Latest news with #R91
The Citizen
15-07-2025
- Politics
- The Citizen
Mpumalanga premier Mandla Ndlovu fires Cathy Dlamini in Cabinet reshuffle
The premier said his decision to make changes aligns with his duties to act in the best interest of good governance. Cathy Dlamini (Mayor of Mbombela at the time) during the 2013 Afcon Trophy Tour at Riverside Mall on 8 December 2012 in Nelspruit, South Africa. Picture: Manus van Dyk / Gallo Images Mpumalanga Premier Mandla Ndlovu has fired the MEC for education, Cathy Dlamini, and the MEC for economic development and tourism, Makhosazane Masilela. Ndlovu reshuffled his Cabinet on Tuesday, stating that his decision to make changes aligns with his duty to act in the best interest of good governance. Reshuffle In a press briefing, Ndlovu said they made several assessments in all departments and realised they needed to make 'certain changes aimed at strengthening the work of government to address service delivery and a number of challenges confronting the province'. 'I have also made the following changes to the executive council. Lindi Masina replaces Cathy Dlamini as education MEC, Jester Sidell replaces Makhosazane Masilela as economic development and tourism MEC. 'Khethiwe Moeketsi swaps departments with Nompumelelo Hlophe as agriculture MEC while Hlophe is now social development MEC,' Ndlovu said. ALSO READ: Wasteful expenditure? This is what a R91 000 laptop gets you [VIDEO] Sport Ndlovu said the decision comes following assessments of the various departments. He said Masina's duties will commence at the start of the new term, with key objectives including increasing the matric pass rate for the 2025 academic year. Ndlovu also reshuffled the sports portfolio. 'I wish to communicate that a decision has been taken to terminate the employment contract of the head of department (HOD) for culture, sports and recreation, Mr Godfrey Ntombela, with immediate effect. 'This has not been an easy decision. However, after a thorough process of engagement, assessments, and consideration of all the facts at hand, we have reached this conclusion,' Ndlovu said. Laptop saga In May, a probe by Ndlovu's office revealed irregularities in Dlamini's department's procurement of 22 laptops worth more than R2 million. All the Mpumalanga education department officials, including Dlamini, face disciplinary action for the irregular procurement. The Department of Education purchased 22 laptops and a printer for R2 million, which means each laptop cost more than R91 482.50, well above the market price. Flawed process Based on the information gathered, the interviews conducted, and the supporting documentation, the provincial government concluded that officials had materially flawed the procurement process. The investigation revealed that departmental officials irregularly specified a particular brand and locality for laptop procurement, limiting supplier responses. They accepted non-compliant laptops with varied specifications without a proper process and failed to negotiate a lower price, resulting in overpayment. Ndlovu said department officials acted dishonestly by investigating a matter in which they were implicated, hiding their involvement, providing false information, and misleading senior leaders, including the MEC, by providing inaccurate information. The service provider also acted in a grossly dishonest manner when attempting to conceal its failure to comply with the agreed-upon specifications. ALSO READ: 13 killed, scores injured in Mpumalanga and KZN accidents
The Citizen
27-06-2025
- Business
- The Citizen
Lesaka Thecnologies to buy Michael Jordaan's bank for R1.1 billion
Bank Zero was founded in 2018 by Michael Jordaan, a former CEO of FNB. Fintech group Lesaka Technologies announced that it will acquire Bank Zero for R1.1 billion pending regulatory approval. Bank Zero was founded in 2018 by Michael Jordaan, a former CEO of FNB. In the announcement made on Friday morning by Lesaka, the acquisition will be settled through a combination of newly issued shares, such that the shareholders of Bank Zero will own approximately 12% of Lesaka's fully diluted shares at the time of completion of the proposed transaction and up to R91 million ($5.1 million) in cash. 'The proposed transaction is subject to the satisfaction of customary closing conditions as well as regulatory approvals ordinarily required of a transaction of this nature, including approval from the Prudential Authority, a division of the South African Reserve Bank, Competition Commission approval and Exchange Control approval,' it said. Why Bank Zero The fintech group said this acquisition will mark another key milestone in its journey to build a vertically integrated fintech platform. Lesaka Technologies is listed on the Johannesburg Stock Exchange (JSE) and on Nasdaq. 'The combination of Bank Zero's digital banking infrastructure and its operational banking licence, together with Lesaka's fintech and distribution platform, is intended to transform the way Lesaka is able to conduct business in the future, offering key financial, strategic and regulatory benefits,' Lesaka said. Lesaka expects the transaction to support a more optimised balance sheet in the future, allowing the group to finance existing and continued growth in lending books through customer deposits, driving stronger lending unit economics. ALSO READ: FSCA finds banks do not handle consumer complaints properly Bank Zero's performance 'As at the end of April 2025, Bank Zero had a deposit base in excess of R400 million and more than 40 000 funded accounts across South Africa,' read the announcement. Lesaka expects the transaction to be accretive to its shareholders, with Bank Zero expected to be profitable in the fiscal year following completion of the transaction. 'Our belief in the combined platform's future is clear and we see strong symmetry in our vision. There is a strong international precedent for fintechs that have acquired banking capabilities to deliver more integrated, compliant and capital-efficient financial services,' Jordaan said. Board changes The announcement also includes changes to the Lesaka board. Jordaan will join the Lesaka board of directors, while Yatin Narsai will continue as CEO of Bank Zero. Narsai, CEO and co-founder of Bank Zero, spent more than 15 years at FNB, where he served as the CEO of FNB's retail bank. 'The broader Bank Zero leadership team will remain in their current roles, ensuring continuity and integration,' he said. NOW READ: Investing in JSE shares: What you need to know
IOL News
27-06-2025
- Business
- IOL News
Lesaka Technologies acquires Bank Zero for R1. 09 billion, boosting its fintech capabilities
Bank Zero CEO Yatin Narsai said their acquisition by Lesaka Technologies would allow the online digital bank to accelerate new revenue streams, improve capital efficiency and unlock synergies across their ecosystem. Image: AI Ron Lesaka Technologies' share price shot up 17.1% Friday morning after announcing it has entered into a R1.091 billion agreement to acquire 100% of South Africa's digital lender, Bank Zero Mutual Bank. The companies said Friday the acquisition will be settled through a combination of new shares—such that the shareholders of Bank Zero will own about 12% of Lesaka's shares at the time of completion of the proposed transaction—and up to R91 million in cash. "The acquisition of Bank Zero is a transformative event in Lesaka's journey, enabling us to better serve our consumers, merchants, and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform,' said Lesaka chairman Ali Mazanderani in a statement. "Our focus has always been on using technology to remove friction, lower costs, and challenge legacy banking norms. Joining forces with Lesaka allows us to accelerate that mission at scale—reaching more customers, faster. It represents a critical step for Lesaka and Bank Zero in realising new revenue streams, improving capital efficiency, and unlocking synergies across our ecosystem," said Bank Zero CEO Yatin Narsai. The 12% stake is valued at about R1bn based on the R88.26 share price. The share price was trading at R81.99 on Friday monring. The selling shareholders of Bank Zero—which include its chairman Michael Jordaan, CEO Yatin Narsai, and other key members of the bank—will collectively hold a 12% stake in Lesaka. The transaction is still subject to the regulatory approvals such as by the Prudential Authority and Competition Commission. Bank Zero, founded in 2018, is built on modern technology on an app-driven platform and a zero-fee banking model, offering retail and commercial banking services. As of the end of April 2025, Bank Zero had a deposit base in excess of R400m and more than 40 000 funded accounts across South Africa. Bank Zero's digital banking infrastructure and its operational banking licence, together with Lesaka's fintech and distribution platform, would transform the way Lesaka is able to conduct business in the future, said Mazanderani. These include better servicing of Lesaka's customers through full banking services, unlocking synergies and opportunities, accelerating innovation, and streamlining Lesaka's Consumer, Merchant, and Enterprise divisions—all enabling a shift in the financial profile of Lesaka and empowering the combined group to deliver greater value to consumers and businesses. 'Lesaka expects the transaction to support a more optimised balance sheet in the future, allowing the group to finance the existing and continued growth in lending books through customer deposits, driving stronger lending unit economics,' Lesaka said. In addition, the reduction in the use of bank debt in the group's Consumer and Merchant divisions would help to deleverage Lesaka's debt. After the deal, Lesaka could achieve a more than R1bn reduction in debt.
IOL News
14-06-2025
- Business
- IOL News
Vodacom nearly doubles customer base as African expansion fuels revenue surge
Looking ahead, Vodacom plans to integrate Vision 2030 into its operations, aiming for double-digit Ebitda growth. Vodacom has expanded its footprint across Africa as part of its Vision 2025 strategy, acquiring Vodafone Egypt and extending network connectivity into Ethiopia through a Safaricom-led consortium, CEO Shameel Joosub said in the group's annual report released on Friday. The move has helped Vodacom nearly double its customer base, from 115.5 million in 2020 to 211.3 million in 2025, including Safaricom. Revenue rose from R91 billion to R152.2 billion over the same period, while the company's profit and revenue profile increasingly reflects its broader, more diversified operations. To meet growing data demand, Vodacom invested R20.3 billion in network infrastructure during the 2025 financial year, down slightly from R20.4 billion the year before. Improved energy availability reduced the need for resilience investments, enabling the group to focus more on network expansion. Vodacom's 4G sites increased by 7.2% in 2025, bringing total network sites – including Safaricom – to nearly 48000, up from 31 000 in 2020. The company now ranks among Africa's largest tower owners. Smartphone penetration across the group reached 64% in 2025, including Safaricom customers, supporting Vodacom's broader digital inclusion efforts. The group also acquired a 5G licence in Egypt, adding to spectrum acquisitions in Mozambique, Democratic Republic of Congo, and Tanzania in 2024, and in South Africa the year before. 'This, alongside our focus on handset financing, rural coverage and digital inclusion, unlocks growth opportunities beyond mobile,' Joosub said. Looking ahead, Vodacom plans to integrate Vision 2030 into its operations, aiming for double-digit Ebitda growth. The strategy will be driven by expanding fixed and mobile connectivity, deeper smartphone and data penetration, and acceleration of digital and financial services. 'Africa's strong population growth, urbanisation trends, a more favourable GDP outlook, and a youthful population all support long-term demand for digital services,' Joosub said, while cautioning that the group remains pragmatic in managing risks. Joosub said while the group was well equipped to manage challenges within its control, it recognises the need to partner with like-minded stakeholders and participate in industry-wide cooperation and infrastructure sharing asthe sector matures. Vodacom will also continue working with partners to expand infrastructure sharing, particularly in rural and fibre networks, while scaling its "Tech for Good" platforms to support broader access and shareholder value. Executive pay and legal updates Joosub earned R39.1 million in 2025, up from R34m in 2024. Chief financial officer Raisibe Morathi received R17.3m, compared to R16.56 million a year earlier. On legal matters, Vodacom said it awaits the Constitutional Court's decision after applying for leave to appeal a February 2024 ruling by the Supreme Court of Appeal in the long-running 'Please Call Me' case. The hearing was held on November 21, 2024. Separately, the company has appealed an October 2024 decision by the Competition Tribunal blocking its proposed investment in fibre operator Maziv, part of Community Investment Ventures Holdings (CIVH). The appeal is scheduled to be heard on July 22, 2025. "Our goal is to resolve the matter amicably and reach a timely conclusion," Vodacom said. BUSINESS REPORT
The South African
14-05-2025
- Business
- The South African
Warren Hammond's Personal View: Gold to hit R91 935 - The case remains intact
On 8 March 2021, with gold trading at $ 1,690/oz (R31,074), I recommended investors buy and accumulate the metal. Readers can refer back to my posts on that date, and since then, to familiarise themselves with what has become a long-standing and personally defining recommendation. A thoughtful question was recently asked of me by a Middle East–based institutional private credit fund manager: 'Could a slew of trade agreements trigger a sharp pullback in the gold price?' While I acknowledge the potential for short-term price fluctuations, I remain confident that the structural drivers supporting gold's long-term ascent remain firmly intact. Since that original recommendation, gold has moved materially higher. The $3,000 (R55,161) price target reached in early 2025 was upgraded to $5,000 (R91,935) on 26 February 2025, with a 12-month horizon. Do I expect volatility? Certainly, a 5 – 8% correction is part of any healthy trend. But I do not anticipate a crash, even amid trade accords. The Broader Macro Context To fully appreciate this view, one must consider the broader macro framework. In January 2016, I published 'The USA – Major Themes 2015–2033', arguing that this period would echo the historic transformation of 1895–1913, a time of seismic shifts in industry, finance, geopolitics, and technology. Consider the parallels: Trade Protectionism – McKinley's 1897 tariffs vs. today's US-China duties Energy Transition – Coal and electrification then, renewables and EVS now Tech Disruption – Model T, plastics, and radio vs. AI, quantum, and robotics Immigration Shifts – Labour realignment then and now Financial Reset – The Panic of 1907 led to the Fed; today's system is again overstretched Isolationism – Then and now, a pullback from global integration In both eras, gold plays a stabilising role, not speculative, but a pillar of trust and monetary credibility. Today: Central banks (Asia & Middle East) are stockpiling gold De-dollarisation is accelerating Supply constraints tighten the market (fewer discoveries, higher costs, underinvestment) Geopolitical fragmentation boosts demand for a neutral store of value Trade breakthroughs may soften headlines, but they don't cure structural excess, fiscal fragility, or currency erosion. They reconfigure, not resolve. Why Gold Remains Essential Gold remains essential: a portfolio cornerstone, and a hedge, not just against inflation or conflict, but against systemic dysfunction, volatility, and monetary decline. That's why my forecast stands: $5,000 (R91,935) within 12 months (from 26 Feb 2025). This isn't merely a price call – it's a thesis shaped since March 2021, rooted in macro history, geopolitics, and structural insight. The path to $ 5,000 (R91,935) is open. Who's positioned for it? What's your take on gold's trajectory? Do you see $ 5,000 (R91,935) as realistic or too ambitious? Share your thoughts in the comments below! 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.
