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UFS to host ABASA’s sixth annual Prof Wiseman Nkuhlu Lecture

18 July 2023 | Story Kekeletso Takang

UFS to host ABASA sixth annual Prof Wiseman Nkuhlu lecture

The University of the Free State (UFS) is pleased to host the Association for the Advancement of Black Accountants of Southern Africa’s (ABASA) sixth annual Wiseman Nkuhlu lecture on 28 July 2023 in the Equitas Auditorium on its Bloemfontein Campus.

The prestigious lecture will be delivered by Tantaswa Fubu, ABASA past President and CEO of Great Well, under the theme, The Value of Accountants Reimagined.

ABASA was established in 1985 to promote the professional interests of black persons engaged in the accounting profession. Through this lecture, the association aims to raise renewed support from ABASA stakeholders, captains of industry, and corporates to assist in providing the resources and expertise required for the university to continue producing the leadership excellence it is known and respected for.

Attendees can look forward to presentations by Prof Wiseman Nkuhlu, Chancellor of the University of Pretoria and Chairman of the Board of KPMG; Linda Maqoma, ABASA President; Dr Molapo Qhobela, a Deputy Vice-Chancellor at the UFS; Ayanda Mafuleka, CEO of Fasset; and Likeleli Monyamane, Programme Manager at Standard Bank Group.

The event will be attended by dignitaries from the UFS, SAICA, Fasset, and ABASA.

Event details:

Date:	28 July 2023
Time:	14:00-16:00
Venue:	Equitas Auditorium
RSVP:	communications@abasa.org.za

For more information, click here: https://ufsweb.co/3rzOORh

The prestigious lecture will be delivered by:

Tantaswa Fubu

Tantaswa Fubu was Group Executive: Human Capital and Transformation at Barloworld Limited, an industrial brand management company based in Sandton, South Africa. Fubu’s experience spans 30 years in diverse areas of the economy, including the banking, industrial, automotive, medical scheme, and mining sectors. At Barloworld, she was also instrumental in the integration of newly acquired businesses that performed exceptionally well in their first year; under her leadership, Barloworld was named among the overall Gender Mainstreaming Champions of 2020.

Fubu has worked for KPMG SA, where she was Executive Head: People (HR) and Transformation, and a member of the executive committee. She is a chartered accountant with qualifications in industrial psychology, accounting, banking, and finance.

She has also served as National President of the Association for the Advancement of Black Accountants of Southern Africa (ABASA). In addition, Fubu has previously worked for Standard Bank and Nkonki Inc, and serves as a non-executive director on several boards.

She is the founding CEO of Great Well, as well as a mentor and coach.

Bios of speakers:

Prof Wiseman Nkuhlu

Prof Wiseman Nkuhlu is the former Chancellor of the University of Pretoria and a member of the advisory board of the South African Institute of Chartered Accountants (SAICA).

Prof Nkuhlu served two terms as President of the South African Institute of Chartered Accountants, from April 1998 to April 2000. He is passionately involved with the development of black accountants and is the patron of the Nkuhlu School of Accounting at the University of Fort Hare.

He served as economic adviser to the President of the Republic of South Africa, TM Mbeki, and as chief executive of the secretariat of New Partnership for Africa’s Development (NEPAD) from 2000 to 2005, playing a major role in the elaboration of NEPAD policy framework and in promoting the programme both in Africa and internationally. He regularly participates as a speaker at international conferences on African development issues and corporate governance.

In recognition of his contribution to education, business, and development, Prof Nkuhlu has received a number of awards, including honorary doctorates from the University of the Free State, Stellenbosch University, the University of Cape Town, the University of Pretoria, Nelson Mandela Metropolitan University, the University of the Witwatersrand, and the University of Fort Hare; and merit awards from the National African Federated Chamber of Commerce, the Association for the Advancement of Black Accountants of Southern Africa, and the Black Management Forum. He was also awarded the President of Convocation Medal by the University of Cape Town in June 2004. The medal is awarded to graduates of UCT for outstanding community service.

Linda Maqoma

Linda Maqoma is the national president of ABASA, as well as the founding and chief executive of the Nomatshawe Group. Maqoma holds a BCom Accounting degree and Postgraduate Diploma in Accounting from the University of Fort Hare and has 11 years of experience in the audit space, both in the public and private sectors. She is the deputy chairperson of the Southern African Institute of Government Auditors (SAIGA) Africa and Global Committee, a member of the Black Business Council, National Council and Women's Alliance, Black Management Forum, as well as a member of the Black Business Women's Alliance steering committee.

With an inherent passion for business, people, and development, Maqoma is also an independent non-executive director of the Young African Entrepreneurs Institute, providing advice on the finance and fundraising portfolio. She is a candidate fellow of the fourth class of the Young African Leaders Initiative – South Africa (YALI), an extension of the Aspen Global Leadership Network fellowship. She has served as an audit manager in financial services at KPMG and as a success coach at SAPRO.

Dr Molapo Qhobela

Dr Qhobela holds a PhD in Plant Pathology from the Kansas State University in the United States of America. His career started at Rhodes University in 1991, where he was a lecturer in microbiology and pharmacy, after which he joined the University of Cape Town, before joining the public service sector. His leadership and strategic direction have been sought by several large and complex organisations in the course of his career. From 1998 to 2007, he was Chief Director: Higher Education Policy and Development Support in the Department of Education, from 2007 to 2009 he was Deputy Director General: Higher Education in the same department, and from 2010 to 2011 he was Deputy Director General: Human Capital and Knowledge Systems in the Department of Science and Technology.

Dr Qhobela was appointed Vice-Principal: Institutional Development at the University of South Africa (UNISA) in 2011 and held the position until 2015. He was the Chief Executive Officer of the National Research Foundation (NRF) from 2016 to 2020.
Dr Qhobela has strong governance credentials, having served and led governing boards, among others as the former chairperson of the boards of the Agricultural Research Council, the Global Research Council, and the Committee of Heads of Organisations of Research and Technology (COHORT). He is currently the chairperson of the Tertiary Education and Research Network of South Africa (TENET).

Ayanda Mafuleka

Ayanda Mafuleka was appointed CEO of the Financial and Accounting Services Seta (FASSET) with effect from 1 January 2019. She previously served as the CFO of the state-owned coal mining company, African Exploration Mining and Finance Corporation (AEMFC). Prior to her AEMFC role, she was CFO at the National Credit Regulator. She has worked in finance across a diverse range of departments in government, including Transtel, the National Ports Authority, National Treasury, the Department of Home Affairs, and Johannesburg City Parks and Zoo. She holds a BCom Honours, Postgraduate Diploma in Forensic Auditing, and an LLB from UNISA.

Likeleli Monyamane

Monyamane sought to utilise the platform that her profession provided to serve her community. From her articles days, Monyamane served as a member of the Free State chapter of the Association for the Advancement of Black Accountants of Southern Africa (ABASA), rising through the ranks to become its first female chairperson. She also served as the youngest member of the University of the Free State Council, as well as on its audit and risk and finance committees.

She co-founded the Keep Lesotho Clean Campaign, which aims to solve Lesotho’s waste management challenges. The group hosts monthly clean-up campaigns and is planning to host a waste management conference and business and innovation challenges.

Monyamane is committed to the development of the accounting profession in Lesotho and has partnered with the Lesotho Institute of Accountants to host a number of development initiatives, such as a young accountant development workshop and a student leadership summit.

Monyamane is also a successful businesswoman who runs a professional services company in Lesotho – Inspire Innovation Business Consultants – with a number of leadership achievements, including the Mandela Washington Fellowship. She holds an MBA from the African Leadership University.

News Archive

The failure of the law

2004-06-04

Written by Lacea Loader

- Call for the protection of consumers’ and tax payers rights against corporate companies

An expert in commercial law has called for reforms to the Companies Act to protect the rights of consumers and investors.

“Consumers and tax payers are lulled into thinking the law protects them when it definitely does not,” said Prof Dines Gihwala this week during his inaugural lecture at the University of the Free State’s (UFS).

Prof Gihwala, vice-chairperson of the UFS Council, was inaugurated as extraordinary professor in commercial law at the UFS’s Faculty of Law.

He said that consumers, tax payers and shareholders think they can look to the law for an effective curb on the enormous power for ill that big business wields.

“Once the public is involved, the activities of big business must be controlled and regulated. It is the responsibility of the law to oversee and supervise such control and regulation,” said Prof Gihwala.

He said that, when undesirable consequences occur despite laws enacted specifically to prevent such results, it must be fair to suggest that the law has failed.

“The actual perpetrators of the undesirable behaviour seldom pay for it in any sense, not even when criminal conduct is involved. If directors of companies are criminally charged and convicted, the penalty is invariably a fine imposed on the company. So, ironically, it is the money of tax payers that is spent on investigating criminal conduct, formulating charges and ultimately prosecuting the culprits involved in corporate malpractice,” said Prof Gihwala.

According to Prof Gihwala the law continuously fails to hold companies meaningfully accountable to good and honest business values.

“Insider trading is a crime and, although legislation was introduced in 1998 to curb it, not a single successful criminal prosecution has taken place. While the law appears to be offering the public protection against unacceptable business behaviour, it does no such thing – the law cannot act as a deterrent if it is inadequate or not being enforced,” he said.

The government believed it was important to facilitate access to the country’s economic resources by those who had been denied it in the past. The Broad Based Economic Empowerment Act of 2003 (BBEE), is legislation to do just that. “We should be asking ourselves whether it is really possible for an individual, handicapped by the inequities of the past, to compete in the real business world even though the BBEE Act is now part of the law?,” said Prof Gihwala.

Prof Gihwala said that judges prefer to follow precedent instead of taking bold initiative. “Following precedent is safe at a personal level. To do so will elicit no outcry of disapproval and one’s professional reputation is protected. The law needs to evolve and it is the responsibility of the judiciary to see that it happens in an orderly fashion. Courts often take the easy way out, and when the opportunity to be bold and creative presents itself, it is ignored,” he said.

“Perhaps we are expecting too much from the courts. If changes are to be made to the level of protection to the investing public by the law, Parliament must play its proper role. It is desirable for Parliament to be proactive. Those tasked with the responsibility of rewriting our Companies Act should be bold and imaginative. They should remove once and for all those parts of our common law which frustrate the ideals of our Constitution, and in particular those which conflict with the principles of the BBEE Act,” said Prof Gihwala.

According to Prof Gihwala, the following reforms are necessary:

• establishing a unit that is part of the office of the Registrar of Companies to bolster a whole inspectorate in regard to companies’ affairs;
• companies who are liable to pay a fine or fines, should have the right to take action to recover that fine from those responsible for the conduct;
• and serious transgression of the law should allow for imprisonment only – there should be no room for the payment of fines.

Prof Gihwala ended the lecture by saying: “If the opportunity to re-work the Companies Act is not grabbed with both hands, we will witness yet another failure in the law. Even more people will come to believe that the law is stupid and that it has made fools of them. And that would be the worst possible news in our developing democracy, where we are struggling to ensure that the Rule of Law prevails and that every one of us has respect for the law”.

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