- South Africa's youngest self-proclaimed billionaire Mandla Lamba is back with a new business venture but it seems he's been making false claims
- Speaking in an Instagram Live session, Lamba claimed his new business Agilitee had formed partnerships with Absa and Capitec
- However, the banking giants have denied being in partnership with Lamba and have instructed him to stop using their brand
After using their credentials in a new sales pitch for his company Agilitee, Capitec and Absa have denied that they are in association with fake billionaire Mandla Lamba.
According to Fin24, Capitec and Absa told the publication that they had no relationship with Lamba or his company.
An Absa spokesperson stated that Agilitee was using Absa's brand in their marketing material without permission. Upon communication, Agilitee agreed to stop using Absa's brand.
Lamba was featured in an Instagram broadcast last week by TV personality Somizi Mhlongo. He then moffered Mhlongo's fans the opportunity to buy shares in his new company at a discounted price.
He claimed his company Agilitee would be producing four electric motorbike models and that Absa and Capitec were stakeholders in the new venture. He further added that Capitec would provide customers with credit instalments while Absa's role would be in the financing of future franchisees of Agilitee.
Lamba first appeared in several credible newspaper articles as South Africa's youngest billionaire at the age of 25 over 10 years ago, according to Forbes. Lamba's fictitious billionaire status and supposed mining assets drew a lot of media attention.
He claimed to own gold, diamond and manganese mines in South Africa, Zambia, and the Congo during media interviews.
After it was revealed that Lamba had lied about his billionaire status, he was arrested for fraud and theft. In 2015 Lamba was also arrested and convicted of culpable homicide after being involved in a car accident that took the lives of two people. He was then sentenced to 10 years in prison, according to Fin24.
Zimbabwe's biggest Z$50 banknote is worth a mere R4
In other business news, Briefly News reported that Zimbabwe's central bank confirmed the addition of a new 50-dollar note, becoming the country's largest denomination while valued at roughly $0.60 in US currency.
The recent addition sits as the highest valued note among a series of notes released in a series introduced from February 2019 while Zimbabwe reverted back to operating under a local currency.
The introduction of the bill into circulation has reawakened fears of hyperinflation, such as what was seen over a decade ago. US dollars had been implemented from 2009 due to Zimbabwe ruining its own currency as hyperinflation reached 500 billion per cent.
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