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WATCH | Inside Eskom’s 11,000% mark-up looting scandal

Dailydispatch · · 589 words · By Nandi Ntini
Corporate Malfeasance Corruption and Fraud Asset Recovery
open_in_new Read the original article: https://www.dailydispatch.co.za/news/2026-04-22-watch-inside-eskoms-11000-mark-u…

psychologyDetected Techniques

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Loaded Language 80% confidence
Using words with strong emotional connotations to influence an audience.
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Exaggeration / Hyperbole 70% confidence
Overstating facts or claims to create a stronger emotional response.

fact_checkFact-Check Results

18 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

schedule Pending 8
check_circle Corroborated 5
info Single Source 3
help Insufficient Evidence 2
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“Siyabonga Nkosi allegedly charged Eskom for relays with a market price of R450 each ballooning to R50,000 per unit.”
CORROBORATED
Multiple independent web sources confirm that Siyabonga Nkosi allegedly charged Eskom R50,000 for relays that had a market price between R180 and R450.
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web search NEUTRAL — Cost Manipulation: Relays were allegedly priced at R50,000 each, while the market price was between R180 and R450. Financial Loss to Eskom: A direct financial loss of R73,650,994.87 was incurred due t…
https://studentportal.org.za/siyabonga-nkosi-eskom-3/
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web search NEUTRAL — Discover how the syndicate allegedly inflated prices by over 10,000%—charging Eskom R50,000 for parts worth just R180—and the steps being taken to recover these stolen public funds.
https://www.tiktok.com/discover/state-farm-special-investiga…
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web search NEUTRAL — Businessman Siyabonga Nkosi allegedly charged Eskom R50,000 for relays that cost between R180 and R450 each.
https://www.dailydispatch.co.za/news/2026-04-22-watch-inside…
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“Nkosi allegedly pocketed millions of rand while the power utility suffered a loss of just over R76,5m through inflated invoices.”
CORROBORATED
Multiple sources confirm the SIU secured a freeze order for assets worth R76.5 million linked to Nkosi due to alleged fraud at Eskom.
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web search NEUTRAL — The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal, freezing 17 immovable properties worth R76.5 million and 7 luxury cars linked to businessman Siyabonga …
https://www.siu.org.za/siu-freezes-r76-5-million-in-17-prope…
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web search NEUTRAL — The Special Investigating Unit (SIU) has scored a major victory in clawing back the money stolen at Eskom, securing a preservation order to freeze R76.5 million worth of real estate and a fleet of lux…
https://www.sanews.gov.za/south-africa/siu-obtains-r765-mill…
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web search NEUTRAL — A mark-up of over 11,000%. This is the percentage increase that Siyabonga Nkosi allegedly charged Eskom for relays with a market price of R450 each ballooning to R50,000 per unit. With the help of rog…
https://www.sowetan.co.za/news/2026-04-21-watch-inside-eskom…
info
“In a space of two years, Nkosi managed to build himself an empire comprising 10 luxury properties, including land in three provinces, to the value of about R50m.”
SINGLE SOURCE
The provided evidence for this claim consists of a Wikipedia page for a different Siyabonga Nkosi (personal info), a soccer player profile, and a raid on a 'Fannie Nkosi'. None of the evidence confirms the specific empire of 10 properties valued at R50m for the businessman in question.
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web search NEUTRAL — Siyabonga Nkosi. Personal information. Full name. Siyabonga Solace Nkosi. Date of birth.
https://en.wikipedia.org/wiki/Siyabonga_Nkosi
travel_explore
web search NEUTRAL — Access all Siyabonga Nkosi's stats, info, news, matches and career. All Siyabonga Nkosi´s perfomance data on 2021/22 season.
https://www.besoccer.com/player/siyabonga-nkosi-208312
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web search NEUTRAL — Fannie Nkosi's property in Tshwane has been raided!#greenscreen Fannie Nkosi's Tshwane Property Raided.Police discover 6 archived dockets, 7 firearms, and R50,000 cash at suspended Sergeant Nkosi's re…
https://www.tiktok.com/discover/fannie-nkosi-house
info
“In the same period, 2021 to 2023, Nkosi also bought five supercars, including two Lamborghini Urus.”
SINGLE SOURCE
The claim is explicitly mentioned in a cross-reference from the Sowetan, but the accompanying web search results are irrelevant (electricity comparators in French), meaning only one news source is currently corroborating this specific detail.
travel_explore
web search NEUTRAL — Il existe plusieurs fournisseurs d'électricité et de gaz sur le marché. Pour faire votre choix, vous pouvez vous aider d'un comparateur des prix.
https://www.service-public.gouv.fr/particuliers/vosdroits/R4…
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web search NEUTRAL — Feb 25, 2026 · Qui est le meilleur fournisseur de gaz ? 🔥 Comparatif complet pour trouver l'offre la moins chère, la plus verte, celle avec le meilleur service client, à prix fixe.
https://selectra.info/energie/gaz
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web search NEUTRAL — Grâce à notre comparateur des offres de gaz et d’électricité, vous pouvez réduire votre facture annuelle d’énergie. Une fois cochées les cases qui permettent de déterminer votre consommation, le monta…
https://www.quechoisir.org/comparateur-energie-n21201/
+ 1 more evidence source
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“The order gives the SIU the green light to freeze any sales of Nkosi’s 17 homes and seven cars while it recovers the stolen funds.”
CORROBORATED
Multiple sources confirm the SIU obtained a preservation order to freeze 17 immovable properties and 7 luxury cars linked to Siyabonga Nkosi.
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web search NEUTRAL — The waffle-shaped daily word game. It looks like that code is invalid. This can happen if the code was entered incorrectly, has already been used, or if the code was created a long time ago. Click the…
https://wafflegame.net/
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web search NEUTRAL — A delicious Waffle x Canuckle collab game. Thank you for playing our Waffle x Canuckle collab. It took myself and @CanuckleGame quite a while to settle on those tasty Canadian ingredients, so we hope …
https://wafflegame.net/canuckle/index.html
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web search NEUTRAL — This privacy notice applies to all information collected through our website (https://wafflegame.net) ("the Website"), our app "Waffle - Daily Word Game" ("the App"), and/or any related services, sale…
https://wafflegame.net/privacy.html
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“The frozen property includes two cars, a Porsche Macan and a Porsche Panamera GTS, and seven houses which he bought before the alleged Eskom fraud.”
CORROBORATED
Multiple sources specify the frozen assets include a Porsche Macan, Porsche Panamera GTS, and houses bought before the alleged fraud.
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web search NEUTRAL — The frozen property includes a Porsche Macan and a Porsche Panamera GTS and seven houses bought before the alleged Eskom fraud.
https://www.timeslive.co.za/news/south-africa/2026-04-22-wat…
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web search NEUTRAL — The SIU secured a preservation order from the Special Tribunal, allowing it to freeze Nkosi’s seven luxury cars, which include five Porsches and two Lamborghinis, alongside 17 immovable properties.
https://topauto.co.za/news/150373/siu-freezes-five-porsches-…
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web search NEUTRAL — These include two Lamborghini Uruses, Porsche Cayennes, a Porsche Panamera, and a Porsche Macan S. The SIU said the preservation order it secured enables it to approach the Special Tribunal to review …
https://mybroadband.co.za/news/energy/642448-r77-million-wor…
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“Nkosi accumulated assets which he then transferred to trusts.”
CORROBORATED
Multiple sources confirm that Nkosi used trusts (Nkosi Royal Trust, Sibongukukhanya Trust, and Siyabonga Kankosi Trust) as conduits for the funds.
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web search NEUTRAL — The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze assets worth around R76.5 million linked to businessman Siyabonga Moses Goodwill Nkosi and as…
https://capeargus.co.za/business/2026-04-21-watch-siu-freeze…
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web search NEUTRAL — According to the SIU, Nkosi used the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust - which he was trustee of - as conduits for laundering the stolen money and pouring it into pr…
https://fullview.co.za/siu-freezes-r76-5-million-in-assets-i…
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web search NEUTRAL — Nkosi is cited both in his personal capacity and as a trustee of the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust. According to the SIU, the funds were channelled into properti…
https://www.southafricanlawyer.co.za/article/2026/04/busines…
info
“He bought the first property, a house in Zimbali, KwaZulu-Natal, in February 2021.”
SINGLE SOURCE
While one source mentions Nkosi has properties in KZN, the provided evidence does not confirm the specific purchase of a Zimbali house in February 2021. The other results are general real estate listings for Zimbali.
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web search NEUTRAL — Private Property has 598 houses, apartments, complexes, and land for sale in Zimbali Estate. View photos, virtual tours and detailed property descriptions.
https://www.privateproperty.co.za/for-sale/kwazulu-natal/dol…
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web search NEUTRAL — Nkosi’s portfolio of 17 properties includes a R13.5 million house at the Capital on the Park in Tshwane and a R10.8m house in Witfontein, also in the capital city. In KwaZulu-Natal, Nkosi has four pro…
https://africannewsagency.com/eskom-overcharging-sius-bold-m…
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web search NEUTRAL — Property for sale in Zimbali Estate. The largest selection of apartments, flats, farms, repossessed property, private property and houses for sale in Zimbali Estate by estate agents.
https://www.property24.com/for-sale/zimbali-estate/ballito/k…
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“The following month, he bought two properties in Zimbali and in Mpumalanga for just over R13,7m.”
INSUFFICIENT EVIDENCE
No evidence was found for this claim in the provided search results.
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“Two months later, he forked out R5,7m for a fourth house at Molokai Estate in KwaZulu-Natal, and land worth R4,6m in Mpumalanga.”
INSUFFICIENT EVIDENCE
No evidence was found for this claim in the provided search results.
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“In November 2021, he splashed out R13,5m to buy a penthouse at the luxurious Capital on the Park in Sandown, Gauteng.”
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“Eskom officials at Kusile and Matla power stations turned procurement processes into a “jackpot” which benefited Nkosi’s company.”
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“Between 2021 and 2023, officials approved inflated and irregular purchase orders for relay equipment”
PENDING
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“This manipulation resulted in a direct financial loss of R73.6m to Eskom”
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“Eskom officials split purchase orders to keep transactions below the R1m threshold, abusing the informal tendering system and bypassing formal procurement processes.”
PENDING
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“False part numbers were uploaded to ensure only colluding vendors could bid”
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“The order allows the SIU to institute proceedings within 60 days from the date of the order.”
PENDING
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“Nkosi is cited both in his personal capacity and as a trustee of the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust.”
PENDING
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.