Langalezwe Madonko, the central figure in a fake qualification controversy at private equity company Summit Africa, has resigned from his senior position at a black industry body, reports Fin24.

Madonko, the co-founder and investment principal of Summit Africa, which manages R1.6bn in assets from Telkom and some municipal pension funds, as well as Alexforbes and a UK government financier, confirmed that he does not have the range of qualifications claimed on his CV, including from the prestigious London School of Economics. 

Madonko was last year re-elected for another three-year term as deputy president of the Association of Black Securities and Investment Professionals (ABSIP).

He represents ABSIP in the Financial Sector Transformation Council. He also represents the Black Business Council, a group lobbying for black businesspeople, at the National Economic Development and Labour Council.

ABSIP confirmed in a statement yesterday that Madonko, who served as deputy president since 2020, had resigned.

This was prior to the publication of a News24 expose.

‘Mr Madonko’s resignation was accepted on 25 February 2024 by the national executive committee of ABSIP,’ it said.

Full Fin24 report