Public Investment Corporation

A South African court ordered the reinstatement of Patrick Dlamini as head of the Public Investment Corporation, overturning a board suspension that caused governance chaos. The court ruled the previous board acted unlawfully by suspending Dlamini without government approval, leading to a rift between Finance Minister Enoch Godongwana and former board chair David Masondo, who resigned. A new board, including Seiso Mohai and Swazi Tshabalala, now oversees the fund amid an ongoing investigation into its governance and $6 billion unlisted portfolio.

South Africa’s Public Investment Corporation (PIC), which manages over R3.6 trillion ($200 billion) in public pension assets, has appointed Deputy Minister Seiso Mohai as its new board chair, replacing David Masondo. The appointment follows a crisis involving six board members resigning after a whistleblower complaint and the suspension of the CEO. The Financial Sector Conduct Authority (FSCA) has launched a formal investigation.

South Africa’s finance minister is preparing to dissolve the board of the Public Investment Corporation (PIC) and remove his deputy, following a governance crisis triggered by the suspension of PIC’s CEO Patrick Dlamini over a flawed $24 million private equity deal. The situation has sparked internal conflict, board resignations, and a political debate over interference in the state-owned fund.

South Africa’s finance chief is preparing to remove his deputy from the chairman position at the Public Investment Corp., a state pension fund manager facing corruption and instability, according to News24.

Dangote Refinery is preparing for Africa’s largest-ever IPO, aiming to raise $5 billion with a $50 billion valuation by listing on multiple African stock exchanges. The refinery, which began operations in 2024, has expanded its capacity and is supported by financial institutions like Standard Bank and the Public Investment Corporation.