Complaint Regarding MTN Zakhele Futhi Shares - No Dividend Payments in 8 Years

Dear MTN Zakhele, Futhi,

I am writing to express my deep dissatisfaction with the performance and lack of accountability regarding the MTN Zakhele Futhi BBBEE shares. It has been over eight years since these shares were launched, yet shareholders like myself have not received any dividends, despite the initial promises made during the inception of the scheme.

The lack of returns on this investment raises serious concerns about the transparency and integrity of this initiative. As an ordinary working-class South African, I was drawn to this opportunity based on the understanding that it would provide meaningful financial returns. However, this has not materialized, and the consistent delays and lack of concrete updates feel like a deliberate exploitation of shareholders who trusted MTN to deliver on its commitments.

This situation reflects poorly on MTN’s corporate governance and its commitment to empowering historically disadvantaged individuals. The absence of dividends and the ongoing lack of clarity or resolution leave many of us feeling deceived, with our hard-earned money seemingly lost due to false advertising and empty promises.

I demand an immediate and detailed explanation regarding the following:

Why dividends have not been paid in the last eight years. A clear timeline for when shareholders can expect returns on their investment. Steps MTN Zakhele Futhi will take to rebuild shareholder trust and accountability. If these concerns are not addressed promptly, I will be left with no choice but to escalate this matter further, including seeking intervention from regulatory authorities.

It is disheartening that a company of MTN’s stature appears to disregard its commitments to the very individuals it sought to uplift. I urge you to take swift action to resolve this matter.

Sincerely, [Lulama] [***]