Since Ngubane, a firm of Chartered Accountants and Auditors, opened their doors way back in 1995, Wilfred Bhekabantu Ngubane has seen the firm evolve and grow far beyond what he had first imagined. On its countdown to its 30th anniversary in 2025, Ngubane boasts of having expanded its service offerings to include financial advisory, assurance, forensic investigations, business, and IT consulting. The firm recently celebrated the launch of its new office in Johannesburg. Jeremy Maggs spoke to the Ngubane team to hear more about the firm and their future aspirations.
‘At work I aspire to have a team made up of members who are better than me. I am meticulous,’ he says, empathetically. ‘One of the most important lessons I have learnt along the way is that trust is a commodity not to be given freely; those who receive one’s trust must earn it.’
To build a great organisation, he says, one needs to surround oneself with visionary leaders who have empathy and who are independent thinkers and can contribute new ideas to the organisation.
’We pride ourselves in contributing to the transformation of the landscape by forming a Black firm of accountants and thus providing inspiration guidance and training to those from disadvantaged communities,’ he says.
A FOCUS ON THE YOUNGER GENERATION
Wilfred says equality has become a driving force in South African business and this philosophy has top-drawer status in his firm. Allowing younger people to eventually become directors and shareholders at Ngubane is a priority. He believes the introduction of young people is like replacing the engine of an old car with a new model one, which results in instantaneous efficiency. It is therefore crucial to give younger people the opportunity to take the business into the future.
NURTURING SA’S POTENTIAL
Group CEO Desmond Msomi says his leadership style is that he naturally believes in the capabilities of people and their abilities to perform above the beliefs of themselves.
‘Great leaders respect people they lead and empower them to perform far greater than the leaders themselves. Hence, it is my duty as leader to encourage my team to make mistakes and learn from those as a process to gain more confidence in their abilities,’ he describes.
Re-establishing the Johannesburg office, he says, is a testament to its commitment to steadfastly paving the way for a more inclusive and representative accounting profession, reflecting the reality of South African business and society. This initiative goes beyond the realms of business expansion, marking a significant leap towards bridging gaps, fostering talent, and nurturing the potential that lies within South Africa’s diverse population.
‘The struggle these students face is less about their capabilities and more about the systemic barriers in education and opportunity. Their eventual success is a testament to their undoubted but misconceived potential and immense resilience,’ says Msomi.
To that end, and acknowledging that benefit outweighs risk, the firm has consciously decided not to align with international companies. Msomi sees several benefits in this respect. ‘By deliberately admitting trainees form disadvantaged communities from townships and rural areas, offering them training whilst they are still studying their CTA, we contribute to their families’ sustenance because from their salaries they support them, most of whom are unemployed. This not only helps in nurturing home-grown professionals but also ensures that the talent understands and relates to local context and culture.’
His definition of ethical: ‘Doing what is right despite the amount of pressure that may be exerted.’
A STRATEGIC SOCIO-ECONOMIC PERSPECTIVE
‘We position ourselves as a vital part of the nation’s socio-economic fabric. This implies a commitment to socio-economic development, including job creation, community development projects, and contributions to the local economy. By our intake of trainees from our Black communities, we play a role in introducing the profession to the youth before they finish matric,’ says Msomi.
Ngubane believes they have a duty to educate communities that there are other professions outside of being a medical doctor, citing the recent newspaper headline ‘KZN top achiever off to UCT to study medicine’ referring to a Khumalo learner from KwaCeza near Ulundi who had passed all his seven subjects with distinctions.
‘We are envious as we wish there were 20 Khumalo candidates of whom some might choose to join the CA profession but for the lack of exposure to it. It is not because of lack of trying to educate the learners about the profession. For example, in 2023 we hosted learners from Mandla Mthethwa School of Excellence from Manguzi in our Durban office as part of our efforts to expose the profession to the youth.’
THE VALUE THAT ACCOUNTANTS BRING TO THE ECONOMY
Ngubane also believes that being a medium-sized accounting firms brings with it natural challenges of being underrated. Medium-size accounting firms like Ngubane, says Msomi, are integral to the economy, often serving as the backbone of local and national economic structures. ‘They contribute by fostering business growth, providing employment, and nurturing a robust market of skilled professionals. These firms prioritise the development of skilled professionals.’
Ngubane says accountants are usually at the forefront of ensuring financial integrity and transparency in organisations worldwide. Their expertise in auditing, financial reporting, governance, and compliance during uncertain economic times are vital for maintaining trust and upholding the standards of international financial systems.
Increasingly accountants are acting as strategic advisors, providing insights that inform critical business decisions. Their ability to analyse financial data, forecast trends, and provide risk assessments makes them invaluable in shaping strategy. This strategic role is especially crucial in guiding businesses through complex, globalised markets, helping them to navigate economic uncertainties and capitalise on new opportunities.
Ngubane says: ‘In a global business landscape marked by diverse cultural and regulatory environments, accountants now uphold and advocate for ethical practices. Their commitment to ethics in financial reporting and corporate governance fosters a culture of integrity and accountability; their role is increasingly important in promoting responsible business practices and maintaining public trust, especially in multinational corporations.
‘And in global economic system where cross-border commerce is bedevilled by complexity, accountants are being called on to facilitate global trade and investment by mastering and navigating international tax laws, transfer pricing, and cross-border financial regulations. Their expertise enables organisations to operate efficiently across different jurisdictions, ensuring compliance with local laws while optimising financial performance. And once a sidebar issue, and now at the forefront as businesses are having to confront the risks and damage caused by climate change, the evolving role of accountants now also encompasses a broader commitment to sustainability and social responsibility.’
Accountants must become instrumental in integrating environmental, social, and governance (ESG) factors into financial analysis and reporting. By doing so, they help organisations measure and communicate their impact on society and the environment, driving the global agenda towards more sustainable and socially responsible business practices.
THE GREAT RETURN TO THE CITY OF GOLD
The new MD of the Johannesburg office, Thabile Dlamini, who was part of the team in Johannesburg office when it opened for the first time in 2001, says: ‘It is great to be back home. The profession is undoubtably producing more Black CAs than it did before 1994, but still disproportionate to the total number of Black citizens of the country. What is even more difficult when they have qualified is keeping them interested in the professional practice.’ She believes the reconstituted Johannesburg office will be key in ensuring that the company becomes one of the country’s leading accounting firms.
She is also a strong believer in the power of a CA qualification. ‘The journey is a challenging one and prepares you for a world where critical thinking has become a more important competency in responding to clients’ complex circumstances.’
She believes a great organisation is a place where employees feel excited to apply themselves to help the company reach its goals and translating everything to client service.
Dlamini says that as a businessperson she understands the responsibility which comes with the trust her colleagues at Ngubane have placed in her. She says she is aware that Ngubane has a passion of empowering women, and in particular African women, and they have a history of doing so. She looks forward with excitement to collaborating with her colleagues in rebuilding the Johannesburg office.
Another new addition to the Johannesburg office is Wayne Poggenpoel, who is buoyed by the reality of the sustenance of the presence of Ngubane in Johannesburg. ‘As we stand at the threshold of a reignited company, the vision for our governance, risk, and compliance (GRC) service line is one of growth, adaptability, and impact.’
Poggenpoel says that going forward, the approach of the Ngubane practice will be completely client centric. ‘By placing our clients at the heart of everything we do, we will be able to tailor our solutions to meet specific needs, fostering long-term partnerships built on trust and value.’
Also part of the new team is Malefane Molibeli, who is a strong proponent of the power of technology in the accounting profession.
’Our goal is to grow our IT function to become a specialist audit provider in areas such as cybersecurity, data science and software engineering. This will enable us to respond to the rapidly exploding world of technology and the fourth industrial revolution. Digitisation and cloud computing are now central pillars in our discipline as is the issue of data processing which is inevitably transforming business into the high frequency transaction processing mode. Traditional methods such as batch processing are no longer adding value.’
Molibeli says cybersecurity has become a critical requirement for any IT infrastructure, hardware, and application system environment, including communication and sharing of files and information with third parties.
Key to this approach, he says, is through continued professional development and initiatives that are provided by SAICA.
CONCLUSION
Like the entire firm, Group CEO Msomi is not only excited by the potential of the re-establishment of the Johannesburg operation but also by how the Ngubane Johannesburg new executive team is committed to the vision.
‘Johannesburg is the economic hub of South Africa therefore it makes economic sense for Ngubane’s presence in that hub. We are committed to the firm’s sustainable growth and to remain a competitive force in the market.’
