JOHANNESBURG, SOUTH AFRICA – OCTOBER 03: Finance minister Nhlanhla Nene testifies during Zondo’s commission of inquiry into state capture on October 03, 2018 in Johannesburg, South Africa. Testifying at the inquiry, Nene revealed that, in a 2-3 minute meeting, former president Jacob Zuma told Nene he was removing him a finance minister and that he would be deployed at the Brics bank. (Photo by Gallo Images / Netwerk24 / Felix Dlangamandla)
Nhlanhla Nene relieved of his duties, Tito Mboweni appointed new Finance Minister
Nene’s failure to appropriately disclose his dubious meetings with the Gupta family in a timely fashion led to the public outcry.
JOHANNESBURG, SOUTH AFRICA – OCTOBER 03: Finance minister Nhlanhla Nene testifies during Zondo’s commission of inquiry into state capture on October 03, 2018 in Johannesburg, South Africa. Testifying at the inquiry, Nene revealed that, in a 2-3 minute meeting, former president Jacob Zuma told Nene he was removing him a finance minister and that he would be deployed at the Brics bank. (Photo by Gallo Images / Netwerk24 / Felix Dlangamandla)
Nhlanhla Nene has been relieved of his duties as South Africa’s Finance Minister, due to contradictions and mistruths made during his appearance before the Commission of Inquiry Into State Capture.
President Cyril Ramaphosa made the announcement on Tuesday afternoon, following mounting pressure from political parties and members of the public alike. Nene’s failure to appropriately disclose his dubious meetings with the Gupta family in a timely fashion led to the public outcry.
New Finance Minister Tito Mboweni
Following the acceptance of Nene’s resignation, President Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa.
The 59-year old former central bank governor headed the South African Reserve Bank from 1999 to 2009. His biggest achievement at the time was building the nation’s foreign-exchange reserves to almost $40bn from less than $10bn.
Nhlanhla Nene admits he made a mistake
Although Nene did eventually admit to clandestine meetings involving the infamous Gupta family, his earlier contradictions and denials damaged his professional character beyond repair. Following his admission of guilt, Nene issued a public apology and requested that the president relieve him of his duties, saying:
“I was wrong for meeting the Guptas at their residence, and not at my office or at least in a public place. As soon as I became aware of the controversy swirling around the family’s dealings, I should have called a meeting along with the Treasury.
I am human too, and I make mistakes. It’s reasonable for the public to expect [politicians] to own up fully and timeously to the mistakes, they make when carrying out public duties. I therefore failed to live up to those ideals. I deeply regret these lapses and beg your forgiveness.”
Nhlanhla Nene and Public Investment Corporation scandal
Worse still, Nene has also being accused of showing nepotism towards his son, Siyabonga, in a dodgy PIC deal involving Mozambique oil refinery S&S Refinarias. Nhlanhla Nene was the chairperson of PIC between 2008 and 2014, stepping down after he became finance minister four years ago.
Siyabonga’s business partner, Amir Mirza, is said to have received a $1.7m payment for introducing the PIC to an investment opportunity while Indiafrec secured their $25 million loan from the organisation during Nene’s last months of governance. It’s alleged that Mirza was intricately involved with the Gupta clan.
