Floyd Shivambu Resigns from EFF to Join Jacob Zuma’s MK Party

In a dramatic turn of events, Floyd Shivambu, one of the founding members of the Economic Freedom Fighters (EFF), has officially resigned from the party. Shivambu, who has been a key figure in the EFF alongside Julius Malema, made the announcement on Thursday. He revealed that he will be joining the newly formed MK Party, spearheaded by former president Jacob Zuma.

Shivambu, standing alongside Malema and other senior EFF leaders, read out his resignation letter in a press conference. The decision, according to highly placed sources, stems from internal challenges within the EFF, including the recent VBS Mutual Bank scandal, which has cast a shadow over the party’s leadership.

These sources suggest that Shivambu’s departure was not entirely voluntary, as he sought Malema’s acceptance of his decision. The EFF has faced significant difficulties following the May general elections, where they failed to increase their voter base. The VBS scandal, which implicated both Malema and Shivambu, has only added to the turmoil within the party.

The VBS Mutual Bank scandal erupted when the bank’s chairperson, Tshifhiwa Matodzi, accused Malema and Shivambu of receiving illegal benefits from the bank. Matodzi, who has pleaded guilty to multiple charges including corruption, fraud, and money laundering, claimed that the EFF received monthly donations and a substantial “business loan” through a front company, Sgameka Projects. The funds, according to Matodzi, were bribes, with Malema and Shivambu personally benefiting from the scheme.

The scandal has had a devastating impact on low-income depositors in Limpopo, with over R2 billion siphoned from VBS. The EFF’s association with the scandal has caused significant damage to its reputation and may have contributed to Shivambu’s decision to leave the party.

An urgent press conference has been scheduled for Thursday, where the EFF is expected to announce “radical leadership changes,” according to insiders. The political landscape in South Africa is set to undergo significant shifts as Shivambu aligns himself with Jacob Zuma’s MK Party, a move that could have far-reaching implications for the country’s future.