Patrice Motsepe (born 28 January 1962) is a South African businessman who derives his wealth from mining. He is currently the President of the Confederation of African Football and the founder of the African Rainbow Minerals.
Patrice Motsepe Biography
Motsepe was born on 28th January 1962 into the family of Kgosi Augustine Motsepe, a chief of Tsana people who had previously been a teacher and business owner of “Spaza Shop,” which was popular during the black mining days. It was through this business that Motsepe learned the basic principles of business and as well got an integral exposure to mining. He earned a Bachelor of Arts degree at the University of Swaziland and further bagged a Law degree from Witwatersrand.
Motsepe became the first black partner in Bowman Gilfillan law firm in 1994. He founded “Future Mining,” which provides contract mining services. He placed a system of working remuneration that had a profit-sharing bonus attached. During the period, Nelson Mandela had just been elected South Africa’s first black president.
Motsepe purchased gold mines from Anglo Gold which was cheap and had a practical financial term. He was allowed to pay from the future proceeds of the company, which is now known as African Rainbow Minerals. Motsepe set up another firm with two of his associate called “Greene and Partners Investment.” He has been a director with Absa Group and Sanlam since 2004, a chairman of Teal Exploration and Mining Incorporated, and even a former president of the South Africa chamber of commerce and industry.
Motsepe created Ubuntu-Botho Investment(UBI) in 2003 and currently has 55% ownership. He also has staked in Sanlam, which is an investment and financial service company. Also, his African Rainbow Capital company has holdings in over 40 companies.
Motspep is the owner and president of Mamelodi Sundowns Football Club. He bought stakes in Blue Bull Co. In November 2019. As of 2020 November, he announced his ambition to run for Confederation of African Football (CAF) and was elected into office on the 12th of March 2021 after other candidates withdrew.
Patrice Motsepe Wife and Children
Motsepe is happily married to Dr. Precious Moloi, a physician and fashion entrepreneur, and they have three children. They are:
- Kabelo Motsepe
- Kgosi Motsepe
- Thlopie Motsepe
Patrice Motsepe Net Worth
His net worth in rands stands at R45.1 billion and $2.9 billion in USD as of 2022.