South African finance minister Nene resigns over Gupta scandal

Dr. Zweli Mkhize

Cassper Nyovest's hit track Tito Mboweni has captured worldwide attention after the politician it was named after was appointed the new finance minister on Tuesday.

In a public apology after his testimony, Mr. Nene said he was sorry for failing to disclose the meetings, which took place when he was deputy finance minister and later when he was finance minister.

Asked repeatedly at a media event in Cape Town whether Nene still enjoyed his confidence and what the future might hold for the finance minister, President Ramaphosa made light of the questions and pretended there was something wrong with his hearing.

Mboweni, the nation's fifth finance chief in less than three years, will have to oversee an economy that's fallen into recession and help Ramaphosa rebuild confidence battered by nearly nine years of mismanagement under former President Jacob Zuma.

"I am confident that Mr Mboweni will provide that leadership‚" he said.

Tito Mboweni is sworn in as Finance Minister on 9 October 2018.

Turning to Mboweni‚ Ramaphosa said he was coming in at a time when strong leadership was required. He was appointed labour minister in 1994 and oversaw sweeping reforms to the labour market.

Mboweni has since served as an adviser to investment banking firm Goldman Sachs and has been a director at the New Development Bank established by Brics.

N president Shahbaz Sharif arrested for corruption in Pakistan
He will be kept in a highly-secured lock-up inside the NAB Lahore office until his appearance in court, according to Dawn online. President Shehbaz Sharif was arrested by the National Accountability Bureau (NAB) on Friday in a Rs 14 billion housing scam case.

"It is critical that the commission has the means and opportunity to effectively fulfill its mandate".

Ramaphosa's spokesperson Khusela Diko told News24 there was no official comment on the reports yet, while calls to Nene went unanswered.

"It is incumbent upon any person who may have knowledge of any of the matters within the commission's mandate to provide that information to the commission, to do so honestly and to do so fully".

The president said it was in the same manner of service to the country that Nene had made a decision to step down.

However, the Mail & Guardian revealed on Friday that in 2014 the PIC - which Nene chaired - had gone to great lengths to assist Siyabonga's business partner in a venture in Mozambique.

Ramaphosa stressed that Nene "has not been implicated in any act of wrongdoing himself" and hailed him as a minister who had "defended the cause of proper financial management as well as clean governance".

Mboweni, like mineral resources minister Gwede Mantashe, has been appointed in terms of rules which permit two ministers from outside parliament.

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