Monday, October 3, 2011

Durban millionaire Jabulani Ngcobo's House

Mlungisi Gu

Millions are not mine: Goodwill Zwelithini's son

SNE MASUKU | 09 June, 2011 23:57
STEAMING: A skimpily dressed woman gyrates around millionaire businessman Jabulani Ngcobo at his 26th birthday party Picture: THEMBINKOSI DWAYISA

The party is said to have cost R1-million.

This week, Ngcobo defended his business practices, which are being investigated by the Reserve Bank in connection with alleged contraventions of the Banking Act.

Reserve Bank spokesman Hlengani Mathebula said Ngcobo's company was not registered with the Reserve Bank.

"People who make this a controversy are jealous of my wealth," said Ngcobo.

His company has more than 1000 investors and regularly advertises on the radio.

On its website, it promises investors "daily returns of between 10% and 30% on investments".

Ngcobo denied running a pyramid scheme and was adamant that his company had been registered.

He claimed that he made his millions by astute trading on the London Stock Exchange.

Zulu claimed the property development company was building houses for the poor in Swaziland and South Africa. He said funding was obtained from foreign donors.

"I studied in New York and lived there for years, and made good relationships with very successful and wealthy people who are my business connections," he said.

Ngcobo, who grew up in Clermont, near Durban, said poverty pushed him to be "super rich".

"I used to wear school shoes with holes in them. Being raised in poverty and being the eldest child in a big and polygamous family - my father had two wives - motivated me to work hard and make money early in life," he said.

He now lives in a flat in the trendy Durban Waterfront area. He had dreamed of becoming an actor but the actors he once idolised now work as ambassadors for his company.

One of them is Menzi Ngubane, who plays Sbusiso Dlomo in the soapie Generations.

"Dlomo plays a rich advertising executive but he is just acting," Ngcobo boasted.

"I'm living my life to the fullest and have become the two things that I always dreamed of - being rich and famous."

Economist Katherine Pulvermacher, of Economist Corporate Network, said it was impossible for someone to have made "so much money" in such a short period by trading on the stock exchange.

She said one of the best-performing investment funds in the market over the past three years had been Coronation Fund Managers' Top-20 Fund, which had returned 16.28% annually, compared with its benchmark of 4.68%.

"Assuming that he was able to match this performance, to have reached a capital of R1-million by now he would have had to have had a starting capital of over R600 000," she said.

Ngcobo refused to discuss his business relations with Zulu, except to refer to Zulu as his "mentor and good friend".

"We registered the company this year and have not yet started operations. For security reasons, we cannot reveal what the business entails. We do not want someone to steal our idea," he said.mede and Chris Hlongwa

Durban millionaire Jabulani Ngcobo celebrated his 26th birthday at the weekend with a party that cost a cool R1m and was attended by some of the country’s most popular celebrites, including Generations stars Winnie “Khethiwe” Modise and Sophie “Queen” Ndaba.

The party was the latest in the rags-to-riches story of Ngcobo, who celebrated his birthday in style at a five-star hotel.

The party continued at his posh New Germany home well into the early hours of Sunday morning.

Guests enjoyed expensive delicacies like caviar, oysters and, the current favourite with South Africa’s wealthy, sushi.

Entertainers included DJ Bongz, Sox, Mzokoloko and King Sifiso and performer L’vovo Derrango.

Other guests included the who’s who of showbiz – bling queen Khanyi Mbau and former Generations star Dumisani Mbebe were on the guest list.

Sizwe Dhlomo, who is presenter of the Live television show, and Isidingo stars Sisa Hewana and Leslie Fong were also present.

The son of a poor family from Greytown, and a former fast food outlet and shop assistant, Ngcobo showed just how far he has come.

Ngcobo made his millions through his stock market trading company, Cash Flow Properties, which teaches people how to trade on the stock market.

Generations stars Winnie Modise and Dumisani Mbebe are ambassadors for the company, which was established in 2009.

“I spent R1m on my party because I want everything I do to be top class,” he said.

He matriculated in 2003 at Langa High school in Clermont and has no formal training in stock trading.

Ngcobo loves cars and drives a BMW M3. He also owns a Hummer, two Mercedes-Benzes, and a BMW M6, which he said belonged to his company.

His company’s website claims that people can make a 10-30% return on their investments “daily and compounding”.

Ngcobo said he would not identify the college where he got his tuition because he “would be promoting it” by naming it.

Ex-Generations star Dumisani Mbebe confirmed he was an ambassador of Cash Flow Properties.

He said his role was to be “the face of the company”. He declined to say how much he was paid as ambassador. Cash Flow Properties’ second ambassador, Winnie Modise, could not be reached for comment.

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