AFRIBIZ rejects Likotsi's repayment offer, demands shares promised in collapsed R9 million deal
Afribiz CEO Pongo Pule celebrating the Shareholders Agreement sign off with YWBN Directors Ms Ditebogo Mthimunye and Nthabeleng Likotsi in 2021
AFRIBIZ Financial Services has rejected a repayment offer from Nthabeleng Likotsi's YWBN Co-Operative, insisting that it wants the full 26% shareholding it was promised — ''not a refund, not excuses''.
The financial services firm is taking a hard stance, accusing Likotsi of 'playing games with people's money' after a R9 million deal to invest in YWBN Mutual Bank collapsed due to YWBN's alleged failure to meet regulatory requirements.
The fallout from the failed transaction has rocked confidence in what was once hailed as a historic moment for South Africa's financial sector — a black, female-led mutual bank. Now, AFRIBIZ is threatening to take the matter to court if the shares are not delivered, calling Likotsi's conduct not only unprofessional but potentially dishonest.
'Returning the money is not good enough. That was never part of the agreement,' said a source close to AFRIBIZ's legal team.
'They sold us shares. We paid. Now we want what we paid for.'
According to AFRIBIZ, the R9 million payment was made on the understanding that it would secure a 26% stake in the bank. The payment was labelled 'non-refundable,' suggesting that the risk lay in the delivery of the shares, not the capital transfer.
But when YWBN failed to submit key compliance documents to the Prudential Authority, the share issuance was halted. Rather than resolve the issue by delivering the agreed equity, Likotsi's YWBN allegedly offered AFRIBIZ just 2% of the shares in a so-called 'full and final settlement.'
The offer was seen by AFRIBIZ as an insult. They rejected it outright, making clear that nothing short of the full 26% will suffice. Banking insiders say Likotsi's handling of the situation is damaging the credibility of the entire mutual banking concept in South Africa. 'She started on the wrong foot,' said one veteran financial executive.
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