'I've never heard of a bank that recognises a PTO as collateral'

Secretary General of the Congress of Traditional Leaders of South Africa, Nkosi Xolile Ndevu, says he has never heard of a bank that recognises the PTO (Permission To Occupy) as collateral.

President Jacob Zuma told Parliament that he used the PTO to acquire the bond to build his homestead in Nkandla.

Zuma was answering a question from the Democratic Alliance MP, James Selfe, asking which collateral did the president use in order to raise the bond in a tribal land.

Xolani Gwala spoke to Nkosi Ndevu, to find out how a PTO works.

PTO is a system of land holding for communal people. It's a document you're given when you're a member of that particular community allocated a piece of land.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

It doesn't given you a full title holder in the land. It says you are given this piece of land to occupy it, if you are no longer using it, you must bring it back to the community again.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

Unfortunately, it's not a piece of paper recognised by banks. It's a document that you cannot take to the bank for the bank to give you a loan, because it doesn't guarantee you ownership of the land.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

I have never heard of a bank that has recognised a PTO as a collateral.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

Listen to the full interview below...


Recommended

by NEWSROOM AI
Read More
10 business tips to boost you through a tough economy

10 business tips to boost you through a tough economy

Business growth specialist, Pavlo Phitidi tracks down previously profiled businesses and advises them on their next level growth.

Zuma lashes out at 101 ANC stalwarts in policy conference opening salvo

Zuma lashes out at 101 ANC stalwarts in policy conference opening salvo

President Zuma went 'off script' on Friday when he castigated his detractors saying many denied being on the 101 stalwarts list.

Explore the magic of Madeira at the Caravela Portuguese Festival

Explore the magic of Madeira at the Caravela Portuguese Festival

This weekend, all roads lead to the magical Madeira Day festivities at Montecasino.

"Whackhead" Simpson's song about Carl Niehaus was one of Redi's faves

"Whackhead" Simpson's song about Carl Niehaus was one of Redi's faves

In 2009 Carl Niehaus was forced to step down as ANC national spokesperson after fraud allegations surfaced.

Mr. Tlhabi bids Mrs Tlhabi farewell on her last radio show #FarewellRedi

Mr. Tlhabi bids Mrs Tlhabi farewell on her last radio show #FarewellRedi

Brian Tlhabi says his wife, Redi Tlhabi makes him super happy and continues to wish her the best with her future endeavours.

[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

[LISTEN] Van Breda's call to emergency services: 'My family and I were attacked'

The chilling call Henri van Breda made to emergency services on the night his mother, father and big brother were hacked to death.

Popular articles
Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.

'The VhaVenda King is very pained by what happened to VBS and people's money'

'The VhaVenda King is very pained by what happened to VBS and people's money'

The VhaVenda King's spokesperson Mathivha Makonde says the King is calling on authorities to help him correct the wrong.

Journos provide fresh insights into the latest on state capture inquiry

Journos provide fresh insights into the latest on state capture inquiry

Journalists Karyn Maughan and Erin Bates provide insights into the state capture inquiry.

C-section births have nearly double since 2000 - study

C-section births have nearly double since 2000 - study

Professor Justus Hofmeyr says there are a number of reasons why the number of c-sections has doubled.

R10 million siphoned from VBS to Floyd Shivambu's personal account

R10 million siphoned from VBS to Floyd Shivambu's personal account

Top ANC officials, along with senior EFF members are among those being fingered in the scandal relating to more than R1 billion being siphoned out of VBS Mutual Bank.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.