“I would like to convey our condolences on behalf of government and the people of South Africa,” Zuma said in a statement.
“He was one of the pioneers of Black Economic Empowerment (BEE). We are very proud as a country to have produced and nurtured such a leader.”
Zuma said Ndlovu’s contribution to BEE and the development of black managerial talent and expertise would always be valued.
Ndlovu died on Thursday at the hospital where he had been treated for cancer since 2011, his son Monde Ndlovu said. He was admitted on Monday.
Lot Ndlovu was CEO of Peoples Bank — a division of the Nedbank Group. He was president of the BMF from 1995 to 1999.
Ndlovu is survived by his wife Zanele, four daughters, a son, a son in-law and two grandchildren.
He studied business management at Wits Business School, then furthered his business studies in the United States. He held an honorary doctorate from Tshwane University of Technology.