David van Niekerk’s involvement with Aluma Capital in July 2019 marked a dramatic shift for the company. Since his arrival, all of the original directors have resigned, and of the nine new directors appointed, seven have followed suit, with six of them stepping down within one year of their appointments. This rapid turnover is highly unusual for an asset management firm, pointing to significant internal instability and uncertainty.
In an attempt to understand the reasons behind these resignations, The Business Weekly & Review reached out to the former directors for clarification. However, many chose not to respond or preferred to remain silent. Van Niekerk, through his lawyers, intervened, instructing the publication to stop contacting individuals associated with him. The situation escalated further when a criminal case was filed against the Editor of The Business Weekly & Review, accusing him of unlawful inquiry and calling for an investigation by Botswana’s Serious Crime Squad.
Aluma Capital, described as a wealth management firm, raised R80 million through its private equity fund, which was then invested in several companies, including Dunkeld Foods (Pty) Ltd, LNDR (Pty) Ltd, LNDR Business (Pty) Ltd, Livewatch (Pty) Ltd (an Eswatini-based company), Novanod (Pty) Ltd, and Vehicle Capital (Pty) Ltd. However, confusion surrounds the exact relationship between Aluma Capital and Numeral Group. Despite being listed as a shareholder in Numeral through its stake in Novanod, Aluma Capital is also claimed to be a subsidiary of Numeral. This raises questions about the ownership structures and the roles of the various companies in the broader corporate network controlled by Van Niekerk.
The apparent lack of transparency and ongoing leadership instability at Aluma Capital has raised concerns among investors and industry observers. With such a high resignation rate among directors and a complex web of companies involved, it remains unclear how these developments will affect the reputation and operations of Aluma Capital, Numeral Group, and their associated entities.
