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.
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.
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".
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.”
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."