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Lionel Jacobs


Independent Chairman


Mr. Lionel Isaac Jacobs, served as Commercial Director, Bidserv of The Bidvest Group Limited since August 2003 (for 9 years). Mr. Jacobs is an entrepreneur with extensive negotiating and investment skills. He serves as the Chairman of Rennies Travel (Pty) Limited. He serves as an Executive Director of Bassap Investments (Pty) Limited. He has been Independent Non-Executive Director of Vunani Limited since April 14, 2014. He serves as a Director of Dinatla Investment Holdings (Pty) Limited. He serves as a non-executive director of Bidvest South Africa and many of its subsidiaries. He served as an Executive Director of Bidvest Group Limited from August 2003 to November 26, 2012.

Sithembiso Mthethwa

SM portrait 10 2

Independent Non-executive director

BCom (Maritime Economics)

Sithembiso has over 15 years' experience in the Maritime industry having worked in many ports in South Africa,Europe and in the Far East. In 2000 he worked with Smit International BV and were successful in buying out Pentow Marine during the unbundling of Safmarine Limited (following the demutualisation of Old Mutual Ltd in 1999). Pentow Marine changed its name to Smit SA and subsequently Smit Amandla Marine (SAM). In 2005 he co-founded Mion Holdings which now owns various investments including a substantial interest in SAM. Sithembiso has been in charge of all the investing and M&A activity at Mion since inception.

Nambita Mazwi


Independent Non-Executive Director

LLB, Dip Company Law, Programme in Business Leadership

Business Leadership Nambita is an admitted attorney of the High Court of South Africa and is currently general manager of Legal Services for PPC Limited, a significant cement  manufacturer, located in Johannesburg. Prior to PPC, she has held senior management positions at South African Airways SOC. Southern Enterprise Development fund, a venture capital fund with a pan-African focus. She has also practiced as a corporate attorney in South Africa. She has completed executive leadership courses at Harvard Business School, Boston, MA, and Insead,Fontainebleau, France. She is also a fellow of the International Women's Forum 2013/2014.


Gordon Nzalo


Independent Non-Executive Director

BCom, BAcc (Wits), CA(SA)

Gordon is the Group internal audit executive of Imperial Holdings Limited, and has been an independent non-executive director of Vunani Limited since November 2009. Gordon has also served on a number of other boards including Austro Group Limited and PSV Holdings Limited. During different times of his work career he served as partner at KPMG, SizweNtsaluba and PricewaterhouseCoopers.


John Macey


Independent Non-Executive Director

BBus Sci (Hons), BCom (Hons)(FinAcc), CA (SA)

John is a Chartered Accountant (SA) and Registered Auditor with over 25 years’ financial experience. He has held positions as an academic lecturer in financial accounting at UCT, as financial director of manufacturing companies, and is currently practising as an auditor in public practice. John serves on the board and audit committees of two other listed companies.


Marcel JA Golding

Marcel Golding

Non-Executive Director

B Arts (Hons)

Marcel has over 30 years of experience working in various industries in South Africa. Marcel served as an office-bearer in the National Union of Mineworkers from 1987 to 1994, ultimately becoming deputy general secretary. He was also involved in the Congress of South African Trade Unions since its inception in 1986 and served as a member of parliament from 1994 to 1997. Marcel was a founding chairman of the Mineworkers Investment Company in 1994. In 1997, Marcel cofounded Hosken Consolidated Investments Limited ("HCI") and served as the executive chairman of HCI between 1997 and 2014. Marcel has served on numerous boards in varying capacities, including as the chief executive officer of ETV from 1999 to 2014. His current significant directorships include Tsogo Sun Holdings, Geomer Investments Proprietary limited, Rex Trueform Clothing Company Limited and African & Overseas Enterprises Limited.

Xolile Guma

xp-gumaIndependent Non-Executive Director

BA (Economics & Accounting), MA (Econ.) PHD (Econ.)

Xolile began his career as lecturer in the Economics department at the University of Swaziland 1978 and rose to become the director of Social Science Research Unit in 1990. He returned to South Africa in 1994 and worked on various academic boards, as well as an economic consultant to the United Nations, the African Development Bank, government departments and the private sector. He joined the South African Reserve Bank in July 1995 as an economist, progressed through the ranks and was ultimately appointed as deputy governor of the South African Reserve Bank. He served in this position until 2009 when he was appointed Senior Deputy Governor and retired in 2011.


Ethan Dube

Ethan DubeChief Executive Officer

MSc (Economics), Executive MBA

Ethan founded Vunani and has served as the Chief Executive Officer since its inception in 1998 and he is overall responsible for the activities of the group.  Having established the business in 1998 with Butana and Mark, Ethan grew the Company to approximately 50 employees within a three year period reflecting revenues in excess of R100 million, and an asset base of approximately R400 million.  He previously Founded Infinity Asset Management in 1996 together with three other partners and spent eighteen months as a Portfolio Manager. 

Butana Khoza


 Executive Director

B Comm PG Dip (Accounting) CA(SA)

Butana established African Harvest Capital with Ethan Dube and has served in a number of senior executive roles within the group. Prior to Vunani, Butana worked at Southern Asset Management and Futuregrowth. Butana relinquished his group managing director role to take on a position as CEO of VFM in June 2014.


Mark Anderson

Mark-AndersonExecutive Director

B Comm (Hons) CA (SA)

Having initiated a number of early BEE deals, Mark formed a corporate finance boutique and then advised on the formation of African Harvest Limited in 1997. Mark is responsible for Vunani Capital Proprietary Limited's private equity segment.