Stafford Masie, technology investor, advisor and executive MBA lecturer. (Source: Stafford Masie, with new background)
WGW Capital and other shareholders have forced Africa Bitcoin Corporation (ABC) interim CEO Stafford Masie and three other directors off the board, with Masie also stepping down as CEO at the end of February.
This follows a supplementary demand by WGW Capital that ABC announced this morning, linked to former CEO Warren Wheatley, and other shareholders holding approximately 71.8% of ABC’s ordinary shares, calling for the removal of all four directors.
ABC co-founder and former CEO Wheatley resigned in September 2026 following regulatory sanctions that saw him fined R5 million and debarred for 20 years over share transactions he maintains involved just 50 shares worth R301.
Last week, WGW Capital and other shareholders collectively holding approximately 76% of ABC’s ordinary shares demanded new board appointments, following regulatory sanctions that saw the former CEO and two other executives debarred for 20 years and fined a combined R9 million.
In a Stock Exchange News Service (SENS) announcement issued this morning, ABC said Masie and three independent directors – chairperson Norma Sephuma, Snowy Masakale and GG Alcock – “did not take the decision to resign lightly”.
ABC adds: “They have at all times acted in what they believe to be the best interests of the company. Recently, however, material differences emerged between the board and WGW.”
ABC states that after receiving the supplementary demand, the four directors “concluded that these differences could not be resolved and they accordingly resigned”.
Masie stepped into the role as interim CEO at the end of August, when Wheatley was placed on precautionary suspension, weeks before he resigned.
The FSCA determined that Wheatley, his wife Tatum Keshwar-Wheatley, and former chief investment officer Akshay Karan manipulated Altvest shares in September 2022 to artificially inflate their price and create a misleading impression of market demand.
Africa Bitcoin Corporation (ABC) founder Warren Wheatley.
Wheatley and WGW Capital were jointly fined R5 million, Keshwar-Wheatley and her investment company R3 million, and Karan R1 million. All three were debarred from the financial services industry for 20 years. They disputed the findings and have indicated their intention to challenge the sanctions before the Financial Services Tribunal.
Subsequently, the co-founder said in an open letter towards the end of last month that “stepping away from the company is deeply difficult. I, with many others, built this company from the ground up.”
Masie, who has also resigned as director of Bitcoin strategy, has confirmed his willingness to continue fulfilling his executive responsibilities until his intended final day on 28 February 2027 – the end of the financial year – including supporting management and facilitating an orderly transition to permanent leadership, ABC says.
Masie is a technology investor, advisor and executive MBA lecturer who previously served on the boards of Advtech and the Council for Scientific and Industrial Research.
GG Alcock is author of the KasiNomics books on township businesses. (Source: Tracy McDonald Publishers)
GG Alcock is an entrepreneur, informal economy specialist and author of the KasiNomics books on township businesses. Sephuma previously held roles at the Bank of Botswana and African Development Bank and served as acting head of Botswana’s privatisation agency. Masakale previously headed Vunani Fund Managers, doubling its assets under management, and held senior roles at Absa, Stanlib and Alexander Forbes.
This morning’s SENS announcement states the resignations have left ABC with just two directors – Robin Coode and financial director Jonathan Phillips.
With the four directors having resigned, ABC said the proposed resolutions seeking their removal “will no longer achieve their stated purpose and therefore will not be necessary”.
ABC also states that “the remaining directors, in consultation with the company’s advisors, are addressing the steps necessary to restore the appropriate board and committee composition in accordance with applicable statutory, regulatory and listing requirements”.
Meanwhile, the original shareholder demand to appoint two additional directors remains on the table. “The original demand concerning the proposed appointment of two additional directors remains unaffected, and the company continues to recognise its obligations in relation to that demand,” the SENS states.
ABC thanked the departing directors for their service and leadership during what it described as an exceptionally challenging period in the company’s history.
The company, which invests in Bitcoins on behalf of individuals, also says it “remains committed to maintaining operational continuity, appropriate governance oversight and the interests of its shareholders, employees, institutional funders, borrowers and other stakeholders”.