Jabulani Ngcobo is a story that still baffles many in South Africa. How the young man who rose from a poor family to own millions before he was 26, has left so many sighing and guessing.
Even when the young millionaire tries to explain how he has come by wealth which he displays lavishly on every slightest opportunity on the internet through stock exchange, South Africans still don’t entirely believe.
He was born in KwaDabeka in 1985. Little is known about his education, except that he matriculated from Langa High School in Clermont in 2013. Nothing is known of his stock exchange education, which has been indicated as the source of his wealth.
Ngcobo is involved in business, motivational talk, stock exchange lectures, and other things. His lectures could go as high as 10,000 rand and even beyond. He has held seminars in South Africa and other southern African countries including Botswana.
The Durban young millionaire worked at first for Toyota, carrying car doors for eight months. After he left the company he started a debt collection company in 2006. After this, he went into stock market. He began his company, Cash Flow Pro in 2009.
Popularly called Cahflow, Jabulani Ngcobo attracted the South African Police Commercial Crimes Unit with his display of wealth. The unit investigated Ngobo’s source of wealth, as it was said that the business was not duly registered.
The controversies Ngcobo has been embroiled in have been mostly as regards his wealth. This began since he started showing his wealth in 2009. In that year he spent 1 million Rand for his 26th birthday, making security forces to raise eye brows.
He has been investigated in 2011 by the Reserve Bank for running a pyramid scheme. According to some reports, the alleged multi-million Rand pyramid scheme could have more than 1000 investors. The business promised between 10% to 30% returns to investors. He however argued that he was into no illegitimate business and he had all the qualifications needed for any individual to trade on the stock exchange.
When he was being investigated, the prince of Zululand distanced himself from the business of Jabulani. According to the Prince who had Ngcobo as a co-director in his company, Drop Down Investment, he does not trade in stock. The prince said it would be a shame to his family which considered stock trading as gambling.
Accusations against him would continue till 2016, when an actress, Simphiwe Ngema was accused of luring clients to the investment which was described as scam. Ngema was said to be an ambassador of the company. The actress was however quick to step out and deny any link with the company. The accusation against Ngcobo that included the actress was made by a man who claimed Ngcobo had disappeared with his R5000.
As made clear by the actress, she was paid and booked to give motivational talks in some lectures organized by Ngcobo. Others that would distance themselves from the businesses of Ngcobo and his partner, Mzabalazo Dlamini, are actresses Motlatsi Mafatshe and Winnie Ntshaba, once forwarded as the company’s ambassadors.
While all the accusations remained, Ngcobo said in 2011, that all the accusations were concocted and forwarded by his competitors.
His net worth is not exactly known, however he has been described among the richest young people in Durban. That was between 2009 and 2014. Little is known about his wealth since after these times, except that he still displays on social networking sites such as twitter.
Although for his birthday he had splashed a million Rand and has many cars that have been valued at over three million Rand, the true nature or extent of his wealth is not known.
Various pictures have been flying on the net as Jabulani Ngcobo House, but his house and its exact worth is hardly known. It was once rumoured that he had a 2.5 million Rand house in New Germany, which he saw off as baseless, saying he would build a house he would be proud of.
Among Jabulani Ngcobo’s cars are a Hummer Jeep, two Mercedes Benzes, and a BMW M6. He however said some of the cars belong to his company.
While Jabulani Ngcobo may easily be associated to Hosken Consolidated Investments, he has no dealings with the investment as it is another person with a similar name, Jabulani Geffrey Ngcobo who is associated with the company as a Non-Executive Independent Director, since October 2004.