Former South African Reserve Bank governor Tito Mboweni has been removed from the board of directors of the New Development Bank — commonly known as the Brics bank — after two years. Mboweni posted on Facebook on Wednesday that he had been "fired" but that "it’s ok". He said: "They are the government of the day after-all. They can do as they wish." The bank was established by the Brics countries in July 2015 with a nonexecutive director from each member country. Its objective is to fund infrastructure projects in member countries and the emerging world. At the time, it was seen as an alternative to the World Bank and IMF. Nonexecutive directors were appointed for a two-year renewable term.Mboweni was appointed by former finance minister Nhlahla Nene — his appointment was approved and announced by the cabinet. His removal took place through a telephone call from a government official last week and was not announced in last week’s cabinet statement. Spokesman for Finance Minister Malu...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.