Absa Threatens To Shut Down Madiba-Zuma’s Account

President Jacob Zuma’s most preferred wife Thobeka Madiba-Zuma faces account closure over a suspicious fund movement in her Absa account.

The bank reportedly threatened to shut her account following a sudden change in activity on the bank account.

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The Sunday Times reported that the move to close her account was necessitated after several unsuccessful attempts by the bank to determine the source of millions of rands flowing into her account.

Although the bank affirmed that it had sent a letter to the first lady on the matter early this year, Thobeka Zuma denied receiving any notification from the bank.

She said: “I have no knowledge of Absa’s intention to close my account. I have not received anything which has been communicated to me.”

A source said if the first lady fails to provide the bank with the information then it becomes suspicious, as the move is part of a routine check for her to help the bank to understand the source of the monies in her account.

If the first lady fails to cooperate with Absa, another source said the financial institution will report the matter to the Financial Intelligence Centre.

Thobeka Zuma bank account saga comes one year after the bank shut down President Zuma’s favoured son Duduzane’s account due to a suspicious movement of funds in his account.

Duduzane’s account was shut down on February 17, 2016, and it was confirmed in a letter sent by Absa’s CEO for customer channels, Gerret Oosthuizen, notifying him of the Absa’s decision.

At the time, Duduzane and former Oakbay CEO Nazeem Howa repeatedly pleaded with Absa to reverse the decision but their pleas fell on deaf ears.

Absa took the move just a few months after the Gupta family accounts in the four leading South Africans banks were closed.

In an affidavit deposed by the head of compliance Yasmin Masithela over the closure of the Gupta accounts, Absa stipulated that one of its policies authorises the bank to ask any person of interest or politically exposed persons to explain transactions if their accounts are flagged.

Who’s Thobeka Madiba-Zuma

Madiba-Zuma is the president’s 5th and preferred wife. She has been the First Lady since 2010 when she was lavishly married by President Zuma.

She is Zuma’s only wife who gives fans a glimpse into their private lives. Perhaps, this accounts for why she has over 50 000 strong followers on Instagram.

Madiba-Zuma is the CEO of the Thobeka Madiba-Zuma Foundation – established with the aim of making an impact on the lives of South African women.

She doesn’t receive any payment from the state yet along with Zuma’s other wives, she enjoys perks worth millions of rands, including benefits for her children, housing, vehicles and security.

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Thobeka is said to be a shareholder in a property company, Lavender Sky Investments, and two investment companies, Cherry Moss Trade and Invest and Glenlyn Investments, according to company records.

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