Economy
Success Stories of Forex Traders in South Africa: Insights From Traders Union
Forex trading can make people millionaires over time, but it’s not about luck. It’s about knowing when to enter and exit the market. Traders Union (TU) experts emphasize that success comes from having a strong strategy and the right indicators. It’s not just about timing; it’s about understanding the market. Discover the top 5 successful Forex traders in South Africa.
South Africa’s wealthiest Forex traders
In the world of Forex trading, South Africa has produced a group of inspiring individuals who have defied the odds and achieved remarkable success. TU’s analysts delve into the stories of these enterprising traders, highlighting their journeys from diverse backgrounds to becoming influential figures in the Forex industry.
1. Reabetswe Shongwe – from retail sales to wealthy Forex trader in Africa
The analysts highlighted Reabetswe Shongwe’s journey from a low-paid retail job to becoming a successful female Forex trader. She’s now a member of Trade4Africa’s Women in Forex and Entrepreneurship (W.I.F.E.) division, showcasing the growth of Forex trading in Africa.
2. Ref Wayne – South Africa’s top Forex trader and financial educator
He is one of South Africa’s top 10 Forex traders and used his trading skills to become a multimillionaire at a young age. He’s not only the creator of Pip Coin but also a financial literacy teacher, offering free Forex lessons and establishing the African Forex Institute.
3. Jabulani Ngcobo – a self-made Forex millionaire’s journey
At just 37 years old, he is among South Africa’s wealthiest self-made millionaires, with a $2.4 billion net worth. Before achieving success, he worked as a laborer and later started his own debt collection and Forex trading companies, exemplifying the potential of hard work and dedication in Forex trading.
4. Louis Tshakoane – empowering traders and making a positive impact
Founder of Undercover Millionaire’s Currency in South Africa, aimed to create a platform for business collaboration. His book “Forex Millionaire in 365 Days by God’s Grace” has achieved significant sales, and he provides free Forex signals to those who cannot afford premium services.
5. Shaun Benjamin – from struggles to founding a Forex academy
His journey began with financial difficulties but led to him becoming a Forex trader. He established the Benjamin Forex Academy, an organization focused on helping others achieve financial freedom and reducing unemployment in South Africa.
A roadmap to success
Becoming a successful Forex trader in South Africa can be achieved by following these key tips from Traders Union analysts:
- Keep learning – start by acquiring knowledge. Invest time in learning about the Forex industry through guides, videos, and books.
- Practice wisely – when you’re confident, practice using demo accounts. Be cautious not to overstay in demo mode, as it can hinder your transition to real trading.
- Manage emotions – avoid emotional trading, which often leads to impulsive decisions and more losses.
- Take advantage of mistakes – welcome them as chances for growth. Keep a record of your trades to analyze and improve your skills.
These tips are valuable for both beginners and experienced traders.
Forex trading as a promising career
Understanding the South African financial market can be difficult, but Forex trading offers an opportunity to earn money from the comfort of your home. It does not require a significant initial investment. TU’s experts consider that the key is finding the right broker with favorable trading conditions and minimal fees.
Brokers in South Africa’s thriving financial industry provide trading knowledge and global market access, often enticing new investors with promotions.
Forex trading demands knowledge, skills, and ethics. Learning Forex terminology and principles from books, articles, and videos is essential. While it can be a rewarding career, beginners should be aware of the risks involved. Success stories in Forex trading often originate in places like South Africa.
Conclusion
Forex trading is not about luck but about strategy and understanding the market, as emphasized by the Traders Union. South Africa boasts remarkable success stories in Forex trading, such as Reabetswe Shongwe’s journey from retail to success and Ref Wayne’s ascent to the top 10 traders. Jabulani Ngcobo’s self-made millionaire status and Louis Tshakoane’s mission to empower traders also inspire. Shaun Benjamin’s path from struggles to founding a Forex academy shows the potential for financial success.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
By Adedapo Adesanya
The federal government will soon issue a fresh N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos), marking another major step in its plan to restore liquidity and financial stability across Nigeria’s power sector.
The bond forms the second tranche of the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme and follows the successful issuance of about N501 billion in January 2026. Combined, both issuances make up the N1.23 trillion Series 1 and Series 2 components of the Capital Market Multi-Instrument Issuance Programme.
The initiative is part of the federal government’s broader strategy to clear longstanding payment obligations in the Nigerian Electricity Supply Industry (NESI), strengthen investor confidence and improve the financial health of the electricity value chain.
The chief executive of the Nigerian Bulk Electricity Trading Plc (NBET), Mr Johnson Akinnawo, said the forthcoming bond issuance represents the first phase of the wider N4 trillion programme approved by President Bola Tinubu to address verified legacy liabilities in the power sector.
“The second issuance demonstrates the Federal Government’s commitment to resolving verified legacy obligations through a transparent, structured and market-based mechanism,” Mr Akinnawo said.
He explained that the January 2026 bond issuance reflected the government’s fiscally responsible approach to settling outstanding obligations owed to GenCos while improving liquidity within the electricity market and strengthening the long-term sustainability of the sector.
According to him, the new bond will further reinforce confidence among investors and provide much-needed financial relief to market participants whose operations have been constrained by accumulated debts.
“By improving liquidity across the electricity value chain, the programme will help strengthen the financial position of market participants, support new investment and promote sustainable electricity generation for the benefit of Nigerians,” he stated.
Mr Akinnawo recalled that the Federal Executive Council (FEC) approved the establishment of the N4 trillion Presidential Power Sector Debt Reduction Programme in 2025, with NBET designated as the sponsoring institution responsible for coordinating the settlement of verified legacy obligations across the electricity industry.
He explained that the debt reduction programme is being implemented through multiple issuances of debt instruments by NBET Finance Company Plc, a Special Purpose Vehicle (SPV) established specifically to execute the programme.
According to him, the debt instruments are backed by the full faith and credit of the federal government and supported by comprehensive risk mitigation measures designed to ensure successful implementation and attract investor participation.
“The programme has the full backing of the federal government and incorporates a robust suite of instruments designed to mitigate transaction risks and support successful execution,” the NBET boss said.
He noted that the issuance of the approximately N729 billion bond would represent another decisive milestone in resolving longstanding financial obligations that have weighed on the electricity market for years.
Mr Akinnawo added that clearing the outstanding debts would strengthen the financial position of electricity generation companies, improve liquidity throughout the power value chain and create a more stable, bankable and investment-friendly electricity market capable of supporting Nigeria’s economic growth and expanding reliable electricity supply.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced the commencement of compliance monitoring activities for large taxpayers under the National e-Invoicing and Electronic Fiscal System (EFS) regime.
A statement issued on Monday and signed by the agency’s chairman, Mr Zacch Adedeji, advised corporate organisations that have yet to adopt this system to do so on or before July 31, 2026.
Recall that on February 17, 2026, NRS issued an implementation timeline for the mandatory adoption of the EFS, also known as the Merchant Buyer Solution (MBS), by large taxpayers.
They were asked to complete the process of onboarding, integration, testing, and commence invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
The compliances include the completion of onboarding on the NRS MBS; the successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIS); the completion of all required validation and testing activities; the active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and the receipt of only compliant e-invoices with a valid Invoice Reference Number (IRN) from suppliers.
Ahead of the deadline, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate across the large taxpayer segment.
Those that have not completed the process have been asked to conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
The organisation warned that failure to comply would trigger regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
