Land Bank boss to head up the IDC

Business Day - - National - Linda En­sor

The cab­i­net has ap­proved the ap­point­ment of Land Bank boss Tshokolo Nchocho as the new CEO of the In­dus­trial Devel­op­ment Cor­po­ra­tion (IDC).

Nchocho, who was rec­om­mended to the cab­i­net by the IDC board, will re­place Ge­of­frey Qhena who has been with the cor­po­ra­tion for nearly 20 years, 13 of them as CEO. Qhena re­signed in Au­gust. He is leav­ing the IDC at the end of De­cem­ber.

The IDC board said on Thurs­day it was fi­nal­is­ing the date when Nchocho would take up his new po­si­tion.

Nchocho, who has been at the helm of the Land Bank as CEO since 2015, has strong aca­demic qual­i­fi­ca­tions and ex­ten­sive ex­pe­ri­ence in devel­op­ment fi­nance and bank­ing.

NCHOCHO HAS EX­PE­RI­ENCE IN DEVEL­OP­MENT FI­NANCE AND BANK­ING STRETCH­ING OVER A 28-YEAR PE­RIOD

He holds a BCom de­gree from the Univer­sity of the North; a Mas­ter of Busi­ness Lead­er­ship from Unisa; a Mas­ter’s de­gree in Devel­op­ment Fi­nance from the Univer­sity of Lon­don; and an ad­vanced man­age­ment pro­gramme qual­i­fi­ca­tion from the Har­vard Busi­ness School.

“His ex­pe­ri­ence in devel­op­ment fi­nance and bank­ing stretches over a 28-year pe­riod, in­clud­ing a lengthy pe­riod at the Devel­op­ment Bank of South­ern Africa and as the CEO of the Land Bank,” the state­ment said.

The board noted that un­der Qhena’s watch, in­vest­ment in green en­ergy in­creased sig­nif­i­cantly and the IDC in­tro­duced its black in­dus­tri­al­ists’ pro­gramme. Over the past five years the IDC’s in­vest­ment com­mit­ments to­talled R72bn, an in­crease of 30% com­pared to the pre­vi­ous cor­re­spond­ing pe­riod.

These in­vest­ments at­tracted a large level of pri­vate sec­tor in­vest­ments, bring­ing the in­vest­ment level to R176bn and creat­ing or sav­ing 105,822 di­rect jobs, the board said.

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