SA audit firm SNG expanding into Africa

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AfricaWorld

Johannesburg - SizweNtsalubaGobodo, South Africa’s largest black-owned auditing and accounting practice, said it’s working on deals across 14 countries as it seeks to become one of Africa’s biggest such firms.

“The process is ongoing and is estimated to be completed by the end of August,” Victor Sekese, chief executive officer of the Johannesburg-based company, said today in an e-mailed response to questions.

The transactions “‘might involve equity participation, a buy-out or an SNG-branded association,’’ he said, without giving more precise details on the deals.

SNG, as it’s known, was formed in 2011 after SizweNtsaluba and Gobodo merged.

Sizwe Nxasana, chief executive of FirstRand, South Africa’s second-largest banking group, helped found the company.

The firm is expanding into countries including Ghana, Nigeria and Kenya.

‘‘SNG is focused on building a continental practice,” Sekese said.

SNG will use regional and South African staff to run its units across the continent, he said.

South African companies including FirstRand, telecommunications operator MTN and retailer Shoprite have expanded across the continent in search of profit as some economies expand faster than at home. - Bloomberg News


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