Sandile Zungu: KZN businessman behind South Africa’s $10 billion lottery, sports license

KwaZulu-Natal businessman Sandile Zungu has spent close to four decades building a reputation that now places him at the center of one of South Africa’s most valuable gaming concessions, a National Lottery and Sports Pools license valued at R180 billion, or about $10.7 billion. For a businessman who began life in Umlazi township in Durban, his rise reflects a steady progression through engineering, finance, and investment leadership, shaped by a consistent focus on discipline and execution.

Born on Feb. 10, 1967, in Umlazi, Zungu’s early years were defined by academic rigor. He attended Mafukuzela Primary School and later Mafumbuka, a school known for high-achieving students, before completing his secondary education at Vukuzakhe High School in 1983. His performance earned him recognition in the KwaZulu-Natal regional finals of the Old Mutual National Science Olympiad. He went on to complete post-matric studies at Hilton College in 1984 and, four years later, graduated with a Bachelor of Science in Mechanical Engineering from the University of Cape Town.

Engineering roots shaped Zungu’s early career

His professional career began in engineering roles between 1989 and 1994, working with companies such as Richards Bay Minerals, Engen Refinery, National Sorghum Breweries, and South African Breweries. Those early assignments exposed him to industrial operations at scale but also pushed him toward broader ambitions. In 1995, he returned to the University of Cape Town’s Graduate School of Business, earning an MBA that marked a turning point in his career.

Zungu joined African Merchant Bank as an associate shortly after completing his MBA, but within two years he had moved into entrepreneurship, founding SARHWU Investment Holdings. Under his leadership, the company’s net asset value grew to more than R400 million ($23.7 million), setting the tone for his future ventures. In 2000, he completed the Program for Global Leadership at Harvard Business School, further sharpening his approach to corporate leadership. He later served as executive director at NAIL, contributing to its expansion into a R1 billion ($60 million) media business by 2001.

Investments span mining, education, property, resources

In 2002, he established Zungu Investments Company, a diversified industrial holding group with interests spanning education, manufacturing, property, sports, forensics, gaming, and resources. Over time, the firm grew into a multibillion-rand enterprise, holding stakes in companies such as Rockwell Diamonds Inc., Seriti Resources Holdings, and Coza Mining.

Through Zungu Investments, he has built a strong presence in the mining sector. The firm holds a 25 percent equity interest in Seriti, an 89 percent Black-owned company formed to acquire thermal coal assets from Anglo American plc. Seriti currently supplies 23 percent of Eskom’s thermal coal requirements and is pursuing acquisitions both locally and internationally. Zungu also has interests in Gold One Group Limited, a Chinese state-owned investment enterprise that operates the Modder East gold mine in Springs, a shallow, high-grade operation that began commercial production in 2009 and continues to pursue life extension projects.

Beyond mining and industrial investments, Sandile Zungu has maintained a visible presence in South Africa’s sports sector. He owns AmaZulu Football Club, which he acquired in October 2020. Under the leadership of his daughter, Sinenjabulo Zungu, who serves as chief executive, the club finished second in the DStv Premiership during the 2020–21 season and qualified for the CAF Champions League. His involvement reflects a broader interest in using sport as a platform for development and national engagement.

Zungu and Tembe lead Sizekhaya Holdings

The defining moment in Sandile Zungu’s business career came in May 2025, when he partnered with businessman Moses Tembe to lead Sizekhaya Holdings in securing South Africa’s National Lottery and Sports Pools license. The eight-year license, valued at R180 billion ($10.7 billion), positioned Sizekhaya at the center of one of the country’s most closely watched sectors, replacing Ithuba Holdings.

Sizekhaya includes backing from Goldrush Group, which initially held a 50 percent stake before reducing it to 40 percent to comply with regulatory requirements. The award followed a competitive bidding process and drew scrutiny over alleged political connections, including Zungu’s past affiliations with the ANC and reported links to Deputy President Paul Mashatile through Bellamont Gaming, a shareholder in Sizekhaya.

Even with that scrutiny, the license underscores Zungu’s standing as a seasoned executive with experience across listed and unlisted boards. His career reflects a consistent approach grounded in execution and long-term thinking. He often points to a simple principle: hard work earns results, and integrity sustains them. Over the years, that philosophy has guided his decisions, from engineering floors to boardrooms and now to one of the largest gaming licenses in Africa.