NPF fraud case returns to the courtroom

The courtroom drama surrounding Kgori Capital’s directors, Bakang Seretse, Sharifa Noor, and Alphonse Molamu Ndzinge, along with their corporate entities, Kgori Capital (Pty) Ltd and Kgori Holdings (Pty) Ltd, has reignited with renewed vigor. These individuals and companies stand accused of masterminding a sophisticated criminal scheme involving serious financial misconduct that reportedly unfolded over several years. The charge sheet, officially dated March 6, 2026, paints a detailed picture of alleged fraudulent activities that allegedly siphoned off more than P15.6 million from the Botswana Petroleum Fund (NPF) in May of 2017 alone.

This is not a simple case of misappropriation but one allegedly bolstered by the use of forged documents intended to secure a separate payment of P31.36 million from the Department of Energy, suggesting a premeditated effort to deceive multiple government bodies. The indictment further outlines a web of unauthorized bank transfers amounting to millions of Pula, systematically dispersed to various beneficiaries over the course of 2017 and 2018. This pattern of transactions points to a deliberate attempt to obscure the trail of stolen funds, a hallmark of sophisticated financial crimes.

Focusing on the specifics, counts one and two bring serious accusations of stealing by agent against the defendants. They are charged with unlawfully diverting two substantial sums, each amounting to P15,680,000.00, from the Botswana Petroleum Fund on two separate dates: May 29 and June 12, 2017. Together, these transactions total P31,360,000.00, representing a significant blow to public funds meant for national development.

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Count three escalates the gravity of the case by implicating the accused in a conspiracy designed to defraud the Government of Botswana of P4,000,000.00. This conspiracy allegedly spanned from March 2017 to October 2018 and involved a fraudulent invoice valued at P31,360,000.00, which served as a linchpin for the illicit activity. From count five through sixty-three, the charges shift focus to money laundering.

These counts describe a calculated process of moving and layering the stolen funds through numerous bank accounts and recipients. The sums involved in these transactions vary widely, from tens of thousands of Pula to as much as P12,000,000.00 each. This phase of the alleged crime was designed to disguise the origin of the funds, making it harder for authorities to trace the money back to its illicit source.

It’s crucial to understand that while these transactions involve large amounts, they do not represent new thefts but rather the complex redistribution of previously stolen money. The charge sheet names several beneficiaries of the laundered funds. Kgori Holdings (Pty) Ltd is identified as the primary recipient of the initial stolen monies, indicating the company’s central role in the scheme.

The Botswana Unified Revenue Service (BURS), surprisingly, received the highest frequency of subsequent payments, raising questions about the nature and legitimacy of these transactions. Additionally, the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) received a payment of P457,549.70 in June 2018, further complicating the flow of funds and the network of recipients. This case is not without its historical context.

Originally, the NPF fraud investigation involved fourteen accused individuals, encompassing a broad swath of Botswana’s business and political elite. Among them were prominent figures such as businessman Bakang Seretse, the late Isaac Kgosi, former head of the Directorate of Intelligence and Security Services (DISS), former Minister Sadique Kebonang, former High Court Judge Zein Kebonang, Kenneth Kerekang, Kago Stimela, Mogomotsi Seretse, Thato Bojelo, and their associated companies. The involvement of such high-profile individuals underscores the case’s significance, reflecting deep concerns about corruption and governance within Botswana’s public and private sectors.

As the trial proceeds, all eyes remain fixed on the courtroom, awaiting how the evidence will hold up under scrutiny and what this could mean for Botswana’s ongoing efforts to tackle high-level financial crimes. The outcome could set important precedents for accountability and transparency in the country’s management of public resources. Directors of Kgori Capital now face a formidable array of charges, including 63 counts ranging from stealing by agent and forgery to conspiracy to defraud and money laundering, marking one of the most complex financial crime cases in recent Botswana history

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