MTN Zakhele Futhi Investors Have Reasons to be Disappointed

“So, tell me how is this helping the people? Besides ripping them off?”

Sindisiwe Mabaso-KoyanA
Sindisiwe Mabaso-Koyana

The listing on the JSE of MTN Zakhele Futhi, the black economic empowerment scheme of MTN Group, disappoints investors.

The shares of MTN Zakhele Futhi debuted on Monday on the JSE.

Yesterday, the stock opened at R6 and peaked at R9,20 to close at R4,80.

By 1153, the stock was trading at R5.50 a share.

Investors of MTN Zakhele Futhi are disappointed as this implies the stock has lost close to 90% of its value.

The shares are trading way below its net asset value which was more than R22 in September 2018.

Black investor spent R20 each, with a minimum buy-in investment of R2000 to be shareholders of MTN Zakhele Futhi.

Some investors are not happy at all.

“We bought these shares 3 years ago as an investment for R20, yesterday they were listed  on the JSE for as little as R0.82, so people who bought them yesterday actually made more profit than those who did 3 years ago, we basically got ripped off about 95% of our money,” an irate reader told TechFinancials.

“Some people are not even knowledgeable about shares, yesterday they sold their shares because they were promised of a good profit, and they lost their money, because some bought 100 shares for R2000 which was the minimum price, and yesterday when they sold they got R500 and lost R1500.

“So, tell me how is this helping the people? Besides ripping them off?”

Sindisiwe Mabaso-Koyana, the chairperson of MTN Zakhele Futhi, has called for patience amongst investors.

“It is early days, today was the first day. It (the shares) started very slow. We do believe that as the day goes the market may take it to where the net asset value is,” she told Business Day TV.

But she warned that the market is about a willing buyer and willing seller mentality.

Mabaso-Koyana also added that some of MTN Zakhele Futhi shareholders might have sold their shares to cash in money for the festive season and ended up accepting a lower price for their shares.

“But we do believe with the trade that is trickling in it will actually stabilize at a reasonable point.”

Mabaso-Koyana also reminded disappointed investors to use the previous MTN Zakhele scheme as a yardstick for performance.

MTN’s previous scheme, MTN Zakhele, listed on the JSE in 2015, but delisted in the next year as the scheme was wound up. Investors who bought at R20 a share sold them at R60.

The newly listed MTN’s Zakhele-Futhi will be listed for a minimum period of five years, until 25 November 2024.

MTN’s Zakhele-Futh is a ring-fenced special purpose vehicle aimed at facilitating investment by previously disadvantaged South Africans in MTN Group (MTN).

It holds about 77 million shares in MTN, amounting to 4% of MTN’s issued share capital.

It also has about 89 000 shareholders holding 123.4 million MTN’s Zakhele-Futhi ordinary shares.

The listing of MTN’s Zakhele-Futhi will facilitate and enable trading in the shares amongst qualifying black participants.

The MTN’s Zakhele-Futhi shares are tracking the performance of MTN Group.


  1. I am so disappointed at Mtn Zakhele Futhi for the poor performance, I could’ve at least invested my money in 3 year investment account and definitely reap profits 😡😡😡 . I don’t understand trading shares but it’s definitely a scam 👎🏼

    • Its a total scam. They know that BEEs are desperate of money, especially during the festives and they list on the 25th of November. Just a few days before black friday.

  2. white businesses are speedily proving to be a scam at all cost. how can MTN have my investment (money) with them for 3 yrs, using it to grow their business, but eventually i cant even get my invested money, which means that MTNZF BEE scheme was used as a code for stealing from vulnerable poor black people.

  3. Black People, you are on your own. You work very hard for your money and business people worth billions of RANDS, come and reap you off, the little you’ve been relying on. OH GOD YOU CAN’T FORSAKE YOUR POOR PEOPLE AND LEAVE THEM WITH THE VULTURES LIKE THIS..

  4. I would like to know how can I get my R2000 shares from Zakhele futhi. No one can help me at the bank Nedbank. I would like to sell it and and get my money back. Siyahliwa apha

    • Thozama hope you managed to sell your shares I also struggled I went to Nedbank and MTN and no one gad the idea of selling shares but i managed to sell them on the very day even though it was confusing especially the figures

  5. I would also like to know how do I go about getting my money back would love to sell my shares but no one is available to assist the contacts numbers they gave us you hold for approximately an hour or more Nedbank say they ain’t involved but we bought these shares through them

    • Register with nedbank online trading broker by following steps in the man Zakhele website. Then after registering you will have your username and password created by yourself, for you to login with to the trading platform and start selling your shares.

  6. what a rip off…I couldn’t believe what I saw. invested for 3yrs and still at a loss. I mean were you really helping Black People? you hold on to your call centre for hours, and then this loss. You played with us. I could have invested somewhere else for 3 years. What a rip off Mtn.

    • This is really a scam, but anything to do with Ramanose it’s always a suspect, he hates black people with passion

  7. This is r reap off
    Three years mtn has had our money no interest nthn
    They have sold our shares made profit inthe use n nw mkn is suffer
    We mst alwys hv data to check
    Even today 1 share has neva even reached R25

  8. This is a serious ripoff. Daylight robbery from poor Black South Africans. Is this what MTN calls empowerment of the black people. I could have taken my money to ABSA , there I know for sure I would have received something. What a blunder. This is ridiculous.

    • and the ones buying them now from us is them themselves for profit and for us at a loss. They engineered this scam in 2016 knowing very well that the president in 2019 will be one of them Ramaphosa, so all the doors for our complaints would have been closed by him through his connections. We are doomed, these business people are evil. Even this CEO is part of that corrupt board of eskom where all forms of corruption is taking place and the SA people are also being ripped off through paying high electricity prices for a group of corrupt people to benefit.

  9. Imagine for one moment if a investor paid R20 a share and bought 2000 in 2016 and paid R40 000 he sold 2000 share for R17 in 2019 who pocketed the remaining R6000 that remains from the transaction. MTN or ???. Clever isnit.

  10. MTN has played us…!!! Such crooks. This is a sad rude-awakening, never again will I take part in these so called Black Empowerment because there is always hidden motives. Nxa

  11. labantu bama business, thixo, usuku nosuku baphenduka izilwane ngenxa yokulahlekelwa unembeza, but God, surely, shall reply on our behalf, ukuthi nini, I’m not sure, but what I’m sure of is that tables will turn against them in one of the days.

  12. At first we were never told to check the share price first before we sell and the figures were not corresponding till MTN itself send an SMS about the figures cos it ddnt make sense to sell but still the profits were not satisfactory, but I’m hoping for the best even the bad news about the law suit against MTN and this ongoing war

  13. I personally do not understand what is this hide and seek of MTN. I was told that the shares were vesting after three years. That promise fell off because one is expecting dividends after that period and every half yearly. where is our dividends? I am not prepared to take out less than I have invested because MTN has made so much money all these years they are now coming up with a scam that the share price has dropped so low! We need answers for this. I invested part of my pension money how can I throw it away like that? This is not acceptable at all MTN must come up with a plan.

  14. It is so sad because we all thought after 1994, our Government will open up opportunities for us blacks & hence when this shares buying opened up we were all taken up, given the excellent performance of e.g Phuthuma Nathi but unfortunately it was not to be & no one seems to be perturbed by the state of affairs. Is it because this was opened for the poor of the poorest? So the elite knew this was gonna happen & they invested their monies else where with guaranteed returns? Somebody has to ownup to this Scam, its nauseating, the poor are being ripped off amid their state of poverty & hunger.

  15. This is unacceptable MNT must bring back our money, this is a complete scam, this shares keep on droping what will happen when they get expired our money will be all gone by then

  16. This is a huge scam, i will never again participate in any empowerment scheme, i work hard for my money, what happens when 2024 come around, do we sell at a loss, had i invested in a fixed deposit , i would have got some return by now.

  17. Mtn is really playing games I personally bought shares at Nedbank in 2016 but even today I have never had anything or get any dividends to date what is wrong with Mtn why are they doing this to us I have worked for my money I need answers we were told that you are helping Bee’s I would have taken my money to Fnb acc. Mtn is ripping us daylight no this is rediculois.

  18. Can mtn please assist us with simple explanation of getting trade and get the money ‘ I’m not going to wait anymore because it’s clear that we as investors are not going to gain a thing out of these

  19. We the investors a wasting out time will never gonna receive anything I remember in 2016 my boss tell me not to invest this is a huge scam why only black investors not white then he laughed at me is like he knew this is a scam.

  20. Mtn when are we getting our dividend,I invested in 2016 but still up to now no dividend have been paid,was this a scam? Really, you said you are empowering blacks but taking us down , that is so unfair of you Mtn, taking money from poor people and just keep quiet,as nothing happened, please inform all your investors what is happening rather than just keeping quiet some of us are not even receiving the sms like before,we have to call your rude call center who are totally clueless, please pay our dividend people rather than playing us, Phuthuma Nathi and SAB did paid why don’t you pay us mnt. we as investors are worried some of us not working relying on getting this money but nothing.How can you decide on your own that we getting our dividend on 2024,from 2016 that’s so disgusting.

  21. I only realise now that this is rubbish,white people will never do something good for black people, they try by all means to keep us suffer ,I really need my money now

  22. Mtn is ripping us off😡. I invested in 2016 and I have not received even a dime. I worked hard for that money😭, I want it back with interest. Whats wrong with these rich people ripping the poor. They forgot that God loves us all.

  23. Sometimes patience is a critical virtue. I opened an account after opting for Facilitated Share Trading. By so doing I’m able to track the market prices of the shares. For example as at today 01/08/2022, at 13h27, they are valued at R24.00 a share, which is a slight upward trend considering the fact that in 2016 they were selling at R20 a share.


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