Kenneth Nkosana Makate will be among richest in SA if Vodacom pays out R29 billion

Should Kenneth Nkosana Makate receive his R29 billion from Vodacom for his ‘Please Call Me’ proposal, he would instantly be the fifth-richest person in South Africa.

Vodacom reportedly told its shareholders to prepare to shell out the cash to Makate.

However, there’s likely to be a lengthy wait before the 47-year-old former Vodacom employee sees any of the cellphone giant’s money.

South Africa’s Supreme Court of Appeal (SCA) has ordered Vodacom to pay Makate at least R29 billion for his ‘Please Call Me’ proposal.

According to court records obtained by MyBroadband, the Supreme Court has ordered Vodacom to pay Makate between R28.99 billion and R55.37 billion.

The exact wording of the Supreme Court ruling read: “The applicant is entitled to be paid 5%-7.5% of the total revenue of the [Please Call Me] product from March 2001 to date of judgment by the Second Respondent, together with the Mora Interest thereon, alternatively interest in terms of Section 2A(5) of the Prescribed Rate of Interest Act.”.

Vodacom previously said it will challenge the Supreme Court’s ruling in the Constitutional Court.

Should Vodacom fail to win their case at the Constitutional Court, it could well lead to job cuts and price hikes at the mobile operator.

DOES KENNETH NKOSANA MAKATE DESERVE R29 BILLION?

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Makate, a former Vodacom finance manager, is credited with presenting the basic idea that was ultimately developed into ‘Please Call Me’.

Although Makate was not involved in the development or launch of the product, the case hinged on the fact that Makate’s manager at the time had promised him compensation for the idea.

Should Makate be paid the R29 billion, he would join the likes of South African businessmen Johann Rupert, Nicky Oppenheimer, Patrice Motsepe and Koos Bekker as the richest in Mzansi.

That sum would see him move ahead of the likes of Capitec founder Michiel Le Roux and consumer retail giant Christo Wiese.

If Makate was paid the high-end ‘offer’ of R55.37 billion, he would be third-richest person in the country – and the wealthiest black African – moving ahead of Motsepe.

Makate recently said that when the long-standing court case between him and Vodacom is finally over that he wants to move to India to meditate.

TOP 5 RICHEST SOUTH AFRICANS IF MAKATE WAS PAID R29 BILLION