Johannesburg, South Africa — In a surprising turn of events, Floyd Shivambu, deputy president of the Economic Freedom Fighters (EFF), announced on Thursday that he has resigned from the party and will be joining former president Jacob Zuma’s MK Party.
The bombshell was delivered during an urgent press conference, where Shivambu, alongside EFF leader Julius Malema and other party officials, read out his resignation letter.
Shivambu’s decision to step down has been confirmed by sources close to the situation, who said that he wanted to be released from his duties. However, the resignation has reportedly stirred internal dynamics within the EFF, as Shivambu is believed to want Malema’s acceptance of his departure.
The move comes amid mounting challenges for the EFF, including the fallout from the VBS Mutual Bank scandal, which has reportedly shaken the party following the May general elections where it struggled to expand its support base.
Speculation about “radical leadership changes” within the EFF has been rife, with Thursday’s press conference expected to provide more clarity on the future direction of the party.
Shivambu and Malema have been embroiled in controversy after allegations surfaced linking them to financial benefits from the now-collapsed VBS bank. The bank’s former chairperson, Tshifhiwa Matodzi, alleged that the EFF received illegal donations and business loans from the bank, with Shivambu and Malema personally benefiting from these transactions.
Matodzi, who pleaded guilty to 33 charges including corruption, theft, and money laundering, claimed that the EFF had been receiving monthly donations from VBS through a front company, Sgameka Projects, since 2017. The scandal left many low-income depositors in Limpopo devastated, with over R2 billion siphoned from the bank.
As the dust settles on Shivambu’s resignation, political observers are keenly watching how the EFF will respond and what this means for the party’s future in South Africa’s political landscape.