Tusker is an innovative financial structure used to achieve shareholder diversification, unlock private capital, create a new listed asset class and fund BEE.


-Founding Story-

Arbitrage profits are made when something is bought in one market and sold for a profit in another market. Tusker uses the arbitrage between private- and public-capital markets to fund the BEE ownership and shareholder diversification solutions we offer. This means that our portfolio companies can achieve 100% legitimate BEE ownership while increasing value and reducing risk in the process (unlike any other legitimate BEE deal); it also means that we can have a massive impact on the economy and build a better South Africa for all.

Gareth Ochse

Gareth Ochse

Director (Tusker Ebony, Tusker Ivory, Musth Capital, Tusker Private Equity Fund, Ndlovu Fund Managers)

Gareth’s has 25+ years experience building disruptive businesses and helping finance them. Gareth has advised on deals with values ranging from $50K to $1Bn, and is an expert in private-company valuation. Gareth founded valuationup.com – online financial analysis and valuation software, and wrote the column ‘finance for entrepreneurs’ in Finweek for 2 years.

In prior lives, Gareth worked as a strategy consultant with Bain & Co (Johannesburg and London) and was a founding team member of Bainlabs (early stage-VC); Gareth is a former international rower, having represented South Africa at world-championship level 1992-1994.

Des Mahony

Des Mahony

Director (Tusker Ebony, Tusker Ivory, Musth Capital, Tusker Private Equity Fund, Ndlovu Fund Managers)

Des (CA, LLB) is both a Chartered Accountant and Advocate. He was a founder of African Alliance – a pan-African investment bank and has 20+ years deal-making experience across the investment spectrum, most of it outside of South Africa.

More recently, Des was COO/CFO of 4 Africa Exchange – a newly licensed South African exchange, where Des was responsible for the exchange being awarded its license and its first listing.

Des is a Key Individual in terms of FAIS/FSB requirements.

Des is a registered Arbitrator, and is also highly active in the Scouts movement.

Sanjay Soni

Sanjay Soni

Director (Tusker Ebony)

Sanjay is an experienced and dynamic chartered accountant, having serviced a range of multi-nationals, private sector and public-sector clients as a trusted business and strategy advisor over the past 20 years. He is an executive director with the Black Lite Group, a niche advisory boutique focused on B-BBEE strategy, sustainability advisory and management consulting services.  Sanjay has extensive experience in B-BBEE advisory services, strategy formulation, executive and business management and corporate governance and has been involved in various businesses, as both a shareholder and executive director, for the past 15 years.

Sanjay is passionate about personal development, and has a particular interest in coaching and mentoring aspiring and future leaders and business owners.

Sonwabo Zide

Sonwabo Zide

Director (Tusker Ebony)

Sonwabo Zide has over 10 years of Retail and Corporate and Investment Banking (CIB) experience which includes: Regional Head for East Africa CIB Operations at Standard Bank, Head of Sales Support at ABSA Capital. Over the years Sonwabo has generated experience and exposure in Strategic Management, Customer Services, Operations, Sales, Risk & Compliance. Sonwabo is an avid golfer who is passionate about realizing Africa’s growth and success. When he is not working or playing golf, he enjoys spending time with his family (especially his 8 nieces and nephews and his Bulldog “Tyson”), and mentoring young professionals.

Dr Ngao Motsei

Dr Ngao Motsei

Trustee (The Tusker Trust), Director (Tusker Ebony)

Dr Ngao Motsei (PhD- Organisational Design) heads up MyPortfolioLife, where her work spans four portfolios. She is (i) Director of Companies; (ii) Educator (Lecturer at Gordon Institute of Business Science); (iii) Entrepreneur (Co-Founder of DigiBiz (Pty) Ltd); and (iv) Executive Coach.

Ngao was previously a Partner at Heidrick and Struggles’ Johannesburg office and a member of the global Leadership Consulting Practice.

Ngao has worked in South Africa, Canada, Hungary, Singapore and the USA.

Mzolisi Nkumanda

Mzolisi Nkumanda

Chairman (The Tusker Trust)

B.Com (Acc.); H Dip Tax Law; MBL

Certified Ethics Officer

Mzolisi Nkumanda is a seasoned professional with over 24 years’ experience in the corporate world, 14 of which were spent in Finance/Accounting and Tax (both in commerce as well as in the professional firms) – and about 11 years in General Management/Corporate Governance. He has served on boards both in the private and public sectors.




Thrive have advised Tusker since inception on our BEE structure(s), scorecards and route forward.



Nolands are a dynamic Audit firm whose approach is highly suited to ambitions of Tusker. Nolands are the appointed auditors of all companies (and the Tusker Trust) in the Tusker structure.



10xE is a world-leading entrepreneurial growth program that all portfolio companies go through.  Our impact will be in top line and bottom line growth, together with substantial job-creation.



Sirdar are Corporate Governance specialists and have partnered with Tusker to drive the performance of the entire Tusker structure, including our own boards and those of portfolio companies. Sirdar educate, appoint and manage boards and the impact of our directors on portfolio company performance is key element of the overall Tusker story.



ValuationUp is a financial analysis tool that answers 7 key questions on an ongoing basis for each portfolio company and thus the Tusker structure as a whole:

  • How risky is the business?
  • How well is it being run?
  • Can it withstand a knock?
  • Will it be around in a year?
  • How fast can it grow?
  • What is it worth now?
  • What could it be worth at full potential?
  • How do you get it there?

Douglas Smart Attorneys

Commercial Attorneys

Shareholder-level deals where shares are bought/sold in a company are complex and extreme care must be taken in their design and execution. Tusker offers a highly standardised deal-structure and the related legal documents have been drafted by Doug Smart and reviewed by other experts (IFRS, Tax, BEE, Accounting).