Mboweni appointed SacOil chairperson

23rd April 2013 By: Natalie Greve - Creamer Media Contributing Editor Online

Dual-listed African independent upstream oil and gas company SacOil has appointed former South African Reserve Bank governor Tito Mboweni as its independent nonexecutive chairperson from June 1.

Mboweni, a former Labour Minister in President Nelson Mandela's Cabinet and one of the World Economic Forum's Global Leaders of Tomorrow, also holds the position of independent nonexecutive chairperson of AngloGold Ashanti, nonexecutive chairperson of Nampak, and is an international adviser to Goldman Sachs International.

In addition, he is a trustee and chairperson of the Fundraising Committee of the Nelson Mandela Children’s Hospital and a trustee and member of the Thabo Mbeki Foundation.

Further, SacOil also appointed Mzuvukile Jeff Maqetuka as independent nonexecutive director with effect from June 1.

Maqetuka, who has more than 17 years’ experience in intelligence services and international relations, has occupied high-ranking positions in various South African intelligence services, culminating in his appointment as the director-general of the State Security Agency.

This position required him to coordinate and supervise the work of both internal and external intelligence agencies. 

He also held high-ranking positions in international relations-focused functions of various government departments, resulting in his secondment as South Africa’s Ambassador to the People’s Democratic Republic of Algeria.

In the private sector, Maqetuka serves as a nonexecutive director of the Eastern Cape Development Corporation and he has served as an adviser to the boards of several companies.

The appointments of Mboweni and Maqetuka were part of SacOil’s efforts to restructure its team and bring on board capabilities that would enable it to unlock the value in its underlying assets, as well as to secure new oil and gas acreage across the African continent, the company explained.

“The addition of Mboweni and Maqetuka to the board will not only add heavyweight individuals with experience and leadership roles in corporate South Africa, but also in international relations across the African continent,” SacOil CEO Robin Vela commented.

Mboweni added that it had always been his wish to be part of efforts that harnessed Africa's resources.

“The oil and gas business is one avenue through which Africa's resources can be restored to her people. I look forward to working with my new colleagues in building SacOil into a giant enterprise in the quest for Africa's development," he said.