Latest news with #R1.9
The South African
21-06-2025
- Business
- The South African
SA Post Office confirms you may get your mail by COURIER in 2029
The South African Post Office (SAPO) has unveiled an ambitious five-year plan to reinvent itself as a major player in the courier and delivery market, aiming to pull itself out of financial crisis and into profitability by 2029. The struggling state-owned entity presented its strategy to Parliament this week, revealing plans to dramatically increase revenue from R1.9 billion in 2024 to R5.2 billion by 2029, with a major push into the courier and parcels sector. SAPO is betting big on parcel delivery, hoping to grow revenue from a modest R38 million in 2024 to R1.4 billion within five years. The public postal service has set its sights on capturing: 5% of the B2B and B2C market 25% of the Consumer-to-Consumer (C2C) market These targets align with a 50% forecasted increase in international mail and parcel volumes, indicating a shifting market in which traditional postal services are rapidly declining. As digital communication continues to replace letters and bulk mail, SAPO predicts a 5% to 7% annual decline in traditional services like registered and franking mail, unless aggressive modernisation and digitisation are undertaken. The plan highlights a pivot toward a dual revenue model focused on digital transformation and parcel logistics – a move SAPO says is key to remaining relevant. Following a devastating R1.03 billion projected loss in 2024, the SAPO is targeting a net profit of R1.5 billion by 2029. But reaching that goal comes with steep costs. The Post Office estimates it will need an additional R3.8 billion in funding to execute its turnaround strategy. This follows a turbulent recent history that includes: Provisional liquidation in February 2023 A business rescue plan to avoid collapse to avoid collapse The retrenchment of over 4 300 workers Closure of 360+ branches nationwide Despite these cuts, the entity was bolstered by a R2.4 billion state bailout, enabling critical upgrades to IT infrastructure, logistics equipment, and its vehicle fleet. SAPO's transformation plan sees it becoming a self-sustaining, digitally-driven postal and logistics service – no longer reliant on government bailouts and increasingly integrated into South Africa's e-commerce ecosystem. 'This strategy is not just about survival – it's about creating a modern, profitable national service that meets the demands of a digital economy,' said an official familiar with the presentation. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
20-06-2025
- Business
- IOL News
Africa's billionaires: Who are the richest in 2025?
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. Here's the top five on the list Aliko Dangote - Nigerian industrialist Aliko Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa, which includes Dangote Cement, a subsidiary of the Dangote Group, is the largest cement producer in Africa. He remains Africa's wealthiest person for the 14th consecutive year. His net worth surged to an estimated $23.9 billion, driven significantly by Forbes now valuing his massive Dangote Refinery near Lagos. The refinery, operational after lengthy delays, is key to Nigeria's shift from fuel importer to exporter. Dangote, ranked among the world's top 100 richest, calls the project pivotal for Africa's self-sufficiency. Johann Rupert and family - South African luxury goods magnate Johann Rupert holds firm as Africa's second-richest billionaire. His fortune climbed 39% to $14 billion, largely reflecting the rebound in shares of Richemont, the luxury group he chairs and controls through family holdings. Richemont, owner of brands like Cartier, benefited from strong global demand for high-end jewellery and watches, cementing the Rupert family's dominant position in the sector.
IOL News
20-06-2025
- Business
- IOL News
Nigerian oil magnate Aliko Dangote leads as Africa's elite hit record-busting $105 billion fortune
Africa's 22 billionaires saw their combined fortunes surge to a record $105 billion (R1.9 trillion) this year, up from $82.4bn held by 20 individuals last year, the Forbes 2025 Africa billionaires report showed. South Africa hosts the most billionaires (seven), followed by Nigeria and Egypt (four each). Morocco has three, with one each from Algeria, Tanzania, and Zimbabwe. The growth was even as the continent faces persistent challenges such political instability and currency crises. Nigerian industrialist Aliko Dangote retains top spot for the 14th consecutive year. His net worth jumped to $23.9bn, largely due to Forbes now valuing his long-delayed Lagos oil refinery. The refinery, aiming for full capacity soon, has enabled Nigeria to export refined products.
IOL News
04-06-2025
- Business
- IOL News
Gauteng couple in financial distress blames Absa for reckless lending on R3. 2 million home loan
A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. A Gauteng couple has launched legal action against Absa bank, alleging that reckless lending practices have pushed them into a spiralling debt of over R5.1 million. Christian Daniel De Klerk and his partner, who have been long-standing customers of the bank, argue that their financial well-being was jeopardised when they accepted a second home loan from Absa without receiving an appropriate affordability assessment. Initially, the De Klerks secured a R1.9 million home loan from Absa in 2011 and, for nearly a decade, they successfully met their repayment obligations. However, following the collapse of the husband's legal practice in March 2020 due to the pandemic, the couple were granted a temporary three-month payment holiday. Ironically, during the same month, they said Absa approached them with an offer for a second loan, amounting to R3.2 million. Despite their precarious situation, the couple accepted the offer. Meanwhile, the husband remained unemployed until June 2024 and the couple faced mounting debt because of missed repayments from 2022. They maintained that their current income was inadequate to service both the new instalments and the arrears. Nevertheless, they submitted that they could meet the loan obligations under terms similar to those agreed upon in March 2020.
IOL News
04-06-2025
- Business
- IOL News
Financial distress: Couple accuses Absa of reckless lending after accepting R3. 2 million second home loan
A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. Image: Oupa Mokoena / Independent Newspapers A Gauteng couple took action against Absa bank after alleging reckless lending practices that have led them into a spiralling debt of over R5.1 million. Christian Daniel De Klerk and his partner, long-standing customers of the bank, claim that their financial wellness was compromised when they accepted a second home loan from Absa without being given a suitable affordability assessment. Initially, the De Klerks secured a R1.9 million home loan from Absa in 2011 and, for nearly a decade, they successfully met their repayment obligations. However, following the collapse of the husband's legal practice in March 2020 due to the pandemic, the couple were granted a temporary three-month payment holiday. Ironically, during the same month, they said Absa approached them with an offer for a second loan, amounting to R3.2 million. Despite their precarious situation, the couple accepted the offer. Meanwhile, the husband remained unemployed until June 2024 and the couple faced mounting debt because of missed repayments from 2022. They maintained that their current income was inadequate to service both the new instalments and the arrears. Nevertheless, they submitted that they could meet the loan obligations under terms similar to those agreed upon in March 2020. In seeking respite, the couple brought their case before the National Consumer Tribunal (NCT), voicing their primary grievance against Absa's alleged failure to conduct a proper affordability assessment before approving the second loan. They argued that Absa did not request essential financial documentation such as proof of income, detailed expense records, or even a credit history report—critical assessments that would typically inform responsible lending practices. The couple contended that granting them a loan while the husband was unemployed amounted to reckless lending. In addition, the couple alleged that Absa also failed to provide clear information regarding the loan's terms, conditions, interest rates, and penalties for missed repayments, all of which they argue have contributed to their current financial hardship. As a result of these alleged contraventions, the couple said that they are suffering severe financial hardship, face the risk of foreclosure, and are enduring significant emotional distress, which has adversely affected their quality of life. In the answering affidavit, Absa argued the couple's application was time-barred as more than three years have elapsed since the alleged cause of action arose. Moreover, the bank submitted that the North Gauteng High Court in Pretoria enforced the loan agreement in September 2024 and ordered the couple to pay over R5.1 million including interests and declared the couples' property executable. The bank added that the couple's case was frivolous, vexatious, and constitutes an abuse of the Tribunal's process. In their reply, the couple disputed the assertion that the matter was time-barred. They argue that the cause of action only arose in 2022 when they began defaulting on their home loan repayments. On this basis, they contend that the three-year period should be calculated from 2022, not from 2020 when the second home loan was granted. They also disputed the contention that the high court judgment precludes them from pursuing the complaint before the tribunal. They argue that the issue of reckless lending, which forms the crux of their complaint before the tribunal, and it was not adjudicated by the high court. Looking at matter, the tribunal said by law, the limitation period must be calculated from 2020 March when the alleged reckless credit was extended. Having filed their application for leave to refer in February 2025—almost five years post the alleged reckless lending—the tribunal indicated that they would be barred from considering the complaint, potentially closing the door on their search for justice. As a result, the application was dismissed. [email protected] IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
