In 1977 Gerrit Thomas “GT” Ferreira cofounded Rand Consolidated Investing which is now one of the largest financial services groups in the country. After creating the company GT Ferreira and his partners went through a number of mergers and acquisitions which led to the formation of FirstRand in 1990. FirstRand has two subsidiaries, RMI Holdings, for insurance, and RMB Holdings, for banking, which is where most of GT’s wealth comes from.
In 2001 Ramaphosa founded Shanduka Group which had stake in mining, financial institutions, McDonald’s South African subsidiaries and Coca-Cola bottling plants. Prior to founding the group he made a name for himself as an activist and labor leader. He was elected Secretary General of the African National Congress during the transition to democracy. He resigned his position in 1997. He is now deputy president of South Africa and has removed himself from his business interests.