Coloured South African parents often do what black American parents do - choose to give their children really creative, original names. But, every name comes from somewhere ... I must emphasise that I'm guessing, but:
Lloyd could easily grow an e, perhaps as a memory of
Edward, and become Lloyed; it could then moult the spare L, grow an E to partly echo
Leroy, and there you are: I'd guess again that it'd be pronounced EE-loid.
Does that convince you? Or, have you got any more information on the name? I've also assumed it's male!