Tito Mboweni

Cape Town -

Former Reserve Bank governor and labour minister Tito Mboweni looks set to remain in business as he has decided, apparently at the 11th hour, and not to take up his seat in Parliament.

Mboweni’s election to the ANC national executive committee (NEC) at the party’s national conference in 2012 was widely seen as a return to the arena of politics and governance. There was speculation that he was in the running to become finance minister.

His withdrawal nixes the possibility of a cabinet post.

ANC secretary-general Gwede Mantashe confirmed on Tuesday that Mboweni had told the party he was withdrawing, but declined to give reasons.

“He will be doing something different that he thinks is in the best interests of the country and himself,” said Mantashe.

“I don’t think it will be ethical to call a press conference to read a letter Mboweni (wrote to the ANC).

“It is sufficient to explain Comrade Tito Mboweni has withdrawn from the list…

“Obviously, he won’t just stay at home.”

Mboweni’s name was 41st on the ANC list for the National Assembly handed to Chief Justice Mogoeng Mogoeng on Friday.

The only indication of Mboweni’s future is found on his Twitter account, on which he posted on Sunday: “All things remaining the same, the future looks great for Mboweni Brothers Investment Holdings. We intend to launch a fund: MB Capital. Nice.”

The investment company was established some time ago, and is one holding in Mboweni’s business portfolio.

Mboweni resigned as chairman of AngloGold Ashanti in February, but remains chairman of Nampak and oil and gas company Sacoil.

He is also listed as a director of Discovery, the medical insurance group.

Mboweni was labour minister in Nelson Mandela’s cabinet and served 10 years as Reserve Bank governor until 2009.

He remained silent on Twitter regarding widespread comment on his withdrawal. Several posts asked for his reasons.