King Lobengula of Matabeleland granted the Rudd Concession to agents of Cecil Rhodes, leading to the creation of the British South Africa Company.

Lobengula Khumalo was the second and last official king of the Northern Ndebele people. Both names in the Ndebele language mean "the men of the long shields", a reference to the Ndebele warriors' use of the Nguni shield.

Matabeleland is a region located in southwestern Zimbabwe that is divided into three provinces: Matabeleland North, Bulawayo, and Matabeleland South. These provinces are in the west and south-west of Zimbabwe, between the Limpopo and Zambezi rivers and are further separated from Midlands by the Shangani River in central Zimbabwe. The region is named after its inhabitants, the Ndebele people who were called "Amatabele"(people with long shields – Mzilikazi 's group of people who were escaping the Mfecani wars). Other ethnic groups who inhabit parts of Matabeleland include the Tonga, Bakalanga, Venda, Nambya, Khoisan, Xhosa, Sotho, Tswana, and Tsonga.

The Rudd Concession, a written concession for exclusive mining rights in Matabeleland, Mashonaland and other adjoining territories in what is today Zimbabwe, was granted by King Lobengula of Matabeleland to Charles Rudd, James Rochfort Maguire and Francis Thompson, three agents acting on behalf of the South African-based politician and businessman Cecil Rhodes, on 30 October 1888. Despite Lobengula's retrospective attempts to disavow it, it proved the foundation for the royal charter granted by the United Kingdom to Rhodes's British South Africa Company in October 1889, and thereafter for the Pioneer Column's occupation of Mashonaland in 1890, which marked the beginning of white settlement, administration and development in the country that eventually became Rhodesia, named after Rhodes, in 1895.

Cecil John Rhodes was a British mining magnate and politician in southern Africa who served as Prime Minister of the Cape Colony from 1890 to 1896. He and his British South Africa Company founded the southern African territory of Rhodesia, which the company named after him in 1895. He also devoted much effort to realising his vision of a Cape to Cairo Railway through British territory. Rhodes set up the Rhodes Scholarship, which is funded by his estate.