Johannesburg, South Africa — Floyd Shivambu, the deputy president of the Economic Freedom Fighters (EFF), has reportedly resigned from his position within the party. Highly placed sources confirmed to IOL that Shivambu has requested to be released from his duties, sparking a wave of speculation about the party’s internal stability.
Shivambu’s decision is said to be awaiting the acceptance of EFF leader Julius Malema, further fueling the narrative of deepening tensions within the party. The resignation follows a series of challenges, including the fallout from the VBS Mutual Bank scandal, which has plagued the EFF in the aftermath of the May general elections, where the party struggled to increase its support.
An “urgent press conference” with EFF officials has been scheduled for Thursday, where sources indicate the party will announce “radical leadership changes.”
Both Julius Malema and Floyd Shivambu have faced intense media scrutiny over allegations that they financially benefited from the VBS Mutual Bank scandal. The two leaders have been accused of corruption, fraud, and money laundering, with Tshifhiwa Matodzi, the former chairperson of the bank, claiming they accepted illegal benefits from the bank.
Matodzi, who pleaded guilty to 33 charges including corruption, theft, and money laundering, has alleged that the EFF received monthly donations and a business loan of millions of rands from VBS through a front company, Sgameka Projects. According to his claims, Malema and Shivambu personally benefited from these illegal funds.
The scandal had a devastating impact, particularly on low-income depositors in Limpopo, as more than R2 billion was siphoned from VBS Mutual Bank.
The upcoming press conference is expected to provide further clarity on the future leadership of the EFF and the party’s response to the mounting allegations.
Source: IOL