Blue was a leading microfinance institution in Africa. Headquartered in Pretoria, South Africa, the Group operated in 14 African countries with a treasury hub in Mauritius. The Group offered ethical and innovative financial services through more than 400 branches to Africa’s gainfully employed yet underbanked and underserved population. The Group was established in South Africa in 2001. Blue was listed on the AltX of the JSE Limited and the Botswana Stock Exchange. Blue’s operations were defined by:
- return on shareholder investment; defined,
- measurable, positive social impact; and corporate
- governance procedures aligned to international best
The Business Weekly Smear Campaign
Business Weekly engaged in a sustained smear campaign against Dave Van Niekerk, publishing misleading and damaging articles that misrepresented his role in companies such as Blue Financial Services and MyBucks. These publications not only distorted the facts but also sought to undermine his professional reputation and track record as a pioneer in African microfinance and fintech. The campaign coincided with periods of restructuring and business challenges, where selective
reporting and omission of key context painted an unbalanced and damaging narrative. Legal action has since been initiated to address these defamatory claims and to set the record straight.
We are actively pursuing legal proceedings against Business Weekly in response to a series of false, misleading, and defamatory publications targeting Dave van Niekerk. These articles form part of a sustained smear campaign aimed at damaging his professional reputation and credibility. This section outlines the key dates, publications, and actions taken as part of our ongoing case to hold Business Weekly accountable for its misconduct.
The matter is back in the High Court of Botswana on 22 September 2025
EXTRACT ECSPONENT ESWATINI FORENSIC INVESTIGATION REPORT FOR CENTRAL BANK ESWATINIE
BY CLIFFE DEKKER HOFMEYR INC. – 30 MAY 2024
Cliffe Dekker Hofmeyr Inc (“CDH”) has been appointed by the Central Bank of Eswatini (“CBE”) to conduct a forensic investigation into the affairs and operations of Ecsponent Swaziland Limited (“Ecsponent”) now known as ESW Investment Group (“ESW”) pertaining to investment activities, money lending activities, financial stability, and risk management in compliance with a resolution of Parliament to establish why Ecsponent failed to honour its
PURPOSE OF THE REPORT
The purpose of this report is to provide an account of information established as per the investigation instruction pertaining to Ecsponent for the investigative period 16 November 2023 to 30 April 2024. (Please note that the investigation was halted during the period 20 December 2023 and 15 January 2024 due to the end of year break.)
FINDINGS AND CONCLUSIONS
The incorporation and licensing process of Ecsponent Eswatini as an Investment Advisor was fraught with issues, starting with the rejection of their initial application by the FSRA in 2013 due to unauthorized deposit collections and lack of compliance with legislative requirements. Despite this, after appealing, Ecsponent was licensed by Mr. Dlamini, the then CEO of the FSRA, who believed it would be better to monitor the company under FSRA’s control. This decision was controversial and led to ongoing supervision challenges and concerns over Ecsponent’s operations, which some officials likened to a Ponzi scheme.
Investigations and further monitoring revealed persistent
non-compliance with regulations, high-risk investment products, and improper separation of business accounts. Governance perspectives highlighted that the FSRA’s decision to license Ecsponent was influenced by internal disagreements and inadequate oversight by the board of directors, raising suspicions of conflicting interests
FINCLUSION SOUTH AFRICA
During the restructuring of Mybucks Group, Finclusion, directed by former Mybucks CEO Mr. Nuy, acquired several high-performing assets under the guise of offloading non-core assets. These acquisitions included 100% ownership of Get Bucks, GetSure, Gesture Life, Sanceda Recoveries, and OTM Mobile in South Africa; GetBucks, Ligagu Investments, and GetSure Swaziland in Eswatini; Get Bucks Namibia; 99.9% of Emu Inya Enterprises t/a GetBucks Kenya; 24.6% stakes in MyBucks Australia, Fair Go Finance, Spot Loans, Microdog, and Spotco Holdings in Australia; and 100% of Opportunity Tanzania. It was revealed that Mr. Nuy, through Finclusion, benefitted significantly from orchestrating the Mybucks’ failure. Finclusion is part of the MHMK Group, directed by Group CEO Mr. Manyere, suggesting that the asset sales were orchestrated to benefit both Mr. Manyere and Mr. Nuy.
SUSPICIOUS TRANSACTIONS
The investigation revealed suspicious financial transactions involving Mr. Sandile Dlamini and Mr. Peter Shongwe. Mr. Dlamini received SZL 117,000 from Ecsponent Eswatini in 2014, which he could not recall, raising concerns due to his role in licensing Ecsponent. Mr. Shongwe took a SZL 1,200,000 loan on behalf of Likhwane and set it off against Likhwane’s investment in ESWIG without board approval. He also received SZL 100,000 as a brokerage fee from Ecsponent, which he claimed was standard practice. Additionally, there were discrepancies in the investment resolutions approved by Likhwane’s Board of Trustees, leading to further investigations.
POSSIBLE ASSET TRACKING AND RECOVER
Investigative assessments revealed that most of the funds collected by Ecsponent Eswatini were transferred to Getbucks Eswatini, which is still operational and owes SZL 106,699,382.57 to Ecsponent Eswatini. Legal action to recover these funds is complex due to the interconnectedness of ESWIG and Getbucks and the potential conflict of interest involving their shared leadership and ownership. Additionally, funds flowed from Ecsponent Eswatini to Ecsponent SA and related entities, but recovering these funds is difficult due to the ongoing liquidation challenges of Ecsponent SA (Afristrat). Further complicating matters, Mr. Nuy, Finclusion, and the MHMK Group indirectly benefited from investor funds, making direct claims challenging due to the complex transactions and company structures.
FURTHER INVESTIGATIVE PROCEDURES
POSSIBLE ASSET TRACING AND RECOVERY
Investigative assessments revealed that most of the funds collected by Ecsponent Eswatini were transferred to Getbucks Eswatini, which is still operational and owes SZL 106,699,382.57 to Ecsponent Eswatini. Legal action to recover these funds is complex due to the interconnectedness of ESWIG and Getbucks and the potential conflict of interest involving their shared leadership and ownership. Additionally, funds flowed from Ecsponent Eswatini to Ecsponent SA and related entities, but recovering these funds is difficult due to the ongoing liquidation challenges of Ecsponent SA (Afristrat). Further complicating matters, Mr. Nuy, Finclusion, and the MHMK Group indirectly benefited from investor funds, making direct claims challenging due to the complex transactions and company structures.
FURTHER INVESTIGATIVE PROCEDURES
Further investigative procedures revealed that Mr. Manyere played a significant role in Ecsponent SA, Mybucks, and ESWIG, with potential asset transfers from VSS to Finclusion, an entity linked to him and the MHMK Group. Investigations are needed to determine asset transfers and involvement levels. Additionally, S.V. Mdladla and Associates, despite refutations, were heavily involved in Ecsponent Eswatini’s operations, including forming Lihhoko Ltd to trace transferred funds. Their extensive engagement raises concerns about compliance, potential undue benefits, and conflicts of interest, necessitating a legal opinion to clarify their roles and interests.
RECOMMENDED ACTIONS BEYOND THE SCOPE OF THE INVESTIGATION
An investigation into Likhwane Beneficiary Fund revealed significant irregularities in its investments with Ecsponent Eswatini. Starting in 2018, Likhwane increased its investments due to consistent monthly payouts, culminating in a SZL 5 million investment. Mr. Shongwe received a questionable brokerage fee for facilitating these investments, possibly influencing Likhwane’s board for personal gain. In 2021, he secured a SZL 1.2 million credit facility from Ecsponent Eswatini, which was not repaid as agreed but set off instead.
Concerns arose regarding Likhwane’s compliance with Eswatini’s laws, prompting a recommendation for a comprehensive investigation into its operations and directors.