President Cyril Ramaphosa has confirmed that he has accepted Nhlanhla Nene's request to be relieved of his duties.
There have been mounting calls for Nene to resign after he admitted at the state capture inquiry that he DID meet with the Guptas on several occasions at their Saxonwold home.
Ramaphosa confirmed that former Reserve Bank governor Tito Mboweni is set to replace Nhlanhla Nene as Finance Minister with immediate effect.
After due consideration of the evidence presented by Minister Nene at the Commission, and in the interests of good governance, I have decided to accept his resignation.— President Cyril Ramaphosa
Ramaphosa has thanked Nene for his time in the ministry.
During his tenure as Minister of Finance, Mr Nene served the people and government of South Africa with diligence and ability.— President Cyril Ramaphosa
Under difficult circumstances and often under great pressure, he consistently defended the cause of proper financial management and clean governance.— President Cyril Ramaphosa
It is a measure of his character and his commitment to the national interest that he has taken this decision to resign in the wake of errors of judgment, even though he has not been implicated in acts of wrongdoing.— President Cyril Ramaphosa
WATCH: President Ramaphosa makes announcement on Nene's future