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Mboweni to chair SacOil board

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23 Apr 2013

Mboweni to chair SacOil board

FORMER Reserve Bank governor Tito Mboweni has been appointed the independent, nonexecutive chairman for SacOil, the company said on Monday.

The company also appointed Mzuvukile Jeff Maqetuka, a former State Security Agency director-general and former ambassador to Algeria, as independent nonexecutive director.

"SacOil is humbled to have acceptances to join its board from pre-eminent South Africans such as Mr Mboweni and ambassador Maqetuka," SacOil CEO Robin Vela said.

"Their addition to the board will not only transform the SacOil board, but adds heavyweight individuals with experience and leadership roles in corporate South Africa and also in international relations across the African continent."

SacOil is an independent, upstream oil and gas company with assets in Democratic Republic of Congo and Nigeria.

Mr Mboweni said he was delighted to join the SacOil board.

"It has always been my wish to be part of efforts that harness Africa’s resources," he said.

"The oil and gas business is one avenue through which Africa’s resources can be restored to her people."

He said he looked forward to working with his new colleagues in building SacOil into a giant enterprise in the quest for Africa’s development.

In December SacOil named a new finance chief, former Murray & Roberts chairman Roger Rees, in a move the company said was key to its efforts to raise capital.

Source: BusinessDay