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ACMF Advisory Board
The Africa Capital Markets Forum Advisory Board plays a crucial role in shaping the program and ensuring its relevance to current market trends. Comprising industry experts and key stakeholders, the committee provides strategic guidance to enhance engagement and foster collaboration across the continent.
Their insights help tailor the forum's initiatives to address the unique challenges and opportunities within Africa's capital markets, ultimately driving growth and investment.
Mr. Mpho Makwana
Former Chairman, Nedbank, Eskom ArcelorMittal South Africa, Chairman, Epitome Investment, and Adviser, Africa Capital Markets Forum
Mpho Makwana is an accomplished South African business leader with over 32 years of diverse experience, including 26 years in executive and C-suite roles across both the public and private sectors. He possesses a strong background in corporate governance, strategy, and stakeholder management. Currently, Makwana holds several significant positions. He serves as a Non-Executive Director of Platinum Group Metals (TSX:PTM) (NYSE:PLG) and as the Lead Independent Director on the board of Invicta Holdings Limited (INVICTA). He is also the Chairman of Epitome Investments (Pty) Ltd, his family's investment holding company with interests in LPI-LionPride Investments and LRMG. Additionally, Makwana chairs Boardroom Alliance (Pty) Ltd and Boardroom Alliance Africa (Pty) Ltd, which operate as the executive search firm Heidrick & Struggles. His previous leadership roles include serving as the Non-Executive Chairman of Nedbank Group Ltd and Nedbank Ltd. He served as the Chairman of the Board of Directors of ESKOM SOC LTD. Makwana also held the position of Chairman at ArcelorMittal South Africa Limited. Earlier in his career, he was the Chairman of Eskom Holdings from 2009 to 2011 and served as a Non-Executive Director on Eskom's board for nearly nine years (from July 2002 to June 2011). He also chaired the board of Illovo Sugar South Africa. Makwana's board experience extends to various other listed companies and organizations. He has been an Independent Non-Executive Director and Lead Independent Non-Executive Director of enX Group Limited. He has also served as a director for Adcock Ingram Holdings Limited and Sephaku Holdings Limited. Furthermore, Makwana has contributed to governance in non-profit sectors, serving as the Chairman of the Board of Trustees at The New LoveLife Trust and as a Trustee for the Nelson Mandela Children's Fund, The Business Trust, the Vodacom Foundation Trust, the Vumelana Transaction Advisory Fund, and World Wildlife Fund South Africa. He was also a Trustee and Director of the International Marketing Council (IMC) and served on the Council of the University of Limpopo. In addition to his extensive corporate and board involvement, Makwana is committed to societal contribution. In June 2023, he was appointed as an Adjunct Professor at UNISA's College of Economic & Management Sciences (CEMS). He is also involved with the Centre for Global Inclusion's Global Diversity and Inclusion Benchmark Report as a panellist and serves as a Board Director of the FLG Modise Pentecost Foundation. Mpho Makwana holds a Bachelor of Administration degree from the University of Zululand (1990), a B. Admin Hons from the University of Pretoria (1991), completed an Executive Development Programme (EDP) at the Kellogg School of Management (2000), and holds a Post Graduate Diploma in Retailing Management from the University of Stirling (2008). His career reflects a deep engagement with South Africa's economic landscape and a commitment to leadership across diverse sectors.
Ms. Noluthando Gosa
Independent Non-executive Director, MTN Group, Executive Director, Akhona Group, and Adviser,
Africa Capital Markets Forum
She serves as an Independent Non-Executive Director of MTN Holdings and MTN International. She is also a non-executive director of Arcelor Mittal SA, Independent Non-Executive Director at Sasfin Wealth and Asset Management (Pty) Ltd, Non-Executive Director at Safcor Freight Pty Ltd (Bidvest International Logistics) as well as Apex Fund Services Holdings. She has also served on multiple boards, including Investec Asset Management (now NinetyOne); AON SA, Broll Property Group, Verimark Holdings and Hulisani Pty Ltd. Ms Gosa is the Chief Executive Officer of Akhona Group and non-executive director of its subsidiaries. She has in-depth experience in telecommunications regulation, having been a founder member of the first independent telecommunications regulator, SATRA, now, ICASA. Noluthando then joined Investec Bank as a top-rated sell-side telecommunication analyst. She is also one of the South Africa's luminaries who drafted the National Development Plan and Vision 2030 (South Africa’s blueprint for socio economic development). Noluthando is a consummate businesswoman with her entrepreneurial activities including extensive dealmaking across multiple sectors.
Mr. Vuyo Ntoi
Co-Managing Director
African Infrastructure Investment Managers (AIIM), and Adviser, Africa Capital Markets Forum
Vuyo was appointed Co-Managing Director in August 2020. Vuyo has two decades of investment experience and has been involved in private infrastructure investing in Africa since 2003. Prior to moving into the Co-Managing Director role, Vuyo was the Co-Portfolio Manager of the IDEAS Managed Fund, which primarily focuses on infrastructure investment and development assets in the SADC region, where he was primarily responsible for the post-acquisition management of the fund’s more than 30 investments, in addition to overall fund management. Vuyo joined AIIM in 2003 and has been involved in the management of AIIM’s funds since joining the team, with responsibility for originating, analysing and implementing investments for the funds. Vuyo was initially involved in the build-up of the South Africa Infrastructure Fund’s (“SAIF”) holdings in South African toll roads, including additional stakes in TRAC, N3TC and Bakwena. In addition, Vuyo was involved in the early refinancing of these toll road assets. Vuyo also played a leading role in AIIM’s pioneer investment outside South Africa, the Lekki Concession Company. More recently, Vuyo led the investment of AIIM Fund’s into Cenpower IPP power project Tema Ghana and Albatros Energy Mali power station, the first IPP in Mali. Vuyo holds a number of directorships, including positions on the boards of some of AIIM’s portfolio companies. He is also a Trustee of the Africa Infrastructure Developers Association (AFiDA) and a board member of the South African Photovoltaic Industry Association (SAPVIA). Vuyo is a Director on the AIIM Board and is a member of the Executive Committee, while also serving as a member of the Investment Committees of AIIF2, AIIF3 and the IDEAS Managed Fund. Prior to joining AIIM, Vuyo was an investment analyst and strategist in the Research and Investment Management team at ipac South Africa, an investment management and consulting company that was then within the Brait Group. Vuyo holds a B.Com Honours degree from the University of Cape Town, an M.Sc from the University of Oxford and MBA from IESE Business School.
Mr. Wale Shonibare
Director, Energy Financial Solutions, Policy & Regulation, African Development Bank (AfDB), and Adviser, Africa Capital Markets Forum
Mr. Wale Shonibare has over three decades experience in Investment Banking and Consulting spanning Asia, Europe, Middle East and Africa. He joined the African Development Bank (AfDB) in 2017 as the inaugural Director of Energy. Wale is currently a Non-Executive Director on the Board of the Africa Guarantee Fund. Prior to joining the AfDB, he held various senior management-level positions at Investment Banks and Consulting Organisations in the UK, UAE and Nigeria. Wale holds a B.Eng (hons) in Civil Engineering from Glasgow University and an MBA from Imperial College, University of London.
Mr. Zacharia Dosso
Managing Director, AEICORP - Africa Energy Investment Corporation, and Adviser, Africa Capital Markets Forum
Mr. Dosso, is a skilled accountant and engineer, has been instrumental in the growth of Africa's oil and gas business. His previous roles include Deputy Finance Accounting Manager at the Ivorian oil and gas business GESTOCI and Executive Director at the APPO Fund from August 2015 to January 2019. Following his appointment as Managing Director of AEICORP, Dosso brings a wealth of expertise in financing to the table. His involvement will not only provide valuable insights into the current investment initiatives in West Africa but also facilitate connections between private sector stakeholders and projects in the MSGBC region.
