IF YOU are a black entrepreneur looking to get a glimpse of how Afrikaners build their wealth and sustain their institutions, you might want to take a trip to some of the annual general meetings of the companies aligned to the Stellenbosch based-PSG Group.
The most prominent Afrikaner business people, who make their money in Johannesburg or London, return to their roots in Stellenbosch or similar communities in the Cape.
That seems not to be the trend among our black business people.
Regardless of their limited resources, black entrepreneurs, perhaps largely as a result of our racist past, have not preserved our institutions and certain portions of our colourful history, as Afrikaners have.
Think of Mthatha in the Eastern Cape and Walter Sisulu University. The town and this university have missed out on what could have been a Stellenbosch type of town.
In the 1980s, Mthatha and the then University of Transkei (Unitra) boasted academics such as Wiseman Nkuhlu, the first African to qualify as a chartered accountant in SA; Jeff Peires, the legendary historian and author of The Dead Will Arise; Wolfgang Thomas, a solid economics academic now at Stellenbosch University; Chabani Manganyi, the psychology academic; and many others. In the same town, the first African accounting firm, WL Nkuhlu & Co, was founded. Two of South Africa’s largest black-owned auditing firms, Sizwe Ntsaluba Gobodo and Nkonki, have their historical roots in Mthatha.
Nonkululeko Gobodo, who is now chair of Sizwe Ntsaluba Gobodo, started operating her firm, Gobodo, in Mthatha. Auditing firm Nkonki, which was started by Mzi Nkonki and Sindi Zilwa, has its genesis in Mthatha. Gloria Serobe of Wiphold and Terence Nombembe, the former auditor-general, are Unitra graduates. Yet the university is a shadow of its former self.
In the legal fraternity, the likes of judges Fikile Bam and Mbuyiseli Madlanga were once at the Mthatha Bar. In business, elders such as Archie Nkonyeni, the former president of the National Africa Federated Chamber of Commerce, built businesses there.
Yet Mthatha, too, is a shadow of its former self – a town known for potholes, crime and decaying infrastructure. No one ever thinks of preserving the buildings where these first African professionals practised, and turning them into historical tourist attractions.
In Mthatha, there was once a black-owned bank, Meeg Bank, which was sold to Absa, now Barclays Africa Group. Its directors included Nkuhlu and Zinzile Nkonki. I doubt if any attempt was made to preserve it.
This bout of nostalgia came after some wine and chat about the admirable accomplishments of Afrikaners, many of whom studied at Stellenbosch University.
Last Friday, a group of people, largely Afrikaans-speaking, convened at the Nooitgedacht wine estate near Stellenbosch, where SA’s fast-growing bank, Capitec, held its annual general meeting. The crowd had come to hear about the state of the Stellenbosch-headquartered bank, which is involved in unsecured lending and transactional banking. It was a sunny day and there was little panic about bad debts in unsecured lending.
Instead, there was a group of people who demonstrated an affinity for this financial institution.
A good number of shareholders I spoke to were optimistic about its prospects. “We want to build a world-class leading bank. We always said we are going to be revolutionary. We have not stormed the citadel yet. We are only getting our troops out,” chairman and founder Michiel le Roux said.
One shareholder said he had bought 10,000 shares at R5 and was now smiling all the way to the wine estate as Capitec was trading at about R220.
At the heart of the bank’s success lies some modesty. At the head office, CEO Gerrie Fourie and his fellow executives, Henk Lourens and Andre Olivier, share the same personal assistant.
In the executive offices, there is no expensive furniture, as in some black economic empowerment companies. Former CEO Riaan Stassen, now a non-executive director, said he never spent company money flying business class on national flights.
I hope black business will reflect on all of this and think of the legacy they want to leave the country.
Phakamisa Ndzamela is finance editor of Business Day
Afrikaner business lessons can be applied in Mthatha
The most prominent Afrikaner business people, who make their money in Johannesburg or London, return to their roots in Stellenbosch or similar communities in the Cape.
That seems not to be the trend among our black business people.
Regardless of their limited resources, black entrepreneurs, perhaps largely as a result of our racist past, have not preserved our institutions and certain portions of our colourful history, as Afrikaners have.
Think of Mthatha in the Eastern Cape and Walter Sisulu University. The town and this university have missed out on what could have been a Stellenbosch type of town.
In the 1980s, Mthatha and the then University of Transkei (Unitra) boasted academics such as Wiseman Nkuhlu, the first African to qualify as a chartered accountant in SA; Jeff Peires, the legendary historian and author of The Dead Will Arise; Wolfgang Thomas, a solid economics academic now at Stellenbosch University; Chabani Manganyi, the psychology academic; and many others. In the same town, the first African accounting firm, WL Nkuhlu & Co, was founded. Two of South Africa’s largest black-owned auditing firms, Sizwe Ntsaluba Gobodo and Nkonki, have their historical roots in Mthatha.
Nonkululeko Gobodo, who is now chair of Sizwe Ntsaluba Gobodo, started operating her firm, Gobodo, in Mthatha. Auditing firm Nkonki, which was started by Mzi Nkonki and Sindi Zilwa, has its genesis in Mthatha. Gloria Serobe of Wiphold and Terence Nombembe, the former auditor-general, are Unitra graduates. Yet the university is a shadow of its former self.
In the legal fraternity, the likes of judges Fikile Bam and Mbuyiseli Madlanga were once at the Mthatha Bar. In business, elders such as Archie Nkonyeni, the former president of the National Africa Federated Chamber of Commerce, built businesses there.
Yet Mthatha, too, is a shadow of its former self – a town known for potholes, crime and decaying infrastructure. No one ever thinks of preserving the buildings where these first African professionals practised, and turning them into historical tourist attractions.
In Mthatha, there was once a black-owned bank, Meeg Bank, which was sold to Absa, now Barclays Africa Group. Its directors included Nkuhlu and Zinzile Nkonki. I doubt if any attempt was made to preserve it.
This bout of nostalgia came after some wine and chat about the admirable accomplishments of Afrikaners, many of whom studied at Stellenbosch University.
Last Friday, a group of people, largely Afrikaans-speaking, convened at the Nooitgedacht wine estate near Stellenbosch, where SA’s fast-growing bank, Capitec, held its annual general meeting. The crowd had come to hear about the state of the Stellenbosch-headquartered bank, which is involved in unsecured lending and transactional banking. It was a sunny day and there was little panic about bad debts in unsecured lending.
Instead, there was a group of people who demonstrated an affinity for this financial institution.
A good number of shareholders I spoke to were optimistic about its prospects. “We want to build a world-class leading bank. We always said we are going to be revolutionary. We have not stormed the citadel yet. We are only getting our troops out,” chairman and founder Michiel le Roux said.
One shareholder said he had bought 10,000 shares at R5 and was now smiling all the way to the wine estate as Capitec was trading at about R220.
At the heart of the bank’s success lies some modesty. At the head office, CEO Gerrie Fourie and his fellow executives, Henk Lourens and Andre Olivier, share the same personal assistant.
In the executive offices, there is no expensive furniture, as in some black economic empowerment companies. Former CEO Riaan Stassen, now a non-executive director, said he never spent company money flying business class on national flights.
I hope black business will reflect on all of this and think of the legacy they want to leave the country.
Phakamisa Ndzamela is finance editor of Business Day
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