Most importantly, he is a director of Worldwide African Investment Holdings (WAIH), a company he founded in 1994 with MTN CEO Phuthuma Nhleko, which has various interests in the energy industry.
One of WAIH's major investments is a 20% stake in Engen, a company which reported a turnover of R73-billion and total assets of nearly R20-billion in the 2009 financial year.
Ngqula and Nhleko also serve together on the boards of Sego Investments and Lanorca Properties, both Pretoria-based companies dealing with financial intermediation, insurance, real estate and business services, according to the registration documents.
Ngqula serves on the boards of WAIH-related Worldwide Coal Holdings and Afric Oil. A secretary said this week that he does not have an office at the WAIH headquarters in Johannesburg, but visits every once in a while. The company did not want to disclose the size of his shareholding, which was reported to be an estimated 10% in 2005, when Standard Bank acquired a stake in the company.
The KPMG investigation found that SAA awarded a portion of three jet fuel tenders that were issued between 2004 and 2009 to a supplier in which Ngqula holds a significant indirect interest. Ngqula failed to disclose his interest, as required by the Companies Act and the PFMA.
His other directorships include Yeboprop 27 Investments, Mqana Zondani Earthworks, Mqikela Investments, Diorssimo Investments, NNT Advisory Services, Priceless Honour 99, Cedar Falls Properties 226, Afriac Sports Holding, Chelsea Mews Homeowners Association, Nomndayi Investments, MKK Investments, Imperial Crown Trading 79, Party Design, Cinzaco 127, African Medical Robotic Technologies, Mqanda Property Company and Turn Around Investments 67, according to Cipro.
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