Sello Moloko builds multimillion-dollar African investment empire

South African businessman Sello Moloko has built a formidable reputation as a banker, corporate leader, and investor, rising to prominence as former chairman of Absa Group, one of Africa’s largest financial services institutions.

Moloko, who stepped down as chairman and independent non-executive director of Absa in July 2025, played a pivotal role in steering the bank’s governance and strategic direction across its footprint spanning more than 10 African markets.

Building a diversified investment powerhouse

Beyond banking, Moloko is the co-founder and executive chairman of Thesele Group, a 100% Black-owned investment holding company with interests across financial services, logistics, automotive, ICT, energy, water infrastructure, and property development.

Founded in 2005 alongside Thabo Leeuw, Thesele Group has evolved into a key player in South Africa’s investment landscape, leveraging Moloko’s financial expertise and dealmaking acumen to identify and scale high-growth opportunities across the continent.

From analyst to boardroom influence

Moloko’s career began in 1992 as a portfolio manager and analyst, laying the foundation for a trajectory defined by strategic insight and disciplined capital allocation. Over the years, he has held board roles at major corporations, including Telkom, Alexander Forbes, Sibanye-Stillwater, and General Reinsurance Africa.

His appointment in 2022 as chairman-designate of Absa underscored his standing as one of South Africa’s most respected corporate leaders, known for his focus on governance, risk oversight, and long-term value creation.

Strategic influence and philanthropic footprint

Moloko also plays a significant role in South Africa’s institutional and philanthropic landscape. He chairs the Nelson Mandela Foundation and serves as a trustee of the University of Cape Town Foundation, while also leading the board of M&G Investments.

Through M&G Investments, owning a 4.55% stake in Absa Group, equivalent to more than 40.6 million shares, valued at over R10 billion ($618 million), Moloko also chairs M&G Investments, underscoring his deep ties to the financial institution he once chaired.

Driving impact through Thesele Foundation

In addition to his corporate ventures, Moloko is a driving force behind the Thesele Foundation, a public benefit organization focused on education, training, and entrepreneurship. Backed by dividend flows from Thesele Group, the foundation represents a long-term commitment to broad-based economic empowerment and inclusive growth.

From modest beginnings to boardroom prominence, Moloko’s journey reflects the rise of a new generation of African business leaders shaping capital, governance, and impact across the continent.