Thebe snaps up Nene

Cape Town – Former finance minister Nhlanhla Nene has been appointed as a resident adviser to Thebe Investment Corporation, it was announced on Thursday.

This comes after Allan Gray appointed Nene to its board on Monday.

READ: Nene appointed to Allan Gray board - report

Nene, who was fired by President Jacob Zuma in December 2015, has been on “gardening leave” since then after the president promised the nation that Nene was being nominated to a senior post at the Brics Bank.

READ: Unlike other MPs, Nene highly employable - Roodt

Zuma told the nation in December that the urgency of the change in leadership of the Treasury was "occasioned by the need to send nominations to Shanghai, of the head of the African Regional Centre of the New Development Bank/Brics Bank, to be based in Johannesburg".

READ: Zuma defends decision to axe Nene

Nene has yet to hear from the Brics Bank, he told eNCA in an interview recently. Clearly he is not holding his breath. He will start his new role at Thebe on May 1, which will last for two years. It won’t impact on his board role at Allan Gray.

Nene will share immense skills

Thebe chairperson Vusi Khanyile said the company believes Nene’s “immense skills will be most valuable” as it “is on a growth path that requires significant financial resources and key skills in order to execute its strategy and plans”.

“Nene will support the company and the executive team as they roll out these plans,” he said. “This will include assisting the company to develop and roll-out a strategic engagement agenda and framework that will assist Thebe to properly position and equip itself for growth, whilst fully understanding the broader societal agenda for development and nation building in line with the Thebe philosophy.

“We trust that this role will enable him to make the contribution that we believe he is capable of making, whilst he realises his own professional aspirations.”

READ: Nhlanhla Nene speaks: sitting tight and watching the show

Allan Gray also excited to have Nene on board

Allan Gray shared the excitement at the prospect of winning over the former finance minister this week.

“We are very happy to have someone of Mr Nene’s experience on our board, and we are grateful that he chose to accept the appointment. We are looking forward to his strategic and leadership contribution to the board,” said Ian Liddle, Allan Gray chairperson of the board, in a statement.

Democratic Alliance MP David Maynier welcomed Nene's appointment. "The former minister has been treated shockingly by President Jacob Zuma and the ANC. The suggestion that he would be appointed to a position in the Brics Bank now looks like a blatant lie."

READ: Nene praised for integrity and excellence

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.90
-0.2%
Rand - Pound
19.84
-0.8%
Rand - Euro
16.80
-0.9%
Rand - Aus dollar
11.22
-1.1%
Rand - Yen
0.12
-0.8%
Gold
1,846.66
0.0%
Silver
21.76
0.0%
Palladium
1,970.00
0.0%
Platinum
958.50
0.0%
Brent Crude
112.55
+0.5%
Top 40
61,000
-1.2%
All Share
67,575
-1.0%
Resource 10
72,529
+1.6%
Industrial 25
72,948
-3.9%
Financial 15
15,746
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot