ICTU condemns Nedbank and ENS’s Moosajee for banking closure campaign against Sekunjalo Group.
In a hard-hitting statement, the Information Communication Technology Union (ICTU) has slammed Nedbank and key individuals allegedly involved in the closure of Sekunjalo Group’s banking accounts, describing it as a coordinated attack that threatens the livelihoods of hundreds of workers.
ICTU General Secretary Vulture Ntuluki has specifically called out Aslam Moosagee, a senior attorney at ENS, for his alleged role in orchestrating the closures via the Banking Association of South Africa (BASA).
“The actions of Nedbank, along with other banks, are not just harming the Sekunjalo Group—they are devastating the lives of ordinary workers,” said Ntuluki. “Our members, many of whom are breadwinners supporting extended families, are being forced into unemployment because of a targeted campaign that has nothing to do with compliance and everything to do with economic exclusion.”
According to Ntuluki, the closures have already led to retrenchments across Sekunjalo’s companies, with many workers now unable to provide for their families. “This is an attack on workers who had no role in the banks’ decisions. It’s cruel, inhumane, and destructive, especially in a country with one of the highest unemployment rates in the world,” he added.
Ntuluki also highlighted inconsistencies in Nedbank’s explanations for closing Sekunjalo’s accounts. ICTU initially wrote to Nedbank in early October, seeking clarity. In response, the bank cited concerns related to AYO Technology Solutions. However, Sekunjalo management later revealed correspondence from Nedbank’s Chief Legal Counsel and CEO that contradicted these claims, stating the closures were due to “reputation management” and not wrongdoing on Sekunjalo’s part.
“These shifting stories from Nedbank expose the real agenda here,” said Ntuluki. “It’s not about risk or compliance—it’s about driving a Black-owned business out of the market under the guise of protecting reputational interests. This kind of double-dealing must be exposed and stopped.”
Ntuluki accused Aslam Moosagee, a lawyer at ENS attorneys and legal representative for BASA, of coordinating efforts among multiple banks to cripple Sekunjalo’s operations. “We have it on good authority that Moosagee has been at the center of this coordinated attack,” Ntuluki said. “He appears to have a personal vendetta against Dr. Iqbal Survé, the chairman of Sekunjalo, and is using his influence to serve the interests of white-owned entities that see Sekunjalo as a threat.”
Ntuluki pointed out that Moosagee’s actions directly undermine South Africa’s efforts to promote economic transformation. “This is a man who earns millions while working to destroy jobs for thousands of workers, many of whom are Black South Africans,” Ntuluki said. “It’s time to hold him, BASA, and the banks accountable for these unethical and unlawful actions.”
ICTU has called on the Competition Commission and Tribunal to investigate the role of BASA and Moosagee in the coordinated closures. “The banks’ actions violate South Africa’s competition laws and threaten the livelihoods of thousands of workers,” said Ntuluki. “We urge the Competition Commission to act swiftly to prevent further harm.”
Ntuluki also warned that the union would launch protests against ENS and Moosagee in the new year if these actions are not addressed. “We will not stand by while someone enriches themselves at the expense of workers’ livelihoods,” he declared.
The ICTU’s statement comes at a time of increasing parliamentary scrutiny over banking practices. Mzwandile Masina, Chairperson of the Trade, Industry and Competition Committee, recently announced plans to summon South Africa’s major banks—Standard Bank, First National Bank, Nedbank, ABSA, and Investec—to Parliament to explain their policies, including arbitrary account closures.
“Parliament must hold these banks accountable for their actions, which undermine economic transformation and industrial growth,” said Masina.
Ntuluki welcomed the committee’s intervention, emphasizing the need for transparency and fairness in South Africa’s financial sector. “These banks must explain why they are making decisions that hurt workers, hinder transformation, and destabilize businesses like Sekunjalo that contribute meaningfully to our economy,” he concluded.
ICTU remains steadfast in its commitment to protecting its members and fighting for justice in the face of coordinated financial exclusion.