REMOTE WORKING ENDING THE LUNACY OF POINTLESS COMMUTES
LET’S TALK LEGAL PROTECTION OF MINORITY SHAREHOLDERS: UNFAIR & PREJUDICIAL CONDUCT
CONVERSATION WITH
NJ
AYUK
MONEY MATTERS
REAL ESTATE ECONOMY INSIGHTS
WHAT’S NEW
TOP 10 TIPS TO BECOMING A FINANCIALLY SAVVY SMALL MEDIUM ENTERPRISE
PUBLISHING CREDITS CHIEF EDITOR Benito Mamaile editor@businessxposure.co.za EXPERT CONTRIBUTORS Frans Nel Dr. Travis Bradberry Morgen Moyo Madelain Roscher Amina Williams Jacques Loots Thabiso Gama Elena Agaragimova South African Banking Risk Information Centre PICTURES Intellectual Media Cover Interview Pictures Credit: NJ Ayuk Entrepreneur of the month Pictures Credit: Chiedza Ntuli DESIGNERS Intellectual Media and Communications LEGAL Loots Attorneys Gama Attorneys ACCOUNTS Istora Rapule accounts@businessxposure.co.za
NJ AYUK CEO, Centurion Law Group
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Exec Chairman, African Energy Chamber
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National Business Xposure and Intellectual Media and Communications considers its sources reliable and verifies as much data as possible. National Business Xposure (EAN 0 606110 895835). However, inaccuracies can occur, consequently readers using this information do so at their own risks. National Business Xposure does not accept responsibility for omissions or errors. the points of view expressed in articles by attributing writers and/or in advertisements included in this magazine do not necessarily represent those of the publisher. Any resemblance to real persons, living or dead is purely coincidental. Whilst every effort is made to ensure the accuracy of the information contained within this magazine, no legal responsibility will be accepted by the publishers for loss arising from use of this information published. All rights reserved. No part of this publication may be reproduced or stored in a retrievable system in any form or by any means without the prior written consent of the publisher.
BENITO MAMAILE CEO & Business Development, Intellectual Media and Communications Platform Architect & Chief Editor, National Business Xposure South Africa
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CHIEF EDITOR’S LETTER
“Without cash, we would live in a much safer, less violent world with enhanced social cohesion, since the major incentive fuelling all illegal activity [i.e. cash]… would disappear.” ― Guillermo de la Dehesa, Spanish Economist
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COVER INTERVIEW
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COVER INTERVIEW
NJ Ayuk
African economies are undergoing a transformative period. The energy sector, particularly, holds great potential to revitalise African economies and empower the growth and development.
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ENERGY industry is
COVER INTERVIEW
the Economic Engine of the African Continent
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COVER INTERVIEW
A wind farm outside of Palm Springs, California | Photo Credit: ndrc.org
Q&A
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in
360 Seconds
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COVER INTERVIEW
South Sudan (PHOTO/Courtesy – PML Daily)
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COVER INTERVIEW
Africa Oil & Power 2017: June 7, 2017, Cape Town International Convention Centre | Photo Credit: FootPrint2Africa.com
OPEC Secretary General Mohammad Sanusi Barkindo and NJ Ayuk (PHOTO/Courtesy – APO Group)
I always strive to be on top because it’s the bottom that’s crowded. I don’t want to be at the bottom. - NJ Ayuk, CEO Centurion Law Group & Executive Chairman African Energy Chamber
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BOOK REVIEW
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ECONOMY INSIGHTS
TOUGH times ahead for South African ECONOMY Contributed by . Annabel Bishop | Chief Economist
It is not possible to continuously borrow out of debt, nor to indefinitely borrow to make debt payments, and fund current expenditure. Debt interest payments do have to be made to avoid default.
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GET INSPIRED ON THE GO
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BUSINESS FOCUS
22,000 Edcon employees get retrenchment notices Contributed by
Correspondent
Another employee said she had already updated her CV and was sending it out looking for another job. "I'm very scared, I'm in fear because I don't really understand what's really happening but it's clear that our jobs are on the line."
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GUEST BLOG
Patrice Motsepe Founder | African Rainbow Minerals
Life and success begin outside of your comfort zone — dare yourself to do these 10 things and be amazed at the results.
“Growth and comfort do not coexist” — Ginni Rometty Wouldn’t it be fantastic if the road to success and happiness were an easy one? Unfortunately, as we all know, this isn’t the case. The reality is, you’ll only succeed once you force yourself to do things that you don’t necessarily want to. It’s true. You see, our brains are wired in such a way that we often don’t take action until we feel some sort of uneasiness or uncertainty. Multiple studies have backed this claim up, showing that performance spikes when we’re doing something out of our norm. The act of stepping outside our comfort zone is not only vital to our success, but also our well being and ability to grow as individuals too. With a little understanding and a few minor adjustments, you can break free and achieve more than you ever dreamt possible. So step out of your bubble and embrace the following ten challenges:
ASK FOR WHAT YOU WANT. “Everything you want is out there waiting for you to ask. Everything you want also wants you. But you have to take action to get it.”- Jules Renard Too often, people don’t achieve the success they want simply because they arenot willing to ask for it. Sure, this definitely requires some courage because we do face the possibility of being rejected, but the ever looming ‘what if’ will be much harder to live with than any turndown will. Ask yourself what’s the worst that could happen. If it’s a simple denial it should never hold you back. GET UP EARLY. Unless you’re just naturally a morning person, setting the alarm clock for earlier than usual is a sure shot way to take you out of your comfort zone (and cause some early morning cursing).
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GUEST BLOG However, carving out some extra time for the beginning of your days can be well worth it. Everybody from Bill Gates to Mark Zuckerberg swear by their rigorous morning habits as a key to their success. And academic research shows that those who adopt morning routines have a greater “ability to take action to change a situation to one’s advantage.” This will give you an opportunity to mentally prepare for what’s ahead, exercise, get a nutritious breakfast in (instead of eating something on the go like so many of us do) or simply take a few minutes for something you enjoy. SAY NO. Recent research showed that the more challenging it is for a person to say no, the more likely they are to experience stress. We all know that ‘no’ can be a powerful word, but it’s one that you should not be afraid to use and use often. Saying no to new requests or invitations helps to honor your existing commitments and gives you the opportunity to adequately fulfill them. TAKE COMPLIMENTS. When many of us are given a compliment, our knee jerk reaction is to immediately jump to how we didn’t measure up or what we could have done better. These reactions, however, can have a negative effect on our self-confidence, our future career and even our relationships. If you work hard on something, why dismiss any positive feedback that deservingly comes your way? When you learn to accept compliments you’ll gain the chance to see yourself as your peers do, and odds are your confidence will soar. GIVE AND TAKE CRITICAL FEEDBACK.
“We all need people who will give us feedback. That’s how we improve” — Bill Gates Feedback develops humility and self-awareness and challenges perfectionism. Neither giving nor receiving critical feedback is ever easy, but remember that nothing worthwhile really ever is. However, if you learn to be open to feedback, you’ll see progress in your skill development and overall personal growth too. ADMIT MISTAKES. Uncomfortable doesn’t even begin to describe what making a mistake feels like. However, mistakes can almost always be turned around. The most effective way to replace that sinking feeling is to properly assess the situation and take action. To become an effective leader we must take on the responsibility of understanding our successes and our failures. Learning to admit mistakes will help you to earn respect, lead by example and build a culture of trust with your peers and colleagues. OVERCOME PROCRASTINATION.
We all know that when the going gets tough, it can often be easy to just put off tasks until tomorrow. The problem is that ‘tomorrow’ often turns into the next day and then the next… before it eventually never comes. While we all procrastinate from time to time, successful individuals do something that most of us don’t- they stop making excuses and push past it. The best way to beat procrastination is to of course never let it begin. Write out the things you’re “going to do tomorrow,” create a schedule for these tasks, keep yourself accountable and imagine how great you’ll feel once they’re accomplished. LET GO. As we start to invest in ourselves and grow, we become more aware of the people and things that were previously holding us back. This may be in the form of a bad relationship, perfectionism, insecurities, late nights or a social media addiction. When we let go of what no longer serves us, we make room for more productivity, positivity and success. 20
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ENTREPRENEUR OF THE MONTH
Chiedza Ntuli
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ENTREPRENEUR OF THE MONTH
Stay hungry, stay foolish - Steve Jobs
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TECHNOLOGY
Can AI discriminate against you? By Scott Zoldi, Chief Analytics Officer | FICO
The challenge of delivering truly “ ethical AI requires closely examining
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LET’S TALK LEGAL
By Thabiso Gama Corporate & Commercial Attorney & Director | Gama Attorneys Inc.
PROTECTION OF MINORITY SHAREHOLDERS: UNFAIR AND PREJUDICIAL CONDUCT INTRODUCTION
Gama Attorneys Inc.
Whilst it is widely accepted that companies operate under the “majority rule”, there are many instances where minority shareholders are placed in a position of vulnerability to oppression by majority shareholders as a result of the imbalance in voting rights. This would occur where shareholders holding the majority of the voting rights make a decision about the company without taking the concerns of the minority shareholders into consideration. Fortunately for minority shareholders, section 163 of the Companies Act No.71 of 2008 (the “Act”), provides a mechanism for redress where the boundaries of fair play are overstepped. THE POSITION UNDER THE COMPANIES ACT Section 163 (1) of the Act provides that a shareholder or director of a company may apply to a court for relief if: (a) any act or omission of the company, or a related person, has had a result that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of the applicant; or (b) the business of the company, or related person, is being or has been carried on or conducted in a manner that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of the applicant; or (c) the powers of a director or prescribed officer of the company, or a person related to the company, are being or have been exercised in a manner that is oppressive or unfairly prejudicial to, or that unfairly disregards the interests of the applicant. There are two main elements that an applicant must satisfy to obtain relief under section 163, namely: 1. There must be relevant conduct: This includes an act or omission, conduct of business, or exercise of powers by a director or prescribed officer of the company or related person; and 2. Such conduct must be oppressive or unfairly prejudicial to the applicant or unfairly disregard the interest of the applicant.
The court held that in ascertaining whether the conduct complained of was oppressive, unfairly prejudicial or unfairly disregarded the interests of the applicant, it is not the motive of the conduct complained of that the court must look at but the conduct itself and the effect which it has on other shareholders of the company. In the more recent case of Geoffen and Others v Martin and Others [2018] 1 All SA 21 (WCC), the court held that prejudicial conduct can be objectively proved if it had the effect of adversely or materially affecting financial interests. This would be proved by way of reference to objective evidence, such as financial statements and market prices. WHO MAY APPLY FOR RELIEF UNDER THE ACT? The Act states that either a shareholder or a director may apply for relief under section 163. Unlike the 1973 Act (which only provided locus standi to shareholders of a company), the Act also gives directors locus standi to enforce the remedy on behalf of minority shareholders. This is specifically relevant in practice as some directors are appointed to the board of directors to protect the interest of certain specific shareholders. REMEDIES THAT MAY BE CLAIMED Section 163 (2) (a) – (l) of the Act provides that a court may make several interim or final orders, including (but not limited to) an order: •
restraining the conduct complained of;
•
appointing a liquidator if the company appears to be insolvent;
•
placing the company under supervision and commencing business rescue proceedings;
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to regulate the company’s affairs by directing the company to amend its Memorandum of Incorporation or to create or amend its Shareholders Agreement;
•
appointing directors in place of or in addition to all or any of the directors; or
•
declaring any person delinquent or under probation.
WHAT CONSTITUTES UNFAIR OR PREJUDICIAL CONDUCT? In the case of Aspek Pipe Co Pty Ltd v Mauerberger, the court held that in order for the conduct to be oppressive, there must be a visible departure from fair standards of dealing and fair play to which a shareholder is entitled to. The court will therefore consider whether a director or a shareholder had acted contrary to the fiduciary duty and standard of care owed to the company. In the matter of Grancy Property Ltd v Manala 2015 (3) SA 313 (SCA), the court commented on the wide ambit of section 163 of the Act. It held that the conduct complained of must not merely be prejudicial or disregardful of the minority shareholders interest but must do so unfairly. In this case the court had to ascertain whether the appellant (a minority shareholder), had made out a case for relief under section 163.
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Gama Attorneys Inc.
CONCLUSION Section 163 of the Act offers considerable relief to minority shareholders who are prejudiced by the decisions of majority shareholders. The test for proving unfair or prejudicial conduct is an objective one evidenced by factual circumstances. It is important to keep in mind that the principle of fairness is a flexible concept thus a court may have a wide discretion on the just and equitable relief under the specific circumstances. NBX DIGIMAG | ISSUE NO. 30
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LIFE & CAREER
As cities and towns around the world re-arrange their streets to favour pedestrians and cyclists, the pace of positive change is hard for this One Change column to follow. Amidst all the chaos and tragedy, Covid-19 is gifting us with many new opportunities, one of which is the shift to working away from cramped, noisy, claustrophobic offices. Could now be a golden opportunity to implement a radical One Change of making remote working the norm? Let’s first differentiate remote working from home working, which can be the same thing but the former can also mean going to a nearby shared hub or work station that is clean, warm, energy-efficient and offers high-speed broadband, meeting rooms, canteen, as well as colleagues to collaborate and socialise with. Both options put an end to the arduous and carbon-polluting daily commute. They make cities less congested and air-polluted, but also ensure that people can live in a spread-out, sustainable way across the country rather than all piled on top of each other in urban spaces that become ever denser and more polluted. They allow communities to focus on their local area and to support local farms and shops rather than high street multinationals and the unsustainable globalised economy. Remote hubs can be as simple as a room in a parish hall, a converted stables, or any vacant building in a town or village, with space for three to 30 workers. They are suitable for start-ups, the self-employed or large organisations. As individuals we are not powerful enough to manifest the shift from centralised offices to local work stations, but if enough of us tell our employers that we would favour this as an option, and if we let county councils and private developers know that we would support such places if they existed, then together we can create a profound One Change. There are some thriving examples in Ireland, such as the Dingle Creativity and Innovation Hub, with wall-to-ceiling windows overlooking the Atlantic. The building, overlooking Dingle harbour, offers high-speed connectivity and co-working facilities to start-ups, established enterprises and community groups. They also actively support the transition to a low-carbon society. See dinglehub.com Mountmellick, Co Laois has a co-working space called the Webmill Digital Hub that aims to create “an innovation ecosystem of collaboration and synergy”, and to realise the full potential of Laois as a sustainable, affordable and thriving place to live and work. (Working with colleagues who share such a vision is bound to be stimulating.) See webmill.ie There are also specialised work spaces such as The Hatch Lab in Gorey, Co Wexford which offers office space, mentoring and peer-topeer learning for tech workers. It has transformed the lives of a number of former daily commuters to Dublin. See thehatchlab.ie All these sites are playing a role in reducing Ireland’s transport emissions (which amount to 40 per cent of our total CO2 emissions), but how much carbon they save in other ways depends on the efficiency of their lighting, heating and cooling facilities as compared to large, centralised offices. Either way, a hub is likely to emit less carbon than if the clients were all working from home and having to heat large spaces and buy office equipment individually. They also avoid the risk of isolation and distraction that bedevils home-working. The only reason we work in offices today is because a century ago we had no easy way of communicating beyond being in close proximity. As this limitation no longer applies, there is no sane reason to continue the millions of pointless journeys we make to a designated building every day of our working lives. An alien would regard the practice as stark, raving mad. Now is the time to reconsider. SOURCE: THE IRISH TIMES | www.irishtimes.com By Manchán Magan
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T
OP AFRICAN FEMALE BUSINESS LEADERS
The past few years have seen a rise in the number of women-owned businesses in Africa. Be it in IT, oil, mining, or in the aviation sector, female entrepreneurs are breaking gender stereotypes and showing that what a man can do, a woman can also do, if not better. Bold and fearlessly ambitious, these are some of the female business leaders who shape the future of the continent and inspire not only countless other women, but also anyone who dares to dream. Moza Moyo is based in Johannesburg and is passionate about telling news stories that change the African narrative. His writing touches on an array of issues and topics, including human interest, business, race, and culture. By Moza Moyo, Africa.com
Njeri Rionge – Kenya The Kenyan business magnet started her first business at the age of 19, selling yoghurt at schools in the capital, Nairobi. She went on to sell clothes and run a few other small businesses. Today, Njeri Rionge is one of the women pioneer investors in the IT sector in Africa, having co-founded Wananchi Online, East Africa’s first mass market internet service provider which has grown to become the region’s leading internet company. Over the years, the serial entrepreneur has established a host of other thriving businesses, including Ignite Consulting, a flourishing business consultancy; Ignite Lifestyle, a health care consultancy; Business Lounge, one of Kenya’s largest startup incubators; and Insite, a booming digital marketing agency. When Njeri is not busy expanding her business empire, she is imparting knowledge and skills to young entrepreneurs in her country, and helping them grow their own businesses.
INTRODUCE YOUR BUSINESS PROFESSIONALLY Let us help you design the business profile for your company – 7 to 10 Pages
Only R1 000,00 (VAT Incl.) Isabel do Santos – Angola With an estimated net worth of $3.3 billion, the eldest daughter of Angolan president Jose Eduardo dos Santos is the richest woman on the continent. Isabel accumulated her wealth in oil, diamonds, as well as in the communications and banking sectors. She boasts shareholdings in Portuguese banks and energy firms such as Banco Portugues de Investimento and Portuguese Energias de Portugal respectively. In Angola, she’s the chairwoman of Unitel SA, one of the country’s largest mobile network companies, valued at more than $5 billion. While it’s unclear how the 42-year-old mogul got her start, she says she used her savings to open one of Luanda’s most expensive nightclubs, Miami Beach. From there, she started a trucking company to transport products for the club and other businesses.
Folorunsho Alakija – Nigeria Folorunsho Alakija started her career as a secretary for the now-defunct Merchant Bank of Nigeria. She quit her job in the 80s to study fashion design in England, returning to her native country a few years later to set up Supreme Stitches, a fashion label that catered for elite Nigerian women. Fast forward to 2016 and the 65-year-old businesswoman is Africa’s second wealthiest woman, estimated by Forbes to be worth $2.1 billion. No, she didn’t make all her money from her fashion venture. Instead, a significant portion of Folorunsho’s fortune comes from her oil exploration company Famfa Oil. She also has investments in real estate.
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REAL ESTATE
THE DIFFERENCE BETWEEN HOME LOANS AND BUILDING LOANS
Contributed by
Correspondent
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REAL ESTATE
• • •
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BUSINESS FOCUS
Amazon announces 3,000 new work from home jobs in South Africa
HERE’S WHAT YOU NEED TO APPLY
WHAT YOU NEED TO APPLY
Amazon says it is hiring for 3,000 new virtual customer service jobs in South Africa this year.
Amazon said that candidates interested in applying must meet the following requirements:
In a statement on Thursday (18 June), the company said that these roles will range from customer service associates to technical experts who will work virtually and provide 24/7 support to Amazon customers in North America and Europe.
•
The addition of 3,000 permanent and seasonal full-time positions will bring the total permanent workforce in South Africa to 7,000, it said.
“The technical positions will support customer inquiries on devices, digital and Alexa,” it said.
“We are thrilled with the talent in South Africa and we are excited to add 3,000 skilled jobs this year in customer service, and to help keep people working during this unprecedented time,” said Andrew Raichlin, director of Amazon Customer Service in South Africa. “The new jobs reflect our continued commitment to South Africa’s economic development, and I am proud to have South Africa be a growing part of our ability to deliver a great experience to Amazon customers around the world and provide employees with the opportunity to work safely from home.” The Covid-19 pandemic is accelerating the digital transition of work, and this decision by Amazon to locate these jobs in South Africa shows our ability to offer a good value proposition, said minister of Trade, Industry and Competition, Ebrahim Patel. “Government has focused part of our incentive programme on the industry, and with our talent, strong ICT infrastructure and digital capabilities, we aim to secure thousands more jobs like these in years to come,” he said.
• •
Completed Matric/Grade 12/NQF Level 4 qualification or higher; Excellent command of English; Be a South African citizen.
“These roles will require candidates to translate technical information and provide instructions to help Amazon customers trouble shoot issues. Since these will be virtual roles, applicants will also need a private, quiet workspace and an existing and dedicated internet connection, according to Amazon specifications. “Anyone interested in joining Amazon’s Customer Service team can view open positions at www.amazon.jobs, filtering by location and typing: South Africa to view the open positions.” Amazon said that employees will be offered a comprehensive benefits package starting on day one, including employer contributions toward medical aid and provident fund, group life cover, employee wellness programmes, and a monthly stipend for a dedicated internet line. Amazon also offers Customer Service employees interested in pursuing opportunities outside of Amazon, the opportunity and financial support to upskill themselves through Career Choice, it said. All these initiatives encapsulate Amazon’s commitment to transformation, inclusion and diversity in the workplace.
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MONEY MATTERS
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