Thotlelo Victor Maduana
Chartered Accountant (CA(SA))
Johannesburg
Summary
Chartered Accountant (CA(SA), SAICA registered) with over 20 years of post-qualification experience in financial governance, audit, risk management, and compliance across diverse sectors. Demonstrates a proven track record of delivering high-impact audit, risk advisory, and financial reporting services to public and private entities, including state-owned enterprises and multinational operations throughout Africa. Recently serving as an Audit Committee Member at the City of Ekurhuleni, providing independent oversight on financial reporting and governance.
Overview
24
24
years of professional experience
Work History
CEO & Founder
Smartway Capital (Pty) Ltd
Johannesburg
03.2017 - Current
- Founded and lead a professional services firm specialising in auditing, accounting, consulting, transaction services, taxation, and risk advisory. Direct hands-on delivery and oversight of external and internal audit engagements, financial statement preparation and reviews, risk management projects, and governance advisory for private and public-sector clients.
- Key Achievements & Highlights (Audit, Risk & Financial Reporting Focus):
- Led delivery of external and internal audit services, including full financial statement audits, reviews, and compliance assessments under IFRS, GRAP, and South African regulatory frameworks.
- Provided comprehensive risk management and internal control advisory, identifying material weaknesses and implementing robust mitigation strategies for clients.
- Conducted financial due diligence, valuation, and business modelling engagements that directly informed purchase-price adjustments, deal structuring, and risk-based decision-making.
- Prepared, reviewed, and supported audit-ready financial statements and pro-forma information for clients, ensuring accuracy, compliance, and timely regulatory submissions.
- Advised senior management and boards on technical accounting issues, transaction valuation implications, and governance enhancements.
- Built and mentored high-performing audit and advisory teams while maintaining clean audit outcomes and strong client relationships.
- Developed key operational initiatives to drive and maintain substantial business growth.
- Managed partnerships and strategic business relationships by negotiating contract terms and handling conflicts.
Audit Committee Member
City of Ekurhuleni
Ekurhuleni, Gauteng
03.2018 - 06.2023
- Provide independent strategic oversight on:
- Integrity of financial reporting and annual financial statements.
- Effectiveness of internal controls, internal audit function, and risk management processes.
- Compliance with MFMA, GRAP, and other municipal legislation.
- Performance of external auditors and resolution of audit findings.
- Served on the Audit Committee and acted as chair of Audit Committee in the last 10 months as a member.
Commercial Chief Financial Officer
General Electric Healthcare – Southern Africa
Johannesburg
10.2015 - 02.2017
- Stabilised financial operations and governance amid intense competition. Resolved legacy audit and tax matters with SARS (South African and international tax law). Prepared and presented quarterly, interim, and annual Group Financial Statements under IFRS and US GAAP. Improved Contribution Margin from near zero to 24% through cost control and risk-focused deal structuring.
- Directed budget development, budgetary controls and recordkeeping to make informed financial decisions.
- Negotiated favorable credit terms with banks for increased borrowing capacity and reduced interest expenses.
- Advised Board of Directors on strategic financial matters, providing insightful recommendations backed by thorough analysis.
- Conducted detailed analysis of company financial information and oversaw preparation of related reports.
- Ensured accurate financial reporting, maintaining compliance with GAAP, SEC regulations, and internal policies.
- Formulated and executed strategic initiatives to improve product offerings.
Project & Portfolio Manager (Project Finance)
Development Bank of Southern Africa (DBSA)
Johannesburg
01.2010 - 01.2015
- Originated, structured, and executed project finance transactions (total approvals ~R12 billion; disbursements ~R8.8 billion). Reduced non-performing assets by more than 50% (>50%) through rigorous risk monitoring, turnaround interventions, and portfolio governance. Developed complex financial models (NPV/IRR) and presented investment cases to Investment, Credit, and Board Committees. Served on steering committees for project implementation.
- Presented detailed reports on portfolio performance, highlighting key drivers of growth and areas of improvement.
- Facilitated portfolio performance review and implemented new strategies.
- Collaborated with analysts to identify promising investment opportunities, maximizing portfolio growth.
- Coordinated with legal and compliance teams to ensure all investments adhered to regulatory standards, mitigating risk.
Finance Director – Africa Downstream
Shell Oil Products Africa (via Shell South Africa Energy (Pty) Ltd)
Johannesburg
11.2007 - 05.2010
- Led 34-person pan-African finance team (Controllership, Treasury, M&A, Financial Planning & Analysis). Delivered clean audits across 25+ countries despite complex regulatory environments. Implemented group-wide ERP standardisation (UMOJA Project) on time and budget. Drove risk-based financial reporting, consolidations, and strategic initiatives.
- Reduced operational costs by renegotiating key contracts with suppliers, focusing on more favorable terms.
- Successfully managed multiple audits, ensuring accurate financial information was presented to external parties without discrepancies or delays.
- Streamlined financial processes by implementing efficient budgeting and forecasting systems.
- Enhanced internal control systems and procedures to mitigate risk and support opportunities.
- Implemented and regularly reviewed financial controls to generate accurate and reliable financial data.
- Enhanced stakeholder communication by producing clear, concise, and timely financial reports that supported informed decision making.
Financial Services Manager
Sasol Limited
Johannesburg
08.2005 - 10.2007
- Led treasury and specialised finance team. Developed credit-rating models and advised on balance-sheet strategy to maintain investment-grade status. Negotiated interest-rate reductions saving >R50 million (present value). Participated in high-profile projects including response to proposed windfall tax and BEE transaction structuring. Achieved clean audits and streamlined reporting.
- Verified account reconciliations and monitored general accounting work to keep team on-track with daily and monthly functions.
- Processed transactions deposits, withdrawals and payments to loan accounts for customers.
- Provided financial reports and interpreted financial information to managerial staff while recommending further courses of action.
- Reviewed historical records, current operational data and forecasting information to identify and capitalize on system enhancement opportunities.
- Supported financial director with special projects and additional job duties.
- Implemented and regularly reviewed financial controls to generate accurate and reliable financial data.
Trainee Accountant (Articles)
Grant Thornton / Auditor-General of South Africa
Johannesburg
01.2002 - 01.2005
- Conducted external audits of major public- and private-sector clients, including:
- ICASA, Department of Agriculture, South African Diamond Board, Sage Life Group, Netcare Hospital Group, and others.
- Contributed to timely completion of financial audits by compiling necessary documentation and providing accurate information.
- Assisted senior accountants in the preparation of monthly financial reports for better decision making.
- Reduced errors in data entry by maintaining attention to detail when recording transactions in accounting software.
- Provided journal entries and performed accounting on accrual basis.
- Reviewed accounts, resolved coding areas, and tracked recurring expenses for accrual entry.
- Prepared working papers, reports and supporting documentation for audit findings.
- Facilitated training sessions for junior auditors, enhancing team proficiency and audit quality.
Education
Master of Science - Accounting And Finance
SAICA And IRBA
SOUTH AFRICA11.2005
Master of Science - Accounting
University of Natal
Durban, South Africa01.2003
Bachelor of Accountancy -
University of The Witwatersrand (Wits)
Johannesburg01.2001
Matric -
Moleshatlou Senior Secondary School
Limpopo12.1995
Skills
Financial statement review and auditing
Risk management and compliance
Audit committee management
Transaction advisory experience
Corporate governance
Effective decision making
Crisis management
Talent development
Financial acumen
Problem-solving abilities
Analytical and critical thinker
Project management
Teamwork and collaboration
Policy development
Executive leadership
Accomplishments
- Structured and successfully raised capital for Swaziland Radiology Services project (GE) – feasibility study, board presentation, and profitable debt repayment within six months.
- Coordinated multi-financier pool and disbursed ~R1 billion for Maamba Colliery power project (Zambia, DBSA).
- Led turnaround strategies for under-performing Free State municipalities (2011–2013).
- Managed Shell UMOJA ERP standardisation project across Africa – delivered on time and budget.
- Contributed to Sasol windfall tax business case and major BEE transaction.
Timeline
Audit Committee Member
City of Ekurhuleni
03.2018 - 06.2023
CEO & Founder
Smartway Capital (Pty) Ltd
03.2017 - Current
Commercial Chief Financial Officer
General Electric Healthcare – Southern Africa
10.2015 - 02.2017
Project & Portfolio Manager (Project Finance)
Development Bank of Southern Africa (DBSA)
01.2010 - 01.2015
Finance Director – Africa Downstream
Shell Oil Products Africa (via Shell South Africa Energy (Pty) Ltd)
11.2007 - 05.2010
Financial Services Manager
Sasol Limited
08.2005 - 10.2007
Trainee Accountant (Articles)
Grant Thornton / Auditor-General of South Africa
01.2002 - 01.2005
Master of Science - Accounting And Finance
SAICA And IRBA
Master of Science - Accounting
University of Natal
Bachelor of Accountancy -
University of The Witwatersrand (Wits)
Matric -
Moleshatlou Senior Secondary School