Jabulani Ngcobo Biography, Controversies and Net Worth

The life story of Jabulani Ngcobo has baffled many South Africans as well as others that are interested in the events happening in the country. This is because before he turned 26, the young man who is said to have come from a poor family was able to become a millionaire and is now living a champagne lifestyle; throwing lavish parties and showing off his wealth online to his followers.

According to the man himself, his wealth is as a result of his forex trading and investment in the South African stock exchange. Not many people, however, buy this story as it is believed his wealth was ill-gotten or as a result of fraud. Time has somewhat proven this to be true to an extent as the man nicknamed Mr. Cashflow was in 2019 sentenced to six years behind bars for defrauding another person.

Jabulani Ngcobo Biography

Jabulani Ngcobo was born in KwaDabeka on the 29th of May, 1985. Little is known about his early life and education, particularly in regards to where he polished his ability to trade stock and forex. The only thing that is known about him in this regard is that he matriculated from Langa High School in Clermont.

While trying to find his feet in life, it is reported that Jabulani worked at Toyota for a period of eight months where he was charged with carrying doors. After leaving the job, he started a debt collection company in 2006 before later venturing into a stock market-related business with the launching of Cash Flow Pro in 2009.

Jabulani Ngcobo has since been involved in different businesses, motivational speaking, and stock exchange lectures among other things. He has held seminars in different towns across South Africa as well as other southern African countries like Botswana.

What is His Net Worth?

Jabulani Ngcobo
Jabulani Ngcobo (Image Source)

Jabulani Ngcobo’s net worth is not exactly known to the public even though he has been widely described as being among the richest young people in Durban. This stems from what he shows off on social media; purchasing luxury vehicles and taking trips to exotic locations around the world.

On one of his birthdays, he reportedly spent a million Rand to celebrate and was quick to show it off on the internet. Pictures of what is said to be his home have further been displayed all over the internet, with evaluations of the property being put at R2.5 million. The New Germany home is said to soon be a thing of the past as the flashy Durban native looks to build or buy a home that fits his style.

Read Also: Pravin Gordhan Family, Net Worth, Biography of Ex-Finance Minister

Controversies

Jabulani Ngcobo
Jabulani posing with girlfriend Tumi (image source)

Jabulani Ngcobo has found himself embroiled in numerous controversies that are related to his wealth. The first time he had to answer questions in that regard was in 2009 when he spent R1 million to celebrate his 26th birthday, prompting security and financial crime agencies to raise eye brows.

In 2011, the Reserve Bank investigated him for possibly running a pyramid scheme. According to some reports, the alleged multi-million Rand pyramid scheme had more than 1000 investors who were promised between 10% to 30% returns on their investment. During the investigation, the prince of Zululand distanced himself from Jabulani who was a co-director of his company, Drop Down Investment.

While nothing concrete had been found against him in the other investigations, another report was published in 2016 linking Jabulani’s alleged scam business with actress Simphiwe Ngema.

A man who claimed that Jabulani had defrauded him of R5000, accused Ngema of luring clients to the investment. While the rumor mill was spinning, the actress was quick to step out and deny any link between her and the company. She made it clear that the only link between her and the company was that she was paid and booked to give motivational talks in some lectures organized by the alleged defrauder. She further reiterated that she is not an ambassador for any of his businesses. Other actresses to have since distanced themselves from him include Motlatsi Mafatshe and Winnie Ntshaba.

Jabulani Ngcobo had previously said that all the accusations against him are concocted and forwarded by his competitors. While many have doubted his story, a few have believed him and stuck by his side as he fought his cases. In 2017, he was acquitted of fraud, theft, and money laundering by Randburg Magistrate’s Court.

Things, however, did not go his way in 2019 when he and his partner Mzabalazo Dlamini were found guilty on several counts of fraud by the Specialized Commercial Crimes Court in Durban. They were both sentenced to six years imprisonment, two of which were suspended and a fine of R200,000 wholly suspended for five years.

Was this article helpful?
Andile Smith
Andile Smith
Andile provides articles on anything from Politics, Sports, History and entertainment to funny, creepy and weird. His passion for writing allows him to take what is ordinary and transform it into a real masterpiece. He's a true storyteller with a passion for tech and literature
data-matched-content-rows-num="2" data-matched-content-columns-num="4" data-matched-content-ui-type="image_stacked" data-ad-format="autorelaxed">

Recommended

Top 10 Highest Paid Coaches In The PSL

Football management has evolved today, and club administrators, especially elite clubs, are under more pressure to deliver on their promise now more than ever....

Truth About Katlego Maboe’s Cheating Scandal With Nikita Murray

In the latter part of 2020, Mzansi's notable TV personality, Katlego Maboe, became South Africa's most searched individual in 2020 on the world's biggest...

What To Know About GDE Admissions and The Online Application Process

Suppose you are in the Gauteng province, whether as a South African or a non-South Africa wishing to get an education in the province,...

Juicy Bits About Duduzane Zuma’s Age and Marriage to Wife Shanice Stork

Duduzane Zuma is the most famous son of the former South African leader, Jacob Zuma. His connection to the Gupta family has made him...

Richest Football Teams In South Africa PSL

Football all over the world is known as a money-spinning machine. Every year, the goal of the richest football teams in Europe, such as...

Featured Today

Why Dumisani Dlamini Divorced His Wife Deborah Elizabeth Sawyer After 15 Years and 2 Children

Talents abound in the Rainbow Nation, and some men and women are continuously and consistently putting the country on the map of the continent,...

Inside Katlego Maboe’s Relationship With Wife Monique Muller and Facts About Their Son

Award-winning TV presenter Katlego Maboe would give anything to erase the unfortunate incident that seems to have ended his relationship - and his robust...

How to Check Matric Results Online – A Complete Guide

After spending years at high school, waiting to hear our matric examinations result could both exciting and nerve-wracking. In fact, so much seems to...

At What Age Did Dumi Mkokstad Marry Wife Ziphozenkosi and How Old Is Their Daughter?

South African gospel singer Dumi Mkokstad became the country's darling with his 2003 album titled 'Dumi Mkokstad.' This album, which contained songs like Nang'ujesu,...

Another Look at Dr. Nkosazana Dlamini Zuma’s Age Milestones and Educational Qualifications

From the anti-apartheid movement to a transition into a free society in South Africa and now a republic, Dr. Nkosazana Dlamini Zuma has remained...
Was this article helpful?

Related Stories