Investigations by First National Bank (FNB) Eswatini have revealed a complex fraud syndicate involving businessmen, companies, and some bank employees, with losses exceeding E20 million. The bank has filed a founding affidavit in the High Court, seeking to stop the pension benefits of two former employees suspected of being involved in the scheme. The affidavit identifies former FNB Credit Analyst Mafuleka Ndzinisa and former Business Development Officer Machawe Dlamini as the two former employees at the centre of the investigation.
According to the affidavit, the investigation began after the bank discovered that SBQ Investments and TruckNet Investments had been granted credit facilities without following the bank's required procedures. The facilities were uploaded and granted by Ndzinisa, who was immediately suspended and asked to explain the transactions. However, before a formal disciplinary enquiry could be instituted, he resigned with immediate effect on July 22, 2026. Dlamini resigned on July 30, 2026, after Ndzinisa was suspended.
The bank's investigation found that none of the required steps and processes had been followed in granting the credit facilities to the companies. The companies were contacted by the bank but refused to make themselves available to explain the transactions. The investigation then widened to include more companies that were failing to meet their payment obligations, which appeared to be linked to Cloud Investments (Pty) Ltd, a company in which Ndzinisa is a shareholder, and Siyela Logistics (Pty) Ltd, owned by Dlamini.
Further investigations revealed that money from the companies allegedly defrauding the bank was circulated to Cloud Investments, other companies linked to the fraud, Ndzinisa's personal bank account, and other parties whose identities were not known to the bank. The money also flowed from Ndzinisa's company to certain other employees of the bank, who are still to face disciplinary enquiries. This movement of money led the bank to believe that Ndzinisa and Dlamini may have been part of a syndicate.
FNB alleges that the two former employees used their positions to facilitate credit facilities without following the bank's safeguards and approved credit procedures. Tanya Earnshaw, FNB Human Capital Operations Manager, and the deponent in the affidavit, states that the circumstances led to a reasonable belief that the two were colluding in alleged fraud against the bank. The affidavit states that the investigation has so far identified five companies alleged to be linked to activities involving the defrauding of the bank.
The preliminary investigation has also identified several other entities and individuals, including Isiphiwo Transport, Umsuffu Logistics, Thanca Investments (Pty) Ltd, Siphiwo Logistic, and Lindzumndeni Investments, together with Sibusiso Dube, Mlungisi Mamba, and Buyisizwe Dlamini. The bank says some of these entities may have been granted credit facilities without proper documentation, while in other instances, documents submitted to the bank appear not to have been authentic.
The bank has submitted that the investigation is still ongoing, and some of the companies under investigation had applied for financing to purchase trucks and trailers. The money was paid to a truck dealership, but the assets appeared not to have been delivered. The clients allegedly did not inform the bank that the trucks had not been delivered or that they were experiencing problems with the dealership. The companies have since defaulted on their repayment obligations, according to the affidavit.
Key points
- FNB Eswatini uncovers a complex fraud syndicate involving businessmen, companies, and bank employees.
- The syndicate's activities resulted in losses exceeding E20 million.
- The bank has instituted court proceedings to recover the losses.
