The Chairman of Letshego Board of Directors, Enos Banda and two other directors, has resigned from his position with immediate effect.

The resignation of Banda, Dr. Gloria Somolokae and Harrinton Karuhunga came hours before the Annual General Meeting which was scheduled for yesterday (Thursday).

“Mr Banda has been Group Board Chairman for the past 5 (five) years and has overseen the installation of sound governance and policies in the Company, the establishment of accountable committees to ensure the implementation of the policies in a fair manner, the digitalization of Letshego and, more importantly, the evolution of its management to reflect the diversity of Letshego’s pan-African footprint,” the Botswana Stock Exchange –listed Letshego said in a statement.

On the other hand, Somolekae has been a Director since 2016 and chaired the Group Remuneration Committee of the Board whilst Karuhunga has been a Director since 2013 and chaired the Group Strategy & Investment Committee.

By late Wednesday, Letshego board had not announced who would chair the meeting which was expected to take place on Thursday. Sources say the resignations means more trouble for Letshego as the newly appointed Group Chief Executive of Letshego Holdings Limited Aobakwe

Monyatsi's job hangs in the balance. Apparently Banda made a big mistake by announcing Monyatsi's appointment before the AGM and before the approval by the regulator, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA.)