy Fund and Financial and Investment management of NPF and energy Fund once established for a period of time.
  • Scope of the work also involved establishing and branding Botswana Energy Regulating Agency (BERA) at a perched cost of P2.9 million amongst others.
  • BERA is headed by Kenneth Kerekang as the director. Before taking up the post Kerekang was Director at Department of Energy which undertook NPF projects.
  • When the tender was awarded to Bakang Seretse’s company Basis Points, Kerekang was the contract signatory at department of Energy.
  • Former DCEC boss Rose Seretse was appointed the first CEO of BERA after its set up last year.
  • Prominent directors of Afena Capital/Kgori, Bakang Seretse, Alphonse Ndzinge, Judge Zein Kebonang and the deceased Vusi Mhlanzi charged a total of P7. 8 million as consultation fees for the project.
  • Previous fund manager Stanlib cost for the same job was P1.8 million according to Auditor General.
  • Auditor General told parliament that other services provided by Bakang Seretse’s company did not “relate to the affairs of the Fund and should not have been charged to the Fund.”
  • From August to November 2017 a total of P230 million was transferred from the NPF Fund Stanbic current account to Khulaco described as NPF divestment.
  • Auditor General has told parliament that the Accounting Officer was unaware of Khulaco and did not have a relationship with the Ministry.
  • New records indicate that Auditor General has failed to access Khulaco’s books of accounts from the DCEC who told them to ask it from the banks


Projects undertaken on NPF funds – Court records:

  • Construction of Load Loading Gantry in Gaborone
  • Construction of Francistown Oil Storage facility
  • Payment of under recoveries to the oil companies. These payments run into billions of Pula.
  • Commitment to fund 100 million litres of product from alternative routes.
  • Construction of Ghanzi Storage Facility.
  • Construction of Aviation fuel storage facility at Sir Seretse Khama International Airport.
  • Construction of tanks to accommodate cleaner fuels.
  • Procurement of 10 million litres from alternative sources by Botswana Oil.
  • Procurement of 5 million litres by department of Energy.
  • Feasibility study for cross border fuel supply pipeline between Botswana and South Africa.
  • Payment of diseconomies to Puma Energy for price differential for aviation fuels.
  • Funding for Botswana Oil to ensure its survival in the sum of P20 million for 20 million litres.
  • Leasing of storage facility in Maputo by Botswana Oil.
  • Funding of the Mobile Filling Station for Botswana Fuel.
  • Payment of diseconomies to oil companies for products from alternatives sources.


  • DIS Director General Isaac Kgosi – It was the DIS that contracted Khulaco and that issued the instruction for the payments to Dignia Systems.
  • Ministry of Mineral acting PS Dr. Obolokile Obakeng – He authorized the variation of NPF funds and all the people that he consulted before authorizing the variation.
  • Officials at Dignia Systems, Israel- “It is not insignificant that no arrest warrant has been sought and issued to them. They are not wanted persons and no mutual legal assistance request has been filed against them. One wonder therefore how their accounts can be subjected to a restraining order when they are not accused of any wrong doing and there is neither mutual legal assistance nor extradition request against them.”- Bakang Seretse’s responding Affidavit.
  • Israeli based Dignia offers technology for mobile access to real-time data such as driver information, car registration and biometric identification data, purpose surveillance vehicles with built-in video and audio recording systems, tracking activities, active and passive lawful interception solutions including data collection on fixed and mobile devices.