Crypto evangelists view 2023 as a critical year for regulation, with Congress expected to make progress on legislation on digital commodities and stablecoins, a type of cryptocurrency pegged to the U.S. dollar. Crypto companies are eager to back industry-friendly political candidates.

Explainer: Crypto industry spends millions on U.S. midterm elections

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Nov 8 (Reuters) – The cryptocurrency industry has spent millions of dollars on U.S. midterm election races during a year of heavy losses and upheaval in the sector, which hopes to gain sway among legislators as Congress debates tighter regulation of digital assets.

Crypto evangelists view 2023 as a critical year for regulation, with Congress expected to make progress on legislation on digital commodities and stablecoins, a type of cryptocurrency pegged to the U.S. dollar. Crypto companies are eager to back industry-friendly political candidates.

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The election comes at a time of turmoil for the crypto industry. Bitcoin’s price has swooned about 70% from its peak, investors are more worried about the risk of crypto assets and on Tuesday, crypto giant Binance tentatively agreed to buy FTX’s non-U.S. unit to help the rival exchange cover a “liquidity crunch.”

FTX’s CEO Sam Bankman-Fried has far outspent all others in the crypto industry. His contributions of nearly $40 million to campaigns this election cycle make him the sixth-largest individual donor in the United States, according to OpenSecrets’ biggest individual donor list.

The vast majority of his spending was in support of Democrats, according to OpenSecrets.

The deal with Binance announced by Bankman-Fried on Tuesday marked an abrupt change in fortune for the crypto entrepreneur.

Ryan Salame, CEO of an FTX subsidiary, was the 14th biggest individual donor on the list, giving more than $23.6 million, all to Republicans, including $11,600 backing the campaign of Rep. Alex Mooney, a Republican from West Virginia.

FTX did not respond to a Reuters request to confirm those figures.

Source – https://www.reuters.com/

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NECSEF’s aspiration is to be the one stop organisation and preferred gateway for conducting business in Nigeria by Egyptians, providing trust and the ability to engage with highly influential people who can provide access and market intelligence into every aspect of the Nigerian market.

NECSEF organised its first conference in collaboration with Nigeria Embassy in Cairo, and strategic partners Egyptian African Businessmen’s Association (EABA) on the 10^th – 12^th October 2022 to a roaring success.

The conference titled Nigeria – Egypt Trade Conference & B2B Meeting attracted over 300 high level business leaders and government officials. The event took place at the conference halls of the stunning St. Regis hotel Almasa, in the new federal capital territory, Cairo Egypt.

The idea for the conference according to Mr. Mahmood Ahmadu, chairman of NECSEF and OIS, the main organisers, was to strengthen bilateral trade relations between the two largest African economies, Nigeria and Egypt with the aspiration to boost trade from the current of circa $180 million US.

The NECSEF chairman Mr Ahmadu and Dr Yousry El Sharkawi EABA chairman made a joint announcement that an agreement of $30 million dollars was signed during the conference as part of strengthening bilateral relations.

Nigeria is Africa’s most populous country with over 225 million people, and Egypt is the third most populous country in Africa with over 104 million people. Egypt enjoys a mixed economy strong in tourism, agriculture, construction, fossil fuels with an emerging ICT sector.

Nigeria on the other hand has a mixed economy focused upon petroleum, and a growing agriculture sector, it also has an emerging market with expanding technology, service, financial and communications sectors.

There is great demand in Nigeria for Egyptian products and it’s really a promising market for Egyptian investments with some great Egyptian companies already operating in Nigeria.

A great percentage of Nigeria’s exports to Egypt are petroleum and gas products followed by agricultural commodities.

The objectives of the conference in part was to reach a new and viable vision with a view of mobilizing the private sector, civil society and business community of both countries to increase trade and actively participate in African development.

The well attended event was spaced out over three days; with the first day being the main conference with many high level speakers, attended by government leaders, senior members of several diplomatic missions, and leaders from the business sector.

The second day was a highly interactive B2B session, matchmaking several sectors with hundreds of the delegates where Nigerian and Egyptian business people participated in pitching and introducing their various businesses.

The third day was all about tours and external visits to some of Egypt’s most iconic centers. Delegates chose from one of two tour options, either a visit to the world famous Suez Canal Economic Zone, an innovative and self-sustaining industrial development and commercial hub, or the world class International Medical Center, a military hospital that is one of the largest in the Middle East.

The dignitaries who graced the event included Governor Nasir El-Rufai of Kaduna State, Minister of Water Resources Suleiman Adamu, Minister of State Works and Housing, Minister of State Industry, Trade and Investment, Ambassador Mariam Katagum, H.E Nura Abba Rimi, Nigerian Ambassor in Egypt, Mr Anthony Nwachukwu, Vice President of Innovate 1 Pay, Mr Babatunde Irukera, CEO Federal Competition & Consumer Protection, Mr Khalifa Abdullahi, Chairman KK Kingdom Group, Dr Kassim Gidado from Nigeria Arab Gulf Chamber of Commerce.

Read Also – Crypto industry spends millions on U.S. midterm election

Also in attendance was Dr Yousry El-Sharkawi, chairman Egyptian African Businessmen’s Association (EABA) Walid Gamal El Din, Chairman of the General Authority Economic Zone, Suez Canal, Dr Sherif El-Gabaly, chairman African Affairs, Egyptian House of Representatives, Eng. Ahmed Sameer,

El-Gabaly, chairman African Affairs, Egyptian House of Representatives, Eng. Ahmed Sameer,

Egyptian Ministry of Trade & Industry, Mr Walid Jamal Eldin, chairman of the Egyptian Nigeria Business Council among many others.

There were senior representatives from Nigeria Export Promotion Council, Nigeria Investment Promotion Commission, Nigerian Ministry of Foreign Affairs, African Export & Import Bank (Afreximbank), PWC, AFDB and others.

Source – https://www.vanguardngr.com/

Source –

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The Ethereum mining community is a diverse bunch, geographically and demographically. There’s a 28-year-old translator in Ukraine, running computing hardware on his balcony to earn cryptocurrency so he can buy clothing and other necessities. In Argentina, a retiree uses her gaming PC to double her monthly pension. A college student in Canada has mined enough to buy a BMW motorcycle and a modified 2006 Dodge Charger SRT—and pay for gas every month.

As many people even outside of the blockchain world know, a crash in the crypto markets has made the past few months quite painful for anyone whose financial well-being is tied to the currencies. As of June 15, the price of Ether was down about 70% for the year. At the same time, a lesser-known factor—a tectonic shift known as “the Merge”—is set to end Ethereum mining altogether, cutting off earnings for as many as 1 million people. “This will be a huge financial hit and almost a complete loss of a good source of income,” says the Ukrainian translator, who asked to stay anonymous for fear of being robbed.

Bitcoin and Ethereum, the two largest cryptocurrency networks by market value, both record transactions using a process known as proof-of-work, where so-called miners dedicate computer resources toward solving difficult math problems to add blocks of transactions to a public ledger. The miners receive payments in cryptocurrency as a reward. Bitcoin mining, which generally involves specialized gear, has become industrialized; and as mining has moved to data centers, participation by regular people has basically been eliminated. But Ethereum mining relies on the kind of graphics cards found inside typical gaming PCs, and many regular folks can still do it.

Proof-of-work is just a contest to make computers work hard, which means it uses an enormous amount of energy. The environmental toll it takes is one of the primary criticisms of cryptocurrencies. Since Ethereum’s beginnings, its developers have been preparing for a shift to an alternative model called proof-of-stake. Under such a system, people would set aside, or “stake,” a certain amount of Ether, the cryptocurrency of the Ethereum blockchain, to win rewards for running software that properly batches transactions into new blocks and checks the work of other validators. Proof-of-stake could cut the power consumption of the Ethereum network by about 99%. It would also put miners out of a job, a significant blow given the capital investment that goes into setting up operations. Ethereum miners have spent approximately $15 billion on graphics processing units (GPUs), according to Bitpro Consulting, and that doesn’t include ancillary costs like wiring and transformers.

Source – https://www.bloomberg.com/

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“I expect the economy to slow” as it transitions to stable growth, she told ABC’s “This Week,” but “I don’t think a recession is at all inevitable.”

The U.S. economy has recovered strongly from the damage wrought by COVID-19, but soaring inflation and supply-chain snarls made worse by the war in Ukraine have increased pessimism.

Wall Street stocks tumbled after the central bank, seeking to cool inflation, on Wednesday raised the benchmark borrowing rate by 0.75 percentage points, the sharpest rise in nearly 30 years.

And economists see worrying signs that consumer confidence is weakening, with spending on services affected most sharply.

Read Also – Crypto Crash: What Investors Need to Know

People are beginning to hold off on vacation plans – domestic flight bookings were down 2.3 percent last month, Adobe Analytics reported – and are cutting back on restaurant visits, haircuts and home repairs.

Yellen conceded that “clearly inflation is unacceptably high,” attributing it partly to the war in Ukraine, which has pushed up energy and food prices.

But she said she did not believe “a dropoff in consumer spending is the likely cause of a recession.”

The U.S. labour market is “arguably the strongest of the postwar period,” Yellen said, and she predicted a slowing of inflation in the coming months.

For Fed chair Jerome Powell – who succeeded Yellen in that position – to control inflation without weakening the labour market will take “skill and luck,” she said, before adding, “but I believe it’s possible.”

The U.S. economy contracted by 1.5% in the first quarter of this year, its first drop since 2020, and early indications point to a continued slowing in key sectors including manufacturing, real estate and retail sales.

A recent survey of 750 company executives by the Conference Board found 76 percent believed a recession is looming or has already begun.

Source – https://www.newsmax.com/

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The week not only taught investors to invest carefully, but it also busted many myths about the cryptocurrency market.

Read Also – Robinhood soars after 30-year old crypto billionaire buy-in

Bitcoin May Not Be the Best Hedge Against Inflation

The crypto market has been moving in sync with the stock market for the past few months. The correlation between Bitcoin and the S&P 500 hit a high of 17 months in March 2022,¹ demonstrating that crypto and stock markets are moving in the same direction. 

Bitcoin is often seen as a good hedge against inflation. That means inflation doesn’t affect the top cryptocurrency. It might not be true every time; at least, that’s what the market witnessed this week. High inflation and tighter monetary policy affected crypto investors as well, resulting in the collapse of the market. These developments show that crypto has a bigger market now and is becoming more mainstream.

Stablecoins Aren’t Always Stable

Stablecoins are supposed to maintain their value. They are backed by fiat currencies like the US dollar, gold, and even other cryptocurrencies. The collapse of Bitcoin badly affected Terra and TerraUSD. The functioning of Terra is to blame for this.

Terra (LUNA) and TerraUSD (UST) are two native tokens of the Terra network. TerraUSD aims to maintain its peg to the US dollar using algorithms. So if one wants to mint UST, he needs to burn the dollar-equivalent amount of LUNA. It works the same way the other way around. That’s how the protocol maintains the price of UST.  

In March 2022, to add more cushion to its stablecoin, Terra’s creator, the Luna Foundation Guard (LFG), decided to add Bitcoin to its reserve, according to TechCrunch.com. The idea was if something goes wrong with the prices, Bitcoin-backing would help to stabilize UST. Unfortunately, that didn’t happen, and the stock market collapsed, Bitcoin collapsed, and then the whole crypto market collapsed. 

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Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they “represent an attractive investment.” He added that his stake is meant to be a passive investment and that he does “not currently have any intention of taking any action toward changing or influencing the control of” Robinhood.

(Of course, Elon Musk’s initial investment in Twitter (TWTR) appeared to be passive before the Tesla (TSLA) and SpaceX CEO changed his mind and then decided to buy all of Twitter…a deal that now is on hold.)FTX has taken the crypto world by storm, attracting more than a million users since launching in 2019, so having its founder as a strategic investor in Robinhood could help give the brokerage more credibility, not to mention a backer with lots of money at his disposal.

The privately held FTX recently raised new funding that values the company at $32 billion. According to data tracked by Forbes, Bankman-Fried, who is also the founder of crypto trading firm Alameda Research, is worth $21.2 billion.

FTX had no further comment about Bankman-Fried’s Robinhood stake. Robinhood issued a statement Thursday on its verified Robinhood communications team Twitter feed, saying that “we’re doubling down on creating a multi-generational company where customers can build wealth for their generations.””Of course, we think it is an attractive investment, too. We have the best customer base, are introducing great new products, and we have the team to deliver. Our journey is just beginning,” Robinhood added.

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The investment from Bankman-Fried could help Robinhood get back on track. Robinhood, along with crypto brokrage rival Coinbase, has struggled this year due to the volatility in the financial markets.

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The event featured senior government ministers from the ministries of Power, Water resources and the Federal Capital Territory, showcasing unique investment opportunities to the global audience. The Hon. Minister of Water Resources H.E ENGR. Suleiman Adamu presented the attractive investment opportunities in the water sector, H.E Muhammad Musa Bello, Hon. Minister Federal Capital Territory (FCT) delivered a compelling and comprehensive presentation unveiling powerful opportunities in the FCT, and the ministerial segment was rounded up with a presentation by H.E Goddy Jedy Agba Hon Minister of State for Power.

The panel discussions focused on Renewable Energy and African Continental Free Trade Area (ACFTA) opportunities featuring senior directors from the Ministry of Water Resources, Power and the Nigerian Investment Promotion Commission alongside many other experts.

The Expo 2020 Dubai has over 190 countries participating and driven by a vision to “Connect Minds, and Create the Future” with a mission to offer a global platform for “cross-pollination” between different cultures from around the world. The expo as of February last month had recorded over 13.5 million unique visitors. It combines innovation, technology, art and culture to offer a superior experience with different countries showcasing their very best ideas to the world.

Read Also – Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

It will be recalled that the NAGCC in collaboration with the Federal Ministry of Industry, Trade & Investment, and the Nigerian Investment Promotion Commission hosted its first and hugely successful Nigerian Trade & Investment Forum as part of the Expo on the 4^th of December 2021 with a Presidential Dinner on the 3^rd. His Excellency, Muhammadu Buhari GCFR, President of the Federal Republic of Nigeria was the special guest of honour at that event, and in his speech he wooed investors informing them that Nigeria remains the viable and most attractive investment destination in Africa. 

There were no less than 16 senior ministers and Governors from Nigeria along with high-level Emirati delegates led by – His Excellency Dr Thani Bin Ahmed Al Zeyoudi, Honourable Minister of State for Foreign Trade, UAE who also attended that event with the President all making powerful cases for investment in Nigeria to the global audience.

Chairman of the organizing committee of the NAGCC Mahmood Ahmadu in his final remarks spoke of his excitement at the success of the event, he further added how elated and encouraged he is by the growing confidence that investors and businesses from the UAE and the Gulf region are entrusting to the NAGCC as the primary gateway into the huge Nigerian market.

About the NAGCC

The Nigerian– Arabian Gulf Chamber of Commerce (NAGCC) is a model bilateral trade association dedicated to the development of prosperous business relationships and economic contacts between Nigeria and all the Arabian Gulf countries (Saudi-Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait & Oman). Its board and members are leading entrepreneurs and companies who enjoy excellent business relations in Nigeria and the Arabian Gulf Countries.

The objectives of the Chamber are to promote its members in Nigeria and the Arabian Gulf States, to facilitate the economic relations between Nigerian and Arabian Gulf companies, and to provide trade information and business consultancy services to its members and other potential partners. NAGCC’s primary focus is to act works as a platform for global business leaders.

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The special guest of honour at the Nigerian Trade & Investment Forum which took place at the Jumeirah Emirates Tower hotel was the President of the Federal Republic of Nigeria – President Muhammadu Buhari GCFR. Speaking at the event, President Buhari commended captains of industry and entrepreneurs who had shown interest in further enhancing trade and investment relations with Nigeria. The Nigerian leader also stressed the need for world leaders to work together and reinforce partnerships to limit the catastrophic consequences of the global surge in cases of COVID-19.

Also in attendance were the Governors of Kaduna and Zamfara States, and a strong contingent of senior ministers representing various
ministries – including Industry, Trade & Investment, Power, Agriculture, Transport, Petroleum, water, Finance, Communication & Digital Economy, Mines & Steel, Humanitarian Affairs & Disaster Management all showcasing the huge opportunities in Nigeria to the high-level attendees.

Read Also – Mahmood Ahmadu Wins Big in Forbes 2021 Awards

It was a hugely successful and breakthrough event as billions of investment dollars was committed by many foreign investors.
Mahmood Ahmadu, chairman of the influential Nigerian-Arabian Gulf Chamber of Commerce – (NAGCC) organisers of the Presidential Dinner, and the Trade and Investment Forum also urged investors to take turns in harnessing the virgin and untapped opportunities, especially in Nigeria.

The Dubai based entrepreneur with a global business interest rekindles his passion for showcasing Nigerian innovations and industry to the world through this forum. Mahmood also expressed joy and anticipation toward the positive outcome of such a breathtaking/creative event.

While appreciating everyone who attended, he stressed the need for unity and continual implementation of the peace policy to enhance infrastructural growth.

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The World Expo is holding for the first time in the Middle East, Africa and South Asia. It is the largest event ever staged in the Arab World Participants is expected from over 192 countries.

More than 25 million visitors are expected in the six months of the Expo

Put together by the Federal Ministry of Industry, Trade and Investment & Nigerian Investment Promotion Commission. In collaboration with the Nigerian Arabian Gulf Chamber of Commerce.

Explore and Experience Nigeria – Forums offer:

• Innovations
• Networking
• New Business Opportunities
• Sessions on FDI

Invest in Nigeria Forums

• Roundtable Sessions
•  Workshops
• Networking Receptions
• Film Demo on Nigeria’s Investment Climate, etc

Benefits

• Participate in High Net Worth Networking & Investment Forums
• Engage Nigerian Business Leaders
• Meet Top Government Delegates & Business Visitors

ARE YOU IN ANY OF THESE SECTORS/INDUSTRIES?

Agriculture. Agritech. Fintech. Education. ICT. Aviation. Rail.  Maritime. Automobile. Energy. Renewable Energy. Petroleum & Gas. Manufacturing. Construction. eHealth. Telecommunications.

Expo 2020 – The Largest International Exhibitions Holds in Dubai

The World Expo is the largest international exhibition on the planet that takes place every five years. In 2021, the event will be held in Dubai, UAE from October 1, 2021, to March 31, 2022.

The World Expo is holding for the first time in the Middle East, Africa and South Asia. It is the largest event ever staged in the Arab World Participants is expected from over 192 countries.

Read Also – Mahmood Ahmadu Wins Big in Forbes 2021 Awards

More than 25 million visitors are expected in the six months of the Expo

Put together by the Federal Ministry of Industry, Trade and Investment & Nigerian Investment Promotion Commission. In collaboration with the Nigerian Arabian Gulf Chamber of Commerce.

Explore and Experience Nigeria – Forums offer:

• Innovations
• Networking
• New Business Opportunities
• Sessions on FDI

Invest in Nigeria Forums

• Roundtable Sessions
•  Workshops
• Networking Receptions
• Film Demo on Nigeria’s Investment Climate, etc

Benefits

• Participate in High Net Worth Networking & Investment Forums
• Engage Nigerian Business Leaders
• Meet Top Government Delegates & Business Visitors

ARE YOU IN ANY OF THESE SECTORS/INDUSTRIES?

Agriculture. Agritech. Fintech. Education. ICT. Aviation. Rail.  Maritime. Automobile. Energy. Renewable Energy. Petroleum & Gas. Manufacturing. Construction. eHealth. Telecommunications.

Source – dailytrust.com

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The Vice President of the Federal Republic of Nigeria, Prof Yemi Osinbajo (SAN), who will be addressed by the Minister of Trade and Investment Otunba Niyi Adebayo, will convey the altruism message during the occasion.

“The awards are coming following quite a while of exceptional examination and intensive check practice by FIN and FORBES and will be introduced by in all honesty Mr Mark Furlong, President of Customs Solutions at Forbes.”

The FIN – Forbes Best of Africa Award is normally given every year regarding the Best of Africa occasion held in New York City around the United Nations General Award (UNGA) gatherings to feature business characters with a record of making and building extraordinary worldwide businesses that have made sweeping and positive commitments to the improvement of Africa.

WINNERS LIST AND PROFILES

PAUL ADEFARASIN

Paul Adefarasin is a Christian Minister, Author, Coach, Philanthropist, Motivator, Speaker and Television Broadcaster of ‘Something Is About To Happen’, which airs in millions of homes across Africa and Europe for over 20 years.

He is also the convener of “The Experience” -the largest musical event in Africa, and Founder and Metropolitan Senior Pastor of the burgeoning House On The Rock, a multiracial, multi-tribal, and multifaceted Church with several daughter Churches and ministries across Africa and Europe.

Paul is a trained architect, and Founder and President of The Rock Foundation, a charity which undertakes significant social responsibility initiatives across the education, healthcare, prison welfare and reform space alongside empowerment, to mention a few.

With over three decades of pastoral and visionary leadership, he mentors CEOs
and entrepreneurs, and seeks to influence public policy for good. He works as
the bridge builder facilitating the exchange of ideas with critical stakeholders,
foreign and domestic

MAHMOOD AHMADU OON, MIOD

Mahmood Ahmadu is a leading African entrepreneur and renown philanthropist. He is the founder and executive chairman of online Integrated Solutions Ltd (OIS). OIS is a specialist visa application agency that provides online passport, visa processing and technical support services for Governments.

Mahmood’s other significant business interests spans the following sectors; Mining, Real Estate, Construction, Agriculture, Bottling Water, E-education, E-healthcare, and Fintech spread across 53 countries in 5 continents.

Mahmood’s philanthropic activities have made it possible for hundreds of students to afford good quality education both locally in Africa and abroad.

Mahmood Ahmadu is the a recipient of the Nigerian National Honour of the ‘Officer of the Order of the Niger’ (OON) 

He is also past recipient of Forbes Best of Africa (Outstanding Leader award) 2020 

Read Also – Mahmood Ahmadu: The Man Forbes Best of Africa Cap Fits

NANA KWAME BEDIAKO 

VISIONARY, PHILANTHROPIST AND INDUSTRALIST, Nana Kwame Bediako is the C.E.O. of the Kwarleyz Group, which comprises 5 companies: Wonda World Estates,Petronia City Development, New Africa Construction, Belfast City& Property Management and New Africa Foundation.

He has been a successful developer in the Ghanaian real-estate space for over 15 years, and has developed over 500 residential and retail units. He hopes to change the face of Real Estate in Ghana by investing in Landmark buildings including No.1Oxford Street and Kwarleyz Residence.

Nana’s growing appetite for seeing his continent and country develop birthed Petronia City. Petronia City, one of the group most prominent subsidiaries is a multi-billion-dollar project which is a self-sustaining, master-planned, integrated city over 2000-acres including Residential, Offices, Commercial, Leisure and Hospitality.

In addition to his role as President and CEO of  Kwarleyz Group, Wonda World Estates and Petronia City Development, Nana Kwame Bediako is also the founder of The New Africa Foundation, a non- profit organization aimed at empoweringa new generation of African leaders.

LEONARD NNAMDI STANLEY EKEH

Leo Stan Ekeh, Africa’s leading serial tech entrepreneur and Founder/Chairman of the

Zinox Group, is a most distinguished African ICT personality with numerous awards and recognitions to his credit.

He pioneered Desktop Publishing and Computer Graphics, Biometric Revolution for elections, WIMAX, Critical IT Solutions and e-Commerce, among others in Africa. For his incisive entrepreneurship and as a pride to modern Nigeria, he has been honoured by two Nigerian Presidents, namely with the ICON OF HOPE award in 2001 and the Order of the Federal Republic (OFR) in 2003 by President Olusegun Obasanjo, as well as the National Productivity Merit Award by President Muhammadu Buhari in 2019 for his sustained leadership in the ICT sector. 

A first-rate Indian trained economist and Risk Management expert with more than 57 awards and over four Doctorate degrees (Honorary), Mr. Ekeh has remained in the forefront of enthroning digital democracy, promoting gender empowerment in Nigeria and beyond, while also touching many lives through the Leo Stan Ekeh Foundation.

WENDY ACKERMAN 

Wendy Ackerman was born in Cape Town, South Africa, and schooled at the University of Witwatersrand. She joined her husband, Raymond, at Pick n Pay when he acquired the company in 1967, and was the first woman director of a retail chain in South Africa. Her focus at the company was on the Group’s overall development, employee benefits and welfare. She retired from the Board in 2010 and is now Honorary Life President.

She and Raymond played an important role in rejecting apartheid-era legislation, both by promoting staff, and through arranging adequate housing for black employees.

Wendy is a Trustee of the Ackerman Family Educational Trust Fund, assisting students from all over the country with bursaries for tertiary education.

Wendy is Founding Trustee of the Duet Endowment Trust, a joint endowment trust for the advancement and preservation of Cape Town Philharmonic Orchestra and Cape Town Opera.

Wendy is also very involved in environmental issues and has been recognised by the SA Nature Foundation for outstanding achievement. 

Wendy received the All Africa Philanthropist of the Year for 2015 at the All Africa Business Leaders Awards.

SAM MATEKANE

Sam Matekane is an entrepreneur and leading business magnet in Lesotho. He established Matekane Group of Companies in 1986 as Matekane Transport and Plant Hire. It evolved into a multi-sector corporation embodying aviation, property development, mining, logistics supply chain, hospitality, farming and aviation.  Matekane popularly known as ‘brave Mosotho man” is Lesotho’s strongest competitor in the business world. 

Like most successful businessmen, Sam Matekane invested sweat and tears to create a legacy that will improve and flourish the Lesotho nation through employment, Infrastructure, CSI/CSR programs and economic growth. His resilience, tenacity and pride for his nation has made him the successful leader he is today across various industries.

He is the founder of Maluti Sky airline which offers scheduled and charter flights. The airline was founded in 2009 as MGC Airlines, becoming the first privately owned airline in Lesotho. 

The Group is internationally recognized as experts in architecture, engineering, project management, and investment and utilizes state of the art technologies that have allowed temto emerge as visionaries of the new Africa. The group has given to the people of Lesotho more than his government during this pandemic

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