"[9] Earlier, he had been mentioned as a possible successor to Finance Minister Trevor Manuel in a possible Jacob Zuma-led ANC administration in 2009.

[10] In November 2008 President Kgalema Motlanthe appointed Nene as South Africa's Deputy Minister of Finance.

Mr Nene enjoys a lot of respect in the sector locally and abroad, having also served as a Deputy Minister of Finance previously."

[15] Markets reacted extremely negatively to Nene's replacement by Van Rooyen, and South African Rand dropped as much as 5.4 percent against the dollar in a single day.

The Presidency announced that Nene had been nominated to lead the African Regional Center of the New Development Bank/BRICS Bank in Johannesburg.

[citation needed] In a Sunday newspaper Nene said he had acted "in the best interest" of the country when he took on President Jacob Zuma's close ally, SAA chairwoman Dudu Myeni.

Cyril Ramaphosa succeeded Zuma as President of South Africa in early 2018, and appointed Nene as Finance Minister.

The chair malfunction occurred while Nene was answering questions concerning Finance Minister Trevor Manuel's mini-budget on the programme View from the House.

[24] SABC spokesman Kaizer Kganyago called the event "unforeseeable and an accident," adding that "Mr. Nene must be applauded for being a true professional.

[26] Though Nene has said that the incident would not be good for his public image[23][24] he later joked about it, stating that he had asked colleagues not to refer to his job title of Chair of the Committee whilst in his company.

"[24] He indicated that his children have been teased about the incident at school by classmates, and he reportedly sought legal advice concerning his rights and options regarding the way the video was leaked.