One thing that has continued to baffle most people, especially fans of the South African entrepreneur Jabulani Ngcobo is how he managed to rise beyond his humble beginnings and make a name for himself in his chosen career. The 37-year-old businessman painstakingly built his brand, business, and net worth to the level where it stands today. His net worth has been estimated to be around $2.4 billion, However, there seem to be a lot of controversies surrounding this amount and how he amassed his fortune.
Jabulani Ngcobo is a serial entrepreneur with his hand in a number of businesses. Asides from his involvement in the stock market-related business, he is also a motivational speaker and author. His lavish lifestyle has raised lots of eyebrows about the legality of his wealth acquisition which has seen him embroidered in various court cases and controversies.
Jabulani Ngcobo Had A Humble Beginning
Growing up, Jabulani Ngcobo could never have imagined how successful his life was going to turn out as he had it quite rough. He was born in KwaDabeka, Durban on the 29th of May in 1985. There is little to no information in the public space about his education, who his parents are, and if he has any siblings. Despite appearing to constantly show off on social media, he is particular about what he puts out.
Jabulani Ngcobo has also decided to hide the details of how he got his knowledge about forex and stock but it is known that he attended Langa High School in Clermont. Even though he appears glamorous now and all put together, this wasn’t the case in his early life. While he was struggling to find his feet, he actually worked with Toyota where his job was to carry doors. He did this for about 8 months before leaving to start his own business.
Jabulani Ngcobo’s Net Worth Has Been Estimated To Be Around $2.4 Billion
Burning with a desire to succeed, Jabulani ventured into the business world quite early. In 2006, he started his own company which was a debt collection company. As a young business owner, he battled several challenges before opening another company. In 2009, he started another company in the stock-related business which he called Cash Flow Pro. Asides from trading forex and his investment in the South African stock exchange, he has over the years taught people, especially the young ones how to trade and deal in stock. It was around this time that Jabulani experienced massive success. He held seminars in different towns across South Africa and several African countries. Asides from making money, he became popular which made people begin to scrutinize his business dealing closely. He is also the founder and CEO of Cashflow Properties.
One of the reasons Jabulani Ngcobo is so successful is that he appears to enjoy what he does for a living and all of his businesses have contributed generously to his net worth. Even though there have been controversies surrounding the actual amount in his net worth, there seems to be a general consensus putting it at about $2.4 billion but it could still be less or more than this figure.
He Has Been Involved In Some Money Related Controversies Which Landed Him In Court And Jail
Jabulani Ngcobo joined the South African millionaires club when he was about 26 years old. The world began to take note of the young man as he flaunted his wealth on social media. He bought the choicest of cars and houses that people began to wonder how he made his wealth. His 26th birthday celebration in 2009 where he reportedly squandered R1 million did little to quell the suspicion about him as the security and financial crime agencies really did take note.
They couldn’t make a move against him until 2011 when he was investigated by the Reserve Bank for possibly running a pyramid scheme. Their reports showed that the alleged multi-million Rand pyramid scheme had over 1000 investors who were promised about ten to thirty percent returns on their investments. This appears to be the beginning of his legal troubles as several other fraud and scam-related cases began to spring up. In 2016, another report linking him and actress Simphiwe Ngema in an alleged scam business was published. The actress was accused of luring people to the investment but she was quick to clear her name as she insisted that she was only paid to give some motivational speeches in some lectures organized by the company.
Despite the rumors, nothing concrete was found against Jabulani and he claimed that everything was concocted by his competitors who were trying to discredit him and put him out of the market. In 2017, the Randburg Magistrate’s Court acquitted Jabulani of fraud, theft, and money laundering. Jabulani appeared to have been vindicated by this court victory and learned his lesson the hard way, especially with the number of his so-called friends who denied him and distanced themselves from him during his struggle with the several fraud allegations.
Jabulani Ngcobo And His Partner Were Incarcerated In 2019
Ngcobo’s victory was short-lived though as he was taken to court again in 2019. The Specialized Commercial Crimes Court in Durban found him and his partner Mzabalazo Dlamini guilty on several counts of fraud. They were both sentenced to 6 years imprisonment, 2 of which were suspended, and also a fine of R200,000 wholly suspended for 5 years.
According to reports, the duo was referred to the authorities after an extensive investigation into their numerous allegations. Top on the list of their offense is the misrepresentation of themselves as an authorized financial services provider (FSPs) implying that they could trade forex on behalf of their clients when they should not.
Their indictment is meant to send a clear message to unscrupulous financial entities and scammers that this is a criminal offense. The FSCA then used the opportunity to warn consumers who wish to conduct financial services with a person or an institution to first check whether or not such person or institution is authorized to render financial services at all, and also the actual services they are authorized to provide.
Ngcobo Has Been Released On Bail and Living His Best Life
Despite landing in hot water on several occasions, Jabulani has resiliently picked up himself. After his 2019 incarceration, he was reportedly released on bail in May 2019. He has since continued to appeal his case to avoid jail time. Even though things seem to have come to a halt in his businesses, he has been concentrating on his family and unlike his career, Jabulani Ngcobo seems to have it better in his personal life.
In April 2021, he proposed to his long-time girlfriend Tumi Linx in a very elaborate and lavish ceremony. Tumi, who is now Jabulani’s wife is a content creator with a large following on Instagram. She focuses on beauty and cosmetics. Jabulani Ngcobo popped the question at the Four Seasons Hotel in Johannesburg. The couple then hosted an all-white engagement party which was attended by A-listers in the movie and entertainment industry.