South Africa’s development finance institution, Industrial Development Corporation (IDC) on Friday announced that its Chief Executive Officer Mvuleni Geoffrey Qhena has resigned after 20 years of service.
Qhena who has an honour in Bachelor of Accounting Science from the University of South Africa served as the Chief Executive Officer and President of the IDC for 13 out of his 20 years’ service to the corporation. During his tenure, the IDC which supports private-sector companies through financing ventures grew its asset base ro R137 billion in 2018 from R31 billion in 2004. However, the corporation has been struggling under the weight of non-performing loans, reporting its highest volume of non-performing loans in 5 years, following an R287 million ($19.5 million) debt and interest repayments owed by the scandalous Gupta family’s Shiva Uranium.
According to country’s Economic Development Minister, Ebrahim Patel, “During his period at the helm, the IDC made a significant shift in its mandate, to focus on the development of black industrialists and youth entrepreneurs.”
Qhena joined the IDC as a Business Analyst in 1994. He left and rejoined 5 years later in 1999 as the Head of Subsidiaries, Associates and Minority Interests. He later became the Head of Risk Management. During his 5-year absence from the IDC, the former CEO was employed at the Transnet Group in 1995, initially as Project Finance Manager at Spoornet and later as Senior Manager of Restructuring at Transnet.
Geoffrey Qhena served as Chief Financial Officer of South Africa’s IDC from September 16, 2003, till February 2005. In that same year became the corporation’s Executive Vice-President of Professional Services and Managing Director.
Before rising to high ranking positions, Qhena began his career as an Administration Clerk at the Soweto Council in 1984 and was later employed at KPMG as an Articled Clerk in 1986. His strong financial performance landed him a job in 1992, as a Lecturer at Vista University, in the Soweto Campus where he taught accounting and auditing.