Nine minors rescued from illegal initiation school
An illegal initiation school operating in Jankempdorp has been shut down after authorities discovered nine underage children at the site.
The Northern Cape Department of Cooperative Governance, Human Settlements and Traditional Affairs (CoGHSTA) said the intervention followed a report received on Friday afternoon, prompting an immediate response from the Provincial Initiation Coordinating Committee (PICC).
PICC Chief Surgeon, Mlungisi Masimini, attended to the matter and confirmed that the school was operating unlawfully.
Authorities found nine minors at the initiation school, including two girls aged 12 and seven boys aged between 15 and 17.
According to preliminary investigations, three of the boys had already undergone circumcision.
The three boys have been referred to hospital for medical examinations and assessments to ensure their health and wellbeing. The remaining minors are being cared for while officials await the arrival of their parents or guardians, all of whom have been contacted.
The illegal initiation school was immediately closed and a criminal case has been opened against the owner.
The department condemned the operation of illegal initiation schools, particularly those involving underage children, saying such practices place initiates’ lives, safety and dignity at serious risk and violate legislation governing customary initiation.
The department has appealed to communities, parents and traditional leaders to remain vigilant and report any suspected illegal initiation activities to authorities.
“Protecting initiates and preserving the integrity of customary initiation practices remains a collective responsibility,” the department said.
Youth summit connects NW learners to career and employment opportunities
More than 300 learners and students from Ngaka Modiri Molema District have gathered in Mahikeng for a Youth Summit aimed at equipping young people with information on career opportunities, skills development programmes and pathways to employment.
The summit, hosted by North West MEC for Finance Kenetswe Mosenogi, brought together government departments, education and training authorities, financial institutions and industry stakeholders to provide information on education, training and career prospects.
The recent event was held in partnership with the Finance and Accounting Services Sector Education and Training Authority (FASSET), the Public Service Sector Education and Training Authority (PSETA), the Media, Information and Communication Technologies Sector Education and Training Authority (MICT SETA), the South African Qualifications Authority (SAQA) and several banking institutions.
Held as part of Youth Month and the commemoration of the 50th anniversary of the 1976 Student Uprisings, the summit sought to empower young people by exposing them to educational, training and career opportunities available through government, higher education institutions and the private sector.
Addressing students, Mosenogi emphasised that South Africa today requires skilled, innovative and determined young people to drive inclusive economic growth.
“With opportunities spanning finance, auditing, governance, technology, project management, entrepreneurship, data analysis and procurement, youth play a critical role in ensuring public resources deliver meaningful impact.
“As the economy becomes increasingly digital and data-driven, young people remain central to shaping municipal finance, infrastructure development, local economic growth and the green economy — carrying forward the legacy of 1976 through education, innovation and leadership,” Mosenogi said.
She added that the summit was an important investment in the future of young people and a fitting tribute to the generation that fought for access to quality education and equal opportunities.
“The greatest tribute we can pay to the generation of 1976 is to ensure that the opportunities they fought for are used in building a better South Africa,” Mosenogi said.
The summit featured discussions on entrepreneurship, financial literacy, innovation, skills development and employment opportunities. Participants also explored practical solutions to challenges facing young people and shared ideas aimed at expanding economic participation across the province.
Acting Head of Department Geo Paul said the initiative aligned with the provincial government’s youth development agenda and Provincial Treasury’s commitment to promote sound financial governance and inclusive economic growth.
“This engagement serves as a strategic initiative in aligning the provincial government’s youth development agenda with the mandate of Provincial Treasury and our commitment to building an inclusive economy,” he said.
The North West Provincial Treasury reaffirmed its committed to supporting youth development through programmes that create pathways to education, employment and entrepreneurship.
The department added that continued collaboration between public and private sector partners remains essential to expanding opportunities for young people, stimulating innovation and driving sustainable economic growth in the province. – SAnews.gov.za
Minister urges BRICS to centre security agenda on vulnerable communities
Minister in the Presidency Khumbudzo Ntshavheni has urged senior BRICS security officials to ensure global security responses protect the world’s most vulnerable communities.
Ntshavheni said climate justice, food security, health equity, inclusive growth and information integrity must be treated as central pillars of national and global security.
She was addressing the 16th Meeting of BRICS National Security Advisors and High Representatives on National Security in India on Tuesday, where she linked this goal to building a prosperous and peaceful Africa.
“The globe is experiencing worsening climate change with more frequent droughts, floods and extreme storms that destroy crops, damage infrastructure, displace communities and cause loss of lives.
“These events do not only affect statistics; they affect real lives, they worsen inequality, and they create conditions that breed security threats.Under these conditions, the BRICS has a responsibility to coordinate effective climate resilience,” the Minister said.
On the just transition, a framework that ensures the shift toward an environmentally sustainable, low-carbon economy, Ntshavheni said a poorly managed shift that deepens poverty or inequality would undermine national security, while a well-planned and properly financed transition can expand opportunity and strengthen democracy.
“South Africa approaches non‑traditional security threats as interlinked and mutually reinforcing. Our just transition agenda reflects the same logic.
“We are committed to lowering emissions, protecting biodiversity and modernising our economy, while managing the risks to workers and communities who depend on high‑carbon sectors,” she said.
She said climate security is closely tied to food security and global stability.
“We take this opportunity to remind BRICS member states that an unstable Africa due to climate change and other disruptions will worsen global instability,” Ntshavheni said.
She urged BRICS to support the beneficiation of critical minerals close to their source, saying Africa must move beyond exporting rock and dust to producing finished products for green and digital technologies.
“We see BRICS as an instrument to drive reform of global governance, to amplify the voice of the Global South, and to deliver practical cooperation that improves the lives of our people.
“We believe that BRICS can add value through the mobilisation of affordable finance for climate‑related infrastructure and adaptation, building regional value chains in critical minerals and green technologies, enhancing pandemic surveillance and response, and promoting climate‑smart agriculture and balanced trade in food and inputs,” she said.
Ntshavheni said these initiatives must support African priorities, strengthen the African Continental Free Trade Area and advance Agenda 2063’s vision of an integrated, prosperous and peaceful continent with silenced guns.
“For South Africa, the real danger is in a disorderly transition in which power is used selectively, international law is applied inconsistently, and shared threats are met with fragmented responses.
“In such a context, the countries and regions with the least historical responsibility for global crises often carry the heaviest burden, and that includes many in the African continent,” Ntshavheni said.
She said security also depends on whether people are free from crime, instability, hunger, disease and the abuse of information through emerging technologies.
“Security is about whether institutions such as the BRICS can be trusted to coordinate a system that drives economic inclusion for citizens of its member states, but also countries of the global South, in particular the developing and underdeveloped countries, as the BRICS reinforce a functional global multilateral system,” the Minister said. –SAnews.gov.za
Source: The Conversation – Africa – By XN Iraki, Professor, Faculty of Business and Management Sciences, University of Nairobi
Kenya’s Gen Z-led protests of 2024 drew global headlines. For weeks, young people mobilised against proposed tax increases, the rising cost of living, unemployment, corruption and what they saw as an unresponsive political class. But what began as opposition to the 2024 Finance Bill quickly evolved into a broader challenge to the way the country was being governed.
The issues that drove the protests haven’t disappeared. Questions about taxation, unemployment, public spending and inequality remain central to Kenya’s political debate. XN Iraki, an economist who has researched and taught in Kenya and beyond for more than two decades, explores the challenges.
What has changed in the government’s approach to taxation and spending?
Economic policymaking in Kenya has become more politically constrained. The government can no longer assume that tax measures will be accepted.
As a result, the government has become much more cautious when it comes to tax policy.
The government is far more careful about introducing new taxes or increasing existing ones. Several proposed tax measures have been dropped or watered down, reflecting a greater sensitivity to the political risks of being seen to increase the cost of living. These include a 16% rise in the price of electric bikes resulting from new taxation.
Instead, policymakers have pursued two alternative approaches.
The first has been to widen the tax base, particularly by targeting Kenya’s vast informal sector, which accounts for 8 in 10 jobs (over 18 million employees).
Government officials argue that the tax burden is currently carried by registered taxpayers (only 40% out of 22 million taxpayers), and that everyone should contribute.
But taxing the informal economy remains difficult because many businesses in this sector operate without formal records and survive on thin margins. Small traders are already struggling to make ends meet.
The second approach has been a gradual shift from direct taxes towards levies, fees and charges on services. These include digital payment charges. They are often less politically controversial, but they still raise the cost of doing business. In turn, higher costs can make Kenyan goods and services less competitive and place pressure on consumers.
The protests have also influenced spending priorities. The last two national budgets have included more programmes targeting young people, including internships, enterprise support and procurement opportunities reserved for youth. Yet youth unemployment remains high, at about 67% (ages 15-34). This suggests the scale of the challenge exceeds the resources being devoted to it.
The biggest fiscal consequence has been on borrowing. There are still budget deficits, so borrowing bridge the gap. Recent budgets have relied increasingly on domestic borrowing to finance spending. Domestic borrowing refers to money the government raises from Kenyan investors through the sale of treasury bills and bonds. Kenya also borrows from international lenders, which is often cheaper but carries exchange-rate risks as repayments are made in foreign currencies.
Domestic borrowing may be politically easier than raising taxes. But it raises concerns about the “crowding out” effect. This happens when government borrowing absorbs funds from lenders, such as banks, that might otherwise have been available for private sector investments and job creation.
What have been the key implications for the economy?
A major concern is that government spending has remained high. Many Kenyans expected the protests to trigger a serious effort to reduce waste and lower spending. That is work in progress.
Two spending items stand out. The first is the public wage bill, which absorbs a significant share of tax revenues. In theory, technology and digitisation should make the government leaner and more efficient. In practice, reducing public sector employment carries political risks, particularly given Kenya’s high unemployment rate.
The second is debt servicing. Kenya spends a large portion of its revenue repaying loans. This leaves less money available for development projects and public services. It creates a vicious cycle. High spending leads to more borrowing, which in turn requires higher future taxes or further borrowing.
The government is caught between competing pressures.
Citizens want lower taxes and a lower cost of living. The state needs revenue to fund services and repay debt. And politicians are reluctant to cut spending ahead of the 2027 general election.
What are the policy hits and misses?
The biggest policy success has been the government’s recognition that young people need to be more deliberately included in economic policy. Recent budgets have expanded funding for youth empowerment programmes.
Another is the gap between expectations and delivery. The government’s promise to create overseas employment opportunities for young people has generated publicity, but the numbers remain small relative to the scale of youth unemployment.
Perhaps the most important policy failure is that young people are still viewed primarily as a political challenge rather than an economic opportunity or asset.
Around the world, countries are grappling with ageing populations and shrinking workforces. Kenya has the opposite advantage: a large, educated and technologically savvy young population. Yet corruption and limited economic opportunities mean many young people feel their talents are undervalued and underutilised. This can create frustration.
What economic issues might mobilise young people again?
The issues that brought young people onto the streets in 2024 have not disappeared.
Corruption remains another powerful mobilising issue. Many young Kenyans believe public resources are still being mismanaged while essential services remain inadequate.
As Kenya approaches the 2027 elections, the greatest risk for policymakers is assuming that the protests were solely about the Finance Bill. The bill was merely the trigger. The deeper concerns – jobs, corruption, inequality, accountability and economic opportunity – remain largely unresolved. Those issues are likely to continue shaping political mobilisation, even beyond 2027.
– Did Kenya’s Gen Z protests achieve anything? An economist weighs up what’s changed and what’s stayed the same – https://theconversation.com/did-kenyas-gen-z-protests-achieve-anything-an-economist-weighs-up-whats-changed-and-whats-stayed-the-same-285722
Venezuela Energy Week 2026 has announced the launch of its Deal Room, a dedicated transaction-focused platform designed to facilitate investment, strategic partnerships and project financing across Venezuela’s evolving energy sector.
Taking place alongside the event in Caracas from October 26–29, the Deal Room will convene government representatives, national and international oil companies, investors, private equity firms, financial institutions, service providers and project developers within a structured environment focused on accelerating deal-making.
The platform moves beyond traditional networking formats, operating instead as a curated commercial interface where stakeholders engage directly on defined investment opportunities across upstream oil and gas, natural gas monetization, refining, downstream infrastructure, energy services and emerging technologies.
The launch comes amid renewed momentum in Venezuela’s energy sector, as the country continues efforts to rebuild production capacity and attract international capital into one of the world’s most resource-rich hydrocarbon basins. With the largest proven oil reserves globally and significant natural gas potential, Venezuela remains a focal point for international energy investors assessing re-entry and expansion opportunities.
Recent developments highlight growing engagement across the sector. PDVSA has strengthened cooperation with international partners including Repsol, following agreements to increase production and optimize operations at key assets such as Petroquiriquire. In parallel, Shell, Eni, Chevron and SLB have advanced collaboration frameworks spanning offshore gas developments, heavy oil production and operational modernization initiatives aimed at improving efficiency and output.
These developments reflect a broader shift toward partnership-led development models in Venezuela’s upstream sector, with joint ventures, production-sharing structures and technical collaborations increasingly central to unlocking value across mature and undeveloped assets.
“The Deal Room has been designed to turn interest into structured investment outcomes,” said James Chester, CEO of Energy Capital & Power. “It creates a focused environment where capital providers, operators and project sponsors can engage directly on opportunities and move conversations toward execution.”
Participants will gain access to a structured meeting program enabling direct engagement with asset owners, operators, government officials and financing partners. The platform will support a range of commercial outcomes, including equity participation, asset acquisitions, joint ventures, service agreements and offtake arrangements.
With interest in Venezuela’s energy sector continuing to grow, the Deal Room is positioned as a dedicated mechanism for aligning capital with opportunity and accelerating the path from engagement to transaction.
Participate in the VEW 2026 Deal Room
Companies interested in participating in the Deal Room – including project submissions, investment opportunities or partnership inquiries – can apply or get in touch via the official Venezuela Energy Week platform.
Distributed by APO Group on behalf of Energy Capital & Power.
Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s infrastructure solutions provider, received a record 13 industry honours at the recent EMEA Finance Awards, recognising transactions advancing energy security, connectivity, industrialisation and long-term capital mobilisation across Africa.
Among the award-winning transactions was AFC’s financing for the Dangote Refinery, the world’s largest single-train refining complex and a landmark investment in Africa’s energy security. Others included the Kano-Maradi railway, a strategic transport corridor linking Nigeria and Niger; and the Cabeolica wind and battery storage project in Cape Verde. The awards also recognised AFC financing for Nigeria LNG and Côte d’Ivoire’s road programme, alongside capital markets innovation: AFC’s debut sustainability-linked loan, its US$500 million perpetual hybrid bond, and Angola’s debut ¥40 billion Samurai bond guaranteed by AFC. In addition, AFC was named Best Borrower in EMEA, underscoring the Corporation’s strong market access and diversified funding platform.
Together, the awards reflect AFC’s expanding role in developing and financing the integrated infrastructure that underpins economic growth across Africa. They also underscore the Corporation’s stature as a global borrower, showcasing its innovative and diversified funding solutions across international capital markets and the confidence of investors in its credit, strategy and long-term development mandate.
Samaila Zubairu, President and CEO of AFC, said: “At AFC, we believe prosperity is intentional. It is the product of deliberate choices to align capital, infrastructure, industry and markets in ways that create productive jobs, retain more value within African economies, strengthen competitiveness and advance our economic sovereignty. These awards reflect the progress that can be achieved when long-term capital, strategic partnerships and disciplined execution come together behind transformative projects. They recognize the dedication of our teams and partners, and the growing confidence of global investors in Africa’s ability to execute and deliver the infrastructure and industrial ecosystems that underpin long-term growth and prosperity.”
Project Finance Awards received:
Best Chemical Deal – Dangote Petroleum Refinery and Petrochemicals’ revolving club working capital, bridge and supply chain financing
Best Infrastructure Deal – Côte d’Ivoire’s 540km road development and improvement project
Best Natural Gas Deal – Nigeria LNG’s corporate term loan and revolving credit facility for cleaner energy projects
Best Natural Resources Deal – FG Gold’s Baomahun gold mine project in Sierra Leone
Best Power Deal – Aksa Enerji’s 250MW combined-cycle gas power plant in Senegal
Best Rail Deal – Kano–Maradi 378km railway project in Nigeria
Best Wind Farm – Cabeolica wind farm and battery storage expansion project in Cape Verde
EMEA Achievement Awards received:
Best Borrower in EMEA – AFC Treasury & Funding Team
Best Supranational Syndicated Loan – US$1.5 billion syndicated loan
Best Sustainability Loan in EMEA – AED937.5 million debut sustainability-linked loan
Best Supranational Islamic Facility – US$400 million Commodity Murabaha facility
Best Supranational Bond – US$500 million perpetual hybrid bond
Best Samurai Bond – Angola’s ¥40 billion debut issuance
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure deficit and challenging operating environment.
Nineteen years on, AFC has established itself as the partner of choice for investing in and delivering high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications. AFC has 48 member countries and has invested over US$19 billion across 36 African countries since inception.
Eng. Yasser Ramadan, Chairman of the Egyptian Mineral Resources Authority (EMRA) has been appointed as an Advisory Board Member of African Mining Week (AMW) – The Most Influential Mining Conference in Africa – reinforcing the event’s engagement with key regulatory institutions shaping the continent’s mining sector.
In his role, Ramadan will provide strategic guidance on core themes and agenda priorities for AMW, ensuring alignment with Egypt’s mining sector vision, including regulatory reform, investment facilitation and value-added mineral development.
His appointment strengthens AMW’s position as a direct engagement platform for global investors seeking exposure to Egypt’s mining industry. It also supports Egypt’s broader national agenda to attract foreign direct investment into key mineral segments including phosphate, gold, copper and industrial minerals, which are central to the country’s industrialization and resource monetization strategy.
Under the theme Mining the Future: Unearthing Africa’s Full Mineral Value Chain, AMW 2026 will convene African regulators, including EMRA, alongside global investors and project developers for partnerships formation aimed at unlocking investment flows across the continent’s mining sector.
AMW 2026 comes at a time when Egypt is accelerating reforms and strategic initiatives across its mining sector. These include enhanced collaboration on mineral value chains, such as the Afreximbank-Central Bank of Egypt initiative to establish the African Gold Bank, aimed at financing gold mining and beneficiation projects. Additionally, Egypt’s Suez Canal Economic Zone-based Futurefert project recently secured $20 million in financing from the European Bank for Reconstruction and Development to develop fertilizer production facilities, further supporting the country’s phosphate beneficiation ambitions and regional food security objectives.
Meanwhile, regulatory reforms are also underway, including the development of a modern mining cadastre system designed to streamline licensing processes and improve transparency for investors, led by EMRA.
Through his role on the AMW Advisory Board, Ramadan will position Egypt as a key mining investment destination within Africa’s evolving resource landscape.
Members of Parliament have been urged to legislate beyond party lines on behalf of the electorate, with a focus on the factors that unite the country.
Prince Kassim Nakibinge Kakungulu, the Titular Head of Muslims in Uganda, said the country has several unifying sectors from education and health to financial development among others, and urged MPs not to dwell on party divisions.
“There is no reason why we should waste our energies on those trivialities, rather let us utilise our energies for the good of our people. When you perform well, you take the credit. Thus you should strive for it so that everybody believes in your capacity,” he said.
Prince Nakibinge made the call while hosting the Muslim Parliamentary Caucus to a luncheon at his residence in Kibuli on Friday, 19 June 2026, that was preceded by Juma Prayers at Kibuli Mosque.
The chief guest at the event, former Premier John Patrick Amama Mbabazi, reiterated Prince Nakibinge’s call to political unity in the Legislature, noting that the interests of the nation and the welfare of Ugandans must transcend partisan divisions.
“Uganda’s transformation requires unity of purpose. Listen to one another, respect defying viewpoints, seek common ground, and present a united front on issues of development, poverty eradication, education, youth empowerment and ethical governance. Political competition should never prevent collaboration in areas where the future of our country is at stake,” Amama Mbabazi said.
He encouraged MPs to guide Uganda’s transition into petrostate status, by ensuring that the petrodollar becomes a foundation for sustainable and generational wealth in the country, rather than temporary consumption.
Amama Mbabazi alluded to estimates suggesting that Uganda’s petroleum resources could support production for approximately 25 to 30 years, which he said is a relatively short period in the life of a nation.
“Oil is finite therefore it must be viewed as a springboard, not a destination. The revenues generated from petroleum should be invested strategically to promote both vertical and horizontal integration across the economy. They should strengthen sectors that will continue to create wealth long after the last barrel of oil has been extracted,” he added.
He listed priority areas like agriculture and agro-processing, science and technology, energy generation, manufacturing, transport, infrastructure, education and skills development.
“Prioritising these sectors can build an independent, integrated, self-sustaining economy that can thrive for generations beyond the lifespan of our oil reserves. You are custodians of an exhaustible national asset whose benefits must extend far beyond the present generation,” Amama Mbabazi noted.
The Chairperson of the Muslim Parliamentary Caucus, Hon. Hassan Kirumira pledged the commitment of MPs to promote the affairs and welfare of the Muslim community in Uganda.
Distributed by APO Group on behalf of Parliament of the Republic of Uganda.
March peacefully as law enforcement will quell any criminality – Premier Lesufi
Gauteng Premier Panyaza Lesufi has assured residents that the provincial government is working with law enforcement agencies to ensure that the upcoming protest on anti-illegal immigration matters is held safely and peacefully.
He noted that the province is expected to be one of the hotspots for the protests against illegal migration billed for next week.
“All of us are deeply concerned about the rising tensions and planned protest on the 30th of June over illegal immigration. As a home to many immigrants, Gauteng will be directly affected and we have therefore put clear, practical measures in place.
“Firstly, I want to be clear, we fully support the right to peaceful protest. It’s a cornerstone of our democracy and its also enshrined in the Constitution. We share the protestors’ concerns about illegal immigration. We are pleased that His Excellency President Cyril Ramaphosa has put measures in place to address this issue.
“[However,] let us be clear – we will not allow anyone to use the protest as an excuse for taking the law into their own hands. Any conduct that amounts to criminality or violence will be met with firm action,” Lesufi said in a video statement on Monday evening.
Government has intensified enforcement of immigration laws and strengthened border security through coordinated action led by the Inter Ministerial Committee (IMC) on Migration.
Successes of these interventions have resulted in, amongst others, the arrest of some 40 000 illegal foreign nationals since the beginning of this year and the establishment of the Virtual Priority Court to deal with immigration and speedily support deportation.
To promote dialogue on the issue, Lesufi announced that the provincial government will host a gathering to explore solutions “in a constructive way”.
He added that law enforcement is ready to deal with any event on June 30.
“We have met with law enforcement agencies in our province and they have briefed us on their strategy to ensure that everything on the 30th of June and beyond is handled within the law with zero tolerance for violence.
“I call upon all our citizens of our beloved province to remain calm, obey the law and allow our law enforcement agencies to do their work. We are committed to protecting every person and every piece of property in this province,” Lesufi said.
Meanwhile, National Joint Operational and Intelligence Structure (NATJOINTS) Chairperson, Lieutenant General Tebello Mosikili, has assured that law enforcement continues to “monitor the situation daily”, enabling them to identify any risks early on.
“Our integrated operational plan has been activated across all provinces. It brings together the South African Police Service, the South African National Defence Force, Metro Police Departments, Traffic Law Enforcement, Disaster Management structures and other relevant departments to ensure a coordinated government response.
“The operational focus is to protect lives, safeguard critical infrastructure, maintain the free movement of people and goods, preserve public order and ensure that all communities remain safe,” Mosikili said. – SAnews.gov.za
Over R1.7bn repaid to Ithala depositors as government pushes for final resolution
More than R1.7 billion of the R2.1 billion owed to Ithala SOC Limited depositors has been repaid since December 2025, marking significant progress in resolving the institution’s long-running financial challenges.
The update emerged from a recent high-level meeting between KwaZulu-Natal MEC for Finance Francois Rodgers, Head of Department Carol Coetzee, Finance Minister Enoch Godongwana, South African Reserve Bank (SARB) Deputy Governor Fundi Tshazibana, and Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana.
The meeting, held in Pretoria, focused on resolving outstanding issues delaying the finalisation of legal agreements related to Ithala, including the repayment of depositors and the settlement of the government guarantee.
Participants described the engagement as constructive and positive, with discussions centred on accelerating the completion of the remaining processes, while maintaining robust governance and accountability measures.
“We are encouraged by the significant strides made in repaying Ithala depositors and the strong collaboration among all stakeholders. Our focus remains on ensuring that all legitimate depositors receive their funds as quickly as possible, while upholding strict governance and accountability,” Rodgers said.
Under the current agreement between National Treasury and FirstRand Bank Limited, depositors have a three-year window to claim their funds.
However, the Government of Provincial Unity continues to encourage clients to visit their nearest First National Bank (FNB) branch with the required documentation, as efforts continue to conclude the repayment process sooner. All claims remain subject to stringent verification processes.
The meeting also agreed that, given the back-to-back agreements structured by Provincial Treasury, the role of Repayment Administrator Johan Kruger would be reviewed by the Prudential Authority. This is required in order to enable the provincial government to meet its contractual obligations contained in the agreement with National Treasury.
This was a welcomed resolution for all parties concerned and further collaboration will be required to reach final transaction by 30 June 2026. – SAnews.gov.za
