Floyd Shivambu's resignation prompted by a fallout with Malema ...

EFF leader Julius Malema and his deputy Floyd Shivambu in happier times during the party's 11th birthday anniversary rally at AR Abbas Sports Ground in Kimberley on 27 July 2024. Allegations that Shivambu would challenge the party's leadership led to the relationship breaking down

POLITICS

Floyd Shivambu submitted his resignation as the EFF’s deputy president on Wednesday evening.

City Press has been reliably told that the EFF’s second in command resigned following a fallout with firebrand party leader Julius Malema.

The source, who is a member of the party's top structures, said:

According to the source, Shivambu was approached by a group of wealthy businesspeople who allegedly promised him a lot of money to fund his campaign to contest Malema at the party’s elective congress in December.

Shivambu had allegedly agreed to accept the offer.

All hell broke loose after Malema apparently got wind of what Shivambu was up to.

The insider explained:

The EFF is expected to brief the media at their Braamfontein headquarters in Johannesburg at noon (12pm) on Thursday.

According to information, Malema is not only going to announce Shivambu’s resignation, but of several others as well.

“There are a few people who have resigned. Mzwanele Manyi is one of them,” said the source.

Manyi allegedly resigned after just over a year since he became an EFF MP in June last year, and just a month after he quit the African Transformation Movement (ATM).

Shivambu has served as its deputy president since the EFF's inception in 2013.

The party hoped to make big gains - particularly in Gauteng and KwaZulu-Natal -but it had a disastrous electoral outcome.

Notably, the EFF slipped from being the third-largest party to the fourth position, overtaken by the sudden rise of the Jacob Zuma-led Umkhonto weSizwe Party.

Shivambu's potential departure is further clouded by allegations that he may face charges related to the VBS Mutual Bank scandal, involving accusations of corruption and large-scale looting.

Tshifhiwa Matodzi, the central figure in the VBS scandal who had his witness statement leaked, suggested prima facie evidence that both Shivambu and Malema were involved in a scheme to defraud VBS Bank and its clients.

READ: Malema, Shivambu in hot water with EFF over VBS

The allegations claim that they used the illicit proceeds to fund extravagant lifestyles and acquire properties, leaving many, including pensioners, devastated as their savings were lost.

- This is a developing story. More updates to follow after the press briefing