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King Mswati III of Eswatini, Africa’s last absolute monarch, controls Tibiyo TakaNgwane (which means ‘Wealth of the Nation’), an investment holding company that was established by royal charter by his father, King Sobhuza II, during the country’s independence in 1968.
King Sobhuza II stated the company was being set up to empower the Swazi people, and to assist the government to develop the country. However, as Tibiyo grew to become a significant player in business, its initial mandate changed significantly.
This change became more visible during the reign of King Mswati. Critics have argued that Tibiyo has turned into a behemoth that only serves the interests of the royal family, and it is no secret that the company funnels cash directly to Mswati’s family. The Tibiyo Taka Ngwane has reportedly been used for the king’s personal gain, with opposition figures accusing him of using it to bolster his personal income as far back as 2011.
Tibiyo Taka Ngwane owns stakes in many of Eswatini’s most profitabe companies and has assets worth over $150 million. Here are 10 of the biggest companies in the company’s portfolio.
1. Royal Eswatini Sugar Corporation (RES)
The Royal Eswatini Sugar Corporation operates as both a miller and grower, based in the Kingdom’s sugar-producing Lowveld. With a workforce of 3,500 employees, including seasonal staff, it accounts for two-thirds of the nation’s sugar production, along with a significant output of ethanol. Tibiyo Taka Ngwane holds a 53.1-percent stake in this Eswatini Stock Exchange-listed corporation, one of the country’s largest corporate entities.
2. Swazi Spa Holdings Limited
Listed on the Eswatini Stock Exchange, Swazi Spa Holdings Limited is a publicly-traded company. The group operates Sun International hotel and casino resorts within Eswatini.
3. Tibiyo Leisure Resorts (Pty) Ltd.
Trading under the name The Royal Villas, Tibiyo Leisure Resorts (Pty) Ltd. is a luxury five-star hotel nestled in Ezulwini Valley. It encompasses 14 villas comprising 56 rooms, along with the opulent Sultan suite and conference facilities.
A collaborative effort between Tibiyo Taka Ngwane and SAB Miller Africa BV of the Netherlands, Eswatini Beverages Limited is engaged in the production and distribution of beer and traditional beverages.
5. Lactalis (Eswatini) (Pty) Ltd.
Lactalis Eswatini focuses on dairy manufacturing, processing, distribution, and sales.
6. Coca Cola Beverages Eswatini
Coca Cola Beverages Eswatini is a food manufacturing conglomerate that produces soft drink concentrate, supplying it to sixty bottling companies across 20 African nations.
7. Eswatini Observer
Established in 1981 and wholly owned by Tibiyo Taka Ngwane, Eswatini Observer (Pty) Ltd. is involved in publishing and distributing Eswatini Observer and Weekend Observer newspapers. Its primary revenue sources are advertising and newspaper sales.
8. Maloma Colliery Limited (MCL)
Maloma Colliery Limited engages in coal mining activities, primarily producing anthracite coal products for the metallurgical sector in South Africa. The mine is located within Eswatini’s Shiselweni and Lubombo regions.
9. Fincorp
Originally operating as a wholesale lending institution, Eswatini Development Finance Corporation (FINCORP) transformed in 2003 into a development finance institution with both wholesale and retail lending capabilities. This transition included a change in legal status from a trust to a company.
10. Tibiyo Insurance Group (TIG)
Tibiyo Insurance Group provides a range of insurance services for individuals and businesses. TIG owns Eswatini Employee Benefit Consultants (Pty) Ltd, which specializes in retirement fund administration.
