Tito Mboweni appointed new finance minister after Nhlanhla Nene’s abrupt resignation

Lesetja Kganyago

President Cyril Ramaphosa appointed former central bank Governor Tito Mboweni as his finance minister on Tuesday, replacing Nhlanhla Nene, who lied about his meetings with three businessmen accused of plundering state funds.

Last Wednesday, while giving testimony at the commission of inquiry into state capture, Nene admitted he had met with the controversial Gupta family at least six times at their Saxonwold home during his tenures as deputy finance minister as well as during the early stages of his first stint as head of Treasury.

The Business Day on Monday reported that Nene had asked president Cyril Ramaphosa to relieve him of his duties as finance minister.

"It's a measure of his character and commitment to the country that he has made a decision to resign in spite not being implicated in any wrongdoing", the president said.

By accepting Mr. Nene's resignation, Mr. Ramaphosa is setting a tough new standard for corruption issues.

All the while, the country's third largest political party, the EFF had been shouting from the side-lines for Nene to "come clean", threatening to expose him if he did otherwise. Many ministers in his cabinet and the previous Zuma cabinets have held meetings with the Guptas, and some have provided favours to the family.

Until the latest revelations, Mr. Nene was widely seen as a hero of the resistance to corruption. Five months after refusing to sign a letter of guarantee that would have given the project to Russia's state-controlled nuclear energy company, Mr. Nene was sacked from Mr. Zuma's cabinet and was briefly replaced by a pro-Gupta minister.

Nene was born on December 5, 1958, and appointed finance minister on February 27, 2018. The nuclear project was eventually shelved.

"Mboweni possesses the necessary integrity, skills set and experience which can generate confidence in the markets, among investors and generally in the business community", said Raymond Parsons, a professor at the North West University's School of Business and Governance.

The local currency, which briefly fell below 15/$ in the early afternoon on Tuesday as uncertainty around the fate of Nhlanhal Nene lingered, ended up 1.8% stronger against the greenback, an indication of positive market reaction to the appointment of finance chief of the former SA Reserve Bank governor.

Related News:



Most liked

Israel army in pursuit of Palestinian who killed two Israelis
Gaza's Hamas rulers and other militant groups praised Sunday's attack, but none claimed responsibility for it. They were shot dead by a Palestinian gunman at the Barkan Industrial Park near the settlement-city of Ariel.

US First Lady in Cairo wrapping up Africa trip
Melania Trump is getting a lot of attention over a hat she wore during her visit to Africa this week - and not in a good way. Trump told reporters that the central message of her trip was to "show the world we care". "I'm against any kind of abuse".

Facebook launches Portal, Portal
Both the Portal and Portal + are available to pre-order today, though as I said they're restricted to the USA for the time being. For those concerned about privacy, both Portals have a button that mutes their mics, as well as a physical cover for the camera.

Lewis Hamilton surprised by Ferrari's drop in performance
I don't regret the move, obviously with that outcome you would do it differently because with hindsight it's always easy. The move led to Vettel spinning onto the run-off, with little effect on Verstappen's position.

Gareth Southgate happy to hand a chance to 'exciting' players
"They're confident players, we'd like to work with them now so that they get an understanding of how we work and we get a closer look at them".

Emery unsure on Arsenal's title chances
Aubameyang put the seal on Arsenal's stroll in the autumn sunshine in the 79th minute, deftly converting Bellerin's cross. Torreira will hope to start again for the Gunners after the worldwide break when they take on Leicester at the Emirates.

Manchester United have been embarrassing - Alan Shearer
England midfielder Dier struck his first club goal in 18 months as Tottenham made it three victories in as many league matches. Beating Newcastle , at home, is not a told-you-so moment.

Conor McGregor, 'I'll Be a Billionaire In 5 Years'
But just because he didn't want to wait for McGregor, it didn't mean the Russian wasn't thinking about McGregor. "No, not yet. It nearly did not matter, as Nurmagomedov was already sort of the uncrowned lightweight champion going as far back as 2015.

Kavanaugh's Freshman Roommate James Roche Says Kavanaugh Lied
Christine Blasey Ford - nor the witnesses who corroborate her testimony - can not be called an investigation", the lawyers said. The FBI's probe into allegations of sexual assault directed at Supreme Court nominee Brett Kavanaugh is finished.

Liverpool v Manchester City
It is about being consistent every three days during 11 months. " Benjamin Mendy trained with us today and is in contention". Klopp has been described as Pep Guardiola's nemesis but the German insisted there is no magic formula to beating City.

Pep Guardiola: What I really think of Liverpool FC under Jurgen Klopp
Klopp is likely to keep faith in the front three of Salah, Mane & Firmino as he looks to press Manchester City high up the pitch. Even if he does use that system, Sterling playing as a second striker might be a better bet.

HOT TOPICS: Melania Trump arrives in Kenya
She had pin-pointed promotion of child education, fight against HIV/AIDS and conservation as her pivotal areas of focus. The US First Lady is on a four-leg tour of Africa where she is promoting her children's welfare programme.

These Responses to FEMA’s Presidential Alert Test Are Peak Internet Culture
The test message will be similar to regular monthly EAS test messages with which the public is familiar. A secondary test will go out at 2:20pm ET from the Emergency Alert System to radio and television.

RBI keeps policy rate unchanged in surprise move, rupee tumbles
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,842 crore Monday, provisional data showed. Stocks markets crashed up to 2.24% due to heavy selling pressure banking, energy, pharma and IT stocks.

Brett Kavanaugh Defends ‘Too Emotional’ Tone In Wall Street Journal Op-Ed
She testified that a drunken Mr Kavanaugh pinned her down, tried to remove her clothing and covered her mouth when she screamed. The three were briefed together on the investigation in the secure room senators were using to view the report.