Controversy Surrounding Resignation of Senior Industry Figure in Financial Sector Body

The recent resignation of Langalezwe Madonko, a key figure in a qualification scandal at Summit Africa, has caused a stir in the financial sector. Madonko, a founding member and investment principal at Summit Africa, has faced scrutiny for falsifying his qualifications, including claims of degrees from prestigious institutions such as the London School of Economics (LSE) and the University of Pretoria.

Madonko, who admitted to not holding the qualifications listed on his CV, recently resigned from his senior position at the Association of Black Securities and Investment Professionals (ABSIP). He had served as the deputy president of ABSIP and represented the organization in the Financial Sector Transformation Council and the Black Business Council at the National Economic Development and Labour Council.

In various official biographies, Madonko was credited with degrees in international relations and finance from the LSE and the University of Pretoria, as well as certifications in financial analysis and risk management. However, he clarified in an interview that his highest qualification is an A Level certificate from Zimbabwe.

The false qualifications listed in Summit Africa’s marketing materials, including Madonko’s supposed work experience at JP Morgan and McKinsey & Co, have raised questions about the company’s credibility. Summit Africa manages assets from major clients such as Telkom, Alexforbes, and the UK government’s British International Investment.

Summit Africa’s client portfolio also includes the 27four Black Business Growth Fund II Partnership and the Tshwane Municipal Provident Fund, among others. Madonko’s resignation from ABSIP was accepted by the organization’s national executive committee, thanking him for his service and wishing him well in his future endeavors.