22.9 C
Nairobi
Tuesday, June 18, 2024

Comprehensive Insights into the Use of Margin in Forex Trading

In the world of forex trading, understanding what is margin in forex is crucial for traders, especially those operating in Kenya. Margin is essentially...
HomeSalaryJulius Malema Net Worth, Businesses And Salary

Julius Malema Net Worth, Businesses And Salary

He is a fiery politician who speaks the language of the masses. His sentiments resonate beyond the borders of South Africa. Julius Malema will find a captive audience in Nairobi, and he will receive a hero’s welcome in Kampala and wow crowds in Bujumbura. Simply put, Malema is a leader who understands the language of the oppressed. Unfortunately, like most politicians, Malema has his fair share of skeletons. The corner corner dealings that have seen him amass millions in his illustrious political career have been his Achilles heels as we will see in the subsequent paragraphs.

Julius Malema Biography
The no-holds barred Malema grew up in an underprivileged family. This seemingly shaped his political views which are inclined towards the less privileged in the society. His mother, a single parent, worked as a domestic worker. A Mopedi, Julius grew up in Seshego, Limpopo then known as Transvaal Province. His political life started when he was 9 or 10 years. He joined the African National Congress and was tasked with removing National Party posters.



Education
High School-Mohlakaneng High School, Seshego, Limpopo
2010-Diploma in youth development-University of South Africa (UNISA)
2011-Bachelors of Arts degree in Communications and African Languages-graduated 2016
BA (honours) in Philosophy UNISA-2017

Political Career
Destined to be a key political player, Julius Malema first stint in active politics was when he was elected chairman of the Youth League branch in Seshego and the regional chairman in 1995. Two years later, he was made the chairman of the Congress of South African Students (Cosas)for Limpopo province. He went on to become the national president of Cosas in 2001.

Also Read: Cassper Nyovest Net Worth And How To Book Him For A Show

ANC Youth League leader
His political star was on the rise when in 2008 he was elected the ANC Youth League president in an exercise marred by fraud and intimidation. He clinched his seat on June 17, 2011 unopposed.

Expulsion From ANC
Malema troubles and eventual expulsion from ANC started in 2010 when he faced disciplinary procedures for bringing the government into disrepute. He was accused of:

Endosing Robert Mugabe Zanu-PF during his visit to Zimbabwe, when ex-President Zuma was trying to broker a negotiated settlement in the country.
A controversial incident between Malema and a BBC journalist.
Malema’s comments on the murder of Eugène Terre’Blanche.
Malema’s unfavourable comparison of Zuma to his predecessor Thabo Mbeki, after Zuma called a press conference reprimanding Malema




The National Disciplinary Committee (NDC) went on to kick him out of the party.

Economic Freedom Fighters (EFF)
After his unceremonious exit from ANC, Malema started his own political outfit EFF in 2013. His party clinched 25 seats in the National Assembly in 2014 general election.

Businesses That Turned Malema Into A Millionaire
Tenderpreneur
While he fought for the masses, Malema did not forget to fight for his pockets. An investigative piece by Fiona Forde titled ‘How Malema Amassed Millions’ exposes the corrupt dealings of the firebrand politician. And is how he made his money

Segwalo Consulting Engineers CC
He is said to have started corrupt dealings when he was in the leadership of the ANC youth leadership. According to Forde, he received 10% commission on the value of each tender given to Segwalo Consulting Engineers. He was only 24 at the time.

Malema went on to acquire 70% stake in SGL Consulting Engineers.

Blue Nightingale Trading 61
Malema went on to cut another deal in 2005 by a shell company called Blue Nightigale Trading 61. The company was awarded a R200 million waste management deal with the provincial government. The astute politician received payouts on his 3% share for the next five years.

Ever Roaring Investments
The company supplied medicines and equipment to state health facilities. He went on to become director in 2005.
Other companies

Ngape Mining Investment
Little is known of the company. He was appointed director in 2006.

101 JunJus
He started the company in 2007. Like Ngape Mining Investment, its operations remain unknown.

On Point Engineers
He had stake in On Point Engineers which was awarded a three year contract worth R4.6 billion with the Limpopo roads and transport department. The company dished out contracts to political allies, friends and family who paid kickbacks in return.

His benefactors include millionaire David Mabilu and Tokyo Sexwale and Adrino Mazzotii. Malema’s family is said to reside in a house owned by Mozzotti who is a self confessed cigarette smuggler.

Ratanang family trust
The trust was registered in May 2008 and is said to be controversial laden. He bought a residential for R222000 and later sold it for R680000.
R3 million was channeled through this trust in 2010-R2million was in cash.

Property he bought
House-Flora Park for R1 million
House-Sandown for r3.6 million
Bought two farms in 2009 and 2011 for R9million.
Sandown home-R8.5 million.

Related Story: How Rich Is AKA

Malema Salary
His salary as a member of parliament is R101,885 (US$6,500) per month.

Estimated Net Worth
Runs in millions of rands.