When self-made millionaire Jabulani Ngcobo made headlines in 2011 for throwing a lavish birthday party for his 26th birthday party, he drew attention from people all over the country. Widely touted as one of the youngest millionaires in the country at the time, his party cost a cool R1 million.
Now 31 years old, the man from KwaDabeka in KwaZulu-Natal made his millions through his company, which teaches people how to trade on the stock market. The company is called Cash Flow Properties – something which along with his lavish lifestyle has led to him being nicknamed “Cash Flow”.
He was recently found not guilty of charges of fraud, theft and money laundering, after an investigation by the South African Reserve Bank.
A former fast food outlet and shop assistant, Ngcobo started a debt collection company in 2006 and eventually branched out into the stock market field three years later.
“We are not running a pyramid scheme. Our company trains people how to trade on the stock exchange,”Ngcobo has said.
Jabulani Ngcobo’s house- where does the millionaire live?
In 2011 Ngcobo laughed off rumours that he lived in a R2.5 m house.
“Why would I live in a R2.5m house when I work so hard? My clients must live in those kinds of houses. I will be building a house in Zimbali or in Umhlanga, a real house that I will be proud of,” he said.
He later went on to appear on a television show on DSTV channel Vuzu’s “Top Shayela”, showing off his house and lifestyle.
The current status quo on Jabulani Ngcobo’s house?
Despite the rumour mill going into overdrive about his state of finances since being investigated for fraud, Ngcobo reportedly currently lives in Johannesburg and still has a live-in chef, as well as expensive cars.