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Pasco Risk Management: George Nicholls

George Nicholls started Pasco Risk Management with R1 000 capital, working out of his dining room as an independent consultant. Today he runs an international company worth
R60 million.

Juliet Pitman



George Nicholls

Recognised as the leader in risk management services in South Africa, Pasco has been commissioned by the National Prosecuting Authority (NPA), the South African Witness Protection Programme and the United Nations International Criminal Tribunal in Rwanda, amongst other international corporate organisations.

What’s interesting is that Nicholls never imagined he’d be where he is today. In fact, when he started out, his vision didn’t extend beyond the humble desire to be self-employed, make a good living and do interesting work. This unplanned success might make it all the more remarkable but it would also be disingenuous to suggest that it happened by accident. Rather, his is a story of organic growth, of taking the right opportunities when they came his way and, as Nicholls insists, of having a measure of luck.

Starting small

In the early 2000s the global risk company that had been sub-contracting Nicholls to provide local knowledge and expertise, decided to exit South Africa and approached him to look after its clients. It was the first step into the realm of running a small company. “I hired one employee and then, as a result of the work we’d been doing in the security industry, we were
approached by the NPA to provide them with security, advisory and training services. It was a long-term project so we employed a couple more people and this took the staff complement to five,” Nicholls explains.

This was typical of the company’s growth in the early years, with new staff being employed as new projects created a greater demand. “Unsurprisingly for someone who runs a risk management company, I’m fairly risk-averse so I was content for things to grow slowly and in line with the work that we were getting,” says Nicholls.

Changing direction

In June 2004, Pasco won a tender to provide skills development and training services to the South African Witness Protection Programme. “At the time we were still operating from my dining room, using the  local News Café as our ‘boardroom’,” Nicholls recalls. But the project and the company’s growing expertise brought Pasco to the attention of the United Nations International Criminal Court, which contracted the company to provide similar services to the Criminal Tribunal dealing with the Rwandan genocide.

It was a tipping point for Pasco, allowing the company to rent its first offices and providing it with a taste of non-government work. “On the back of that project, we took a strategic decision to transition from government services to commercial work, and that’s where we’ve been ever since.”

A door into Africa

More importantly however, the project provided a door into Africa, “At the time, international risk management companies wanting to do work on the continent had one of two options. They could parachute their own people in, or they could sub-contract us. The result was that we started gaining lots of experience in Africa,” Nicholls explains.

Over time, Pasco developed an extensive network of African contacts, which allowed it to gain access to information that international companies struggled to obtain. “We realised that having a presence in London would allow us to speak directly to clients and obtain African-related work for ourselves, instead of being sub-contracted. It would allow us to compete head-to-head with London-based competitors,” he adds.

Going global

After establishing a holding company in South Africa and a London-based company in the UK, Nicholls spent 18 months getting Reserve Bank approval to invest money offshore, and in 2007, the company invested R8 million in the establishment of the London office. “I’d never done anything like it before and it was pretty daunting. It took a long time but we just took baby steps, building up a store of capital from our London work to fund the growth of the operation,” he explains. In 2008, using the same model, Pasco opened an office in the United States. More recently, their presence in Dubai has helped the company develop successful relationships and clients in the Middle East. Having established the company as an expert in Africa, Nicholls recognised the differentiating potential inherent in emerging markets. “Because the risk management market is sophisticated and mature in developed economies, it’s highly competitive and margins are slim. But the same is not true of emerging markets and I realised that our growth potential lay here,” he says.

But emerging markets are far more complex and opaque. International risk management companies are faced with the challenge of how to gain access to reliable information and, in some cases, to the countries themselves. “Our extensive network of contacts and correspondents, as well as the passports our employees hold, allow us easy access to these markets, often quicker than our international competitors,” Nicholls explains.

Today the company has a presence in London, Los Angeles and Dubai and its sights are set on Latin America. Wholly-owned subsidiaries that are independently run according to a decentralised structure, these offices are able to move quickly when opportunities present themselves, and have allowed the company to grow in each of its markets.

The future

Recently Pasco has turned its attention to growth through the development of specialised safety and risk management products in two new divisions. TravelSafe provides security advice, protection and crisis response for companies sending personnel into high-risk environments, and has been used by royal households, African heads of state, CEOs and the England football team during the 2010 FIFA World Cup. ReVu, launched in 2010, is a secure feature-rich electronic discovery system for law firms and corporates, allowing them to dramatically reduce the time and effort required for document discovery and review. These new divisions have given the company an appetite to explore similar growth areas. “It’s an exciting growth period for the company,” says Nicholls.

Funding the operation

Pasco has been entirely self-funded from the outset. “Very early on I decided to run the finances of the company as an independent shareholder, which meant leaving capital in the company to build it up, instead of taking out all the profit,” says Nicholls, who frequently went without a salary in the early start-up days. “There were many end-of-the-month Salticrax moments,” he jokes.

And although Nicholls is proud of the fact that the company has never had to borrow a cent, he also admits that it wasn’t easy. “One of our biggest challenges was getting clients to pay us. I spent a lot of time, particularly on the government projects, trying to extract payment so that we could manage cash flow,” he says.



Lesego Maphanga of Standard Bank

Lesego Maphanga is young (he only graduated in 2014 with an Industrial & Systems Engineering degree), yet he has already made a name for himself in multiple industries. His secret to success? Always doing more than is asked of him.

GG van Rooyen




Vital stats

  • Player: Lesego Maphanga
  • Company: Standard Bank
  • Position: Manager: Card & Emerging Payments; Africa Regions
  • About: At only 27, the maths & science whizz works at Standard Bank as an Emerging Payments manager responsible for implementing remittances products across multiple African Regions. He also has his own radio show on CliffCentral called the Urban Culture Drive, and is founder of social entrepreneurship movement called Unplugged and in Charge.

I studied engineering knowing right from the start that I would never work as an engineer. I just couldn’t see myself working at a mine, or something like that, but I knew that engineering would give me a solid foundation and allow me to keep my options open. A STEM (science, technology, engineering, maths) degree is a great base, as it shows that you have a mind for numbers and the analytic mindset needed to get things done. I don’t think you can go wrong with a degree in one of these fields, even if entrepreneurship is your ultimate aim.

Related: 20 Quotes On Coping With Change From Successful Entrepreneurs And Leaders

How can I set myself apart?

You have to ask yourself this question. There’s a lot of competition out there. You might have a great academic history or work experience, but so do a lot of people, so you need to have a differentiator — something that makes you stand out. I entered Mr South Africa, for example, because I knew that it would increase my profile and add something interesting to my CV. I didn’t win, but I was a top-five finalist, which was good enough for me.

Find interesting things to add to your CV as well, since it’ll make it stand out in a massive pile of similar submissions.

Always go the extra mile

I had a lecturer who always said: “There are two kinds of bad engineers. There are those who don’t do what they’re told to do, and there are those who only do exactly what they’re told to do.” You need to add value and show that you are a crucial part of a team, so don’t just do what you’re told. Instead, look for ways in which you can go beyond the brief. Work hard and spend time coming up with your own ideas and projects. At the end of my studies, I interned at Standard Bank. I knew that I only had five weeks to make an impression, so I gave it my all. When you’re young, you don’t have many responsibilities apart from work, so that’s the time to put everything into your work.

Be audacious and make things happen

Seizing an opportunity that comes to you is great, but creating your own opportunities is even better. Don’t take no for an answer, and don’t wait for someone to give you a chance. A friend and I had an idea for a radio show and decided to put a proposal together. We had no experience and no contacts in the field, but we emailed our proposal to everyone we could think of. We spammed them, sending it out every single day. Eventually, CliffCentral got in contact 
with us.

Related: Design The Life Of Your Dreams Using These Simple Tips

I don’t want a ‘normal’ life

I want an extraordinary life, so I demand a lot of myself. I think Elon Musk is a great example of this. He’s doing things no one thought possible. Of course, it requires extreme levels of dedication and hard work. If you’re aiming for the top, I don’t think work/life balance is possible. You need work/life integration. You need to be pursuing your passion all the time. If you’re on a path you’re truly interested in, work doesn’t feel like sacrifice.

Exercise is important to me

I go to gym twice a day. It’s significant to me, as it allows me to relax and clear my mind. It also provides structure to my life. When I get up early and go to gym, I find that the rest of my day falls into place. It sets the tone. As long as I maintain focus in this part of my life, I find that things overall stay under control. Sometimes, though, I need to take a day off and just sit in front of the TV. Generally speaking, however, I find that routine helps maintain focus and momentum.

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Joel Stransky Shares His Insights On What Makes A Great Leader

Enter Joel Stransky just as friendly as the rest of the team, also casually dressed, also wearing a smile. As a founding director of the innovative Pivotal Group, he explained that their value proposition particularly in Pivotal Talent.

Dirk Coetsee




Posters displayed on companies’ walls representing the business’ Vision and value system are a common occurrence. A general value that numerous companies share is to be client centred and to provide excellent service. Yet, unfortunately a proportion of companies do not live according to their values as tools to actualize their collective Vision.

An observant individual would take only a few seconds to notice that the Leadership group at Pivotal has gone to great lengths to establish a definitive and value driven culture as well as a motivating climate for their team members. As I waited in the reception area I was met with smiles from several people passing by and there was generally no way to assess what their position was as they were all casually dressed, friendly and approachable.

Related: 5 Things Businesses Can Learn From Rugby

Enters Joel Stransky just as friendly as the rest of the team, also casually dressed, also wearing a smile. As a founding director of the innovative Pivotal Group, he explained that their value proposition particularly in Pivotal Talent, is the use of Augmented Intelligence and data analytics within the “human capital space”.  The application of AI and data makes talent acquisition and career guidance much less of an enigma and challenge as opposed to the recent past where traditional talent acquisition and career guidance methods became less and less successful and more and more time consuming.

The “pivot” of the 1995 Victorious Springbok world cup team shared that he always starts off an employee-employer relationship with the assumption of mutual trust and respect. He believes that once you have put in the sincere effort to understand people better, bigger belief in them is a natural result.

“The greatest asset in business is people,” Joel passionately explained and added that it is possible for a brilliant product to fail in the long run when the wrong people are employed.


“Hiring the right people that would not only help sustain the current culture but add more value to it is critical to any team or companies’ sustainable success,” Joel explained. The Millennial generation think differently and have different expectations from a working environment, therefore it is a critical factor for any manager and/or Leader to understand what drives the emerging generation and also how to manage the polarity of generational gaps.

Related: Servant Leadership – Will You Serve?

As a result of diversity and generational gaps Leadership and management has become a fascinating space to operate within South-Africa as not only cultural and language barriers might offer a challenging HR environment, the millennial generations unique behaviours amplify the need for useful adaptations within all spheres of work.

As a practical example, employee X is twenty-three years old. Some of the key questions that management needs to figure out, that is if they sincerely want the best for, and the best out of employee X, are:

  • Is X motivated by monetary rewards and/ or does she/he need a regular hug to feel part of and add to the company culture?
  • Does X need to interact with management socially for example be taken out do dinner?
  • What skills does X have or lack that impacts his/her performance?
  • It is impossible to motivate someone else. In what way can I create an environment for X wherein he/she can motivate himself/herself and excel?

How you satisfy Xs’ needs and manage all related factors to his or her needs has become critical success factors in how we as leader’s approach career development in general.

Reflecting on the development of his own sports and business career, as well as his family life Joel is adamant that whatever drives you in sport also drives you in business and within your family life. Whatever he has achieved within all aspects of his life came as a result of setting goals and making those goals a reality.

Both in sports and in the business world within South Africa there is a general tendency towards over structured management and coaching. Although a structure and daily management is an integral part of business and sports, a paradigm shift towards inspirational Leadership that empowers other leaders to succeed is key in terms of serving others and creating a motivating and sustainable environment within which all team members can thrive.

Reflecting on Joels’ observation: “Our countries’ value chain is broken” the moment has most certainly arrived within which more and more value driven and ethical Leaders, emerging from all generations must arise and collectively work towards an improved future.

Critical to the actualisation of a collective future vision is the development of Leadership skills therefore one of the keen interests of the author is to recognise and learn from other Leaders’ character traits. Joel’s’ highly effective communication skills underpinned by the core people skill of active listening quickly came to the fore as he could quote part of my question and comments in each of the very insightful answers that he provided. His keen willingness to innovate and to create inspiring working environments makes his enthusiasm and skill as a Leader tangible.

Let us all challenge ourselves to learn from prime Leadership examples offered by individuals such as  Joel Stransky and leave more and more Leaders behind for only in such a way can an inspiring future be built.

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Company Posts

Nhlanhla Dlamini Not Only Has Guts, But Grit – In Spades

An alumnus of WBS and Harvard Business School, Nhlanhla Dlamini did some soul searching when he was doing his MBA at Harvard, and knew that the corporate ladder, although tempting, was simply not going to be enough.

Wits Business School




It takes guts to venture into entrepreneurship. And when you’re in a ‘cushy’ job with a top global auditing firm who are grooming you for partnership, it takes even more guts.

Nhlanhla Dlamini not only has guts, but grit – in spades.

An alumnus of WBS and Harvard Business School, Nhlanhla did some soul searching when he was doing his MBA at Harvard, and knew that the corporate ladder, although tempting, was simply not going to be enough.

“I started thinking, ‘what is the best thing I can do with my life?’”, recalls Nhlanhla. “I always felt a pressing need to get involved in lowering the unemployment rate in South Africa.  It’s a notoriously difficult space, but entrepreneurship is the real engine of job creation and I felt compelled to rise to the challenge.”

When he left his job at McKinsey in March 2015, Nhlanhla decided to explore the agricultural sector – having no idea what product or what part of the value chain he would end up in. He spent until December that year exploring the agri-food sector, gaining as much understanding as he could about the entire industry by talking to famers, co-ops, agricultural associations and various other stakeholders.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

“I wanted to export products to the US and I looked at tree nuts, blueberries, dairy products or meat. Because of stringent FDA regulations, meat wasn’t an option – but a friend of mine from WBS days suggested meat in the form of pet food.”

And so Maneli Pets was born, and Nhlanhla moved his fledgling business into a factory, which he re-purposed for meat processing, in October 2016. By June 2017, he had started operations with 30 employees on board, and by September he had 50 employees.

Maneli Pets

What makes Maneli different from other US-bound pet food products in an already saturated market? The answer is high protein meat from animals that are unique to South Africa.

“I discovered a market for the off-cuts of meat  from specialist butcheries – so crocodile, warthog, ostrich etc,” Nhlanhla explains. “The result is a very high quality, high protein pet snack with a difference – and US pet owners are willing to pay for the best they can get.”

Under the brand name ‘Roam’, Maneli Pets products are exported to a pet food wholesaler in Boston, US, owned by the family of Nhlanhla’s former WBS classmate, who had planted the seed of the idea in the first place.  Nhlanhla is now preparing to launch the products under another brand name for distribution in South Africa and export to the EU.

But pet food is only the start. Maneli Pets is an offshoot of the Maneli Group, a diversified food company which is looking ooking to build further businesses in the green energy sector, while boosting black entrepreneurship.

According to a City Press report, South Africa has relatively few black-owned food production businesses, which is why government is actively promoting agro-processing and the manufacturing sector in general to spur economic growth.

Nhlanhla has worked tirelessly to secure government funding, and was thrilled to obtain R26 million from the Industrial Development Corporation (IDC). Just last month, he received the news that Maneli Pets had been awarded grant funding of R12.5 million from the Department of Trade and Industry’s Black Industrialists Scheme (BIS).

Nhlanhla, who was also a Rhodes scholar at Oxford University, considers his PDM at WBS a “superb” way of preparing a student for the real world of work. “The group dynamics was an essential learning experience in terms of delivering on a mandate with a group with entirely different skill sets.”

Related: Edward Moshole Founder Of Chem-Fresh Started With R68 And Turned It Into A R25 Million Business

Describing himself as a “passionate and active WBS alumnus”, Nlhanhla still stays in regular contact with a core group from his PDM class, proving that one of the enduring benefits of a PDM (and an MBA) is the opportunity to connect and network with like-minded people and form life-long friendships.

Apart from what he learnt in the Entrepreneurship Management module of the PDM, such as the pillars of entrepreneurship, macro trend support and financing an idea, Nhlanhla considers the keys to success are threefold: Recognising the value of a social network, tenacity – and just a little luck!

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