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South African business executive Fani Titi, who leads Investec, an Anglo-South African international banking and wealth management group, and ranks as one of Africa’s top business executives, has issued a rallying cry for his fellow South Africans.
Speaking at the Gordon Institute of Business Science in Johannesburg, Titi, a resounding name in Africa’s financial services sector, urged South Africans to cast their votes wisely in the upcoming 2024 elections by ousting what he described as “useless” politicians.
Titi expressed deep concerns regarding South Africa’s governance, lamenting the presence of “guys in their late 60s and some in their 70s with no idea about how the world works” in the political landscape. He stressed the urgent need for a “half-decent” government to create an environment conducive to investment and job creation in order to get the struggling South African economy back on track.
“We get the government we deserve because we either don’t vote or when we vote, we vote poorly,” Titi said, urging his fellow South Africans to make well-informed decisions at the polls, underscoring the importance of electing leaders committed to prioritizing job creation, economic growth, and investment.
Despite his concerns, Titi also acknowledged reasons for hope, highlighting a growing awareness of the urgent need for action to address South Africa’s challenges. He pointed to collaborations between the private sector and government to address issues such as energy shortages, logistics constraints, crime, and corruption.
As the CEO of Investec, Titi’s insights carry significant weight, given the institution’s substantial presence in international banking and wealth management. Under his leadership, Investec has experienced substantial profit growth, with figures rising from £556.37 million ($696.75 million) at the end of the 2022 fiscal year to an impressive £817.43 million ($1.02 billion) at the end of the 2023 fiscal year.
Titi’s influence extends beyond the boardroom. He has played a pivotal role in transformative investments as a founding member of Kagiso Tiso Holdings and the founding executive chairman of the Tiso Group. His wealth, including a minority 0.02-percent stake in Investec and a substantial compensation package of £7.5 million ($9.4 million) in 2023, positions him as one of South Africa’s most affluent executives.
In his closing remarks, Titi underscored the 2024 elections as an opportunity to vote in younger leaders with innovative ideas for advancing the country. He also warned that the 2029 vote would be particularly critical and cautioned against the potential consequences of failure, citing the risk of descending into a situation akin to Zimbabwe. Titi urged South Africans to exercise their democratic power to bring about positive change in the nation.
