Sincephetelo Motor Vehicle Accidents Fund (SMVAF) Chief Executive Officer (CEO) David Mfanimpela Myeni has tendered his resignation and officially stepped down after more than five years at the helm.
Myeni’s resignation follows months of turmoil within the Fund, where senior executives have been placed on leave amid disciplinary processes. Chief Operations Officer Innocent Dlamini and Chief Financial Officer Martin Simelane remain sidelined, leaving the institution without three of its top executives.
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Settlement Package Cleared
Insiders revealed that after negotiations with the board, Myeni’s package was agreed upon and sent to the Ministry of Finance, the Fund’s parent ministry. The ministry has now reportedly approved the settlement in writing, and its payment now awaits clearance from the Eswatini Revenue Service (ERS).
“Before the payment of such a package, the institution must first get authority from ERS. ERS must calculate the tax obligations, and only once that is confirmed can the package be released,” an insider explained.
The Fund now awaits the secondment of an acting CEO from the Ministry of Finance.
Board Chair Confirms
Board Chairperson Zithulele Gina confirmed that Myeni had stepped down and praised the former CEO as a technically strong leader whose economics background greatly benefited the Fund.
“Yes, it is true that the CEO has handed in his resignation and formally stepped down as of August 31,” Gina said.
“He was a very good leader, technically strong, and to the staff he came across as a father figure. His training in economics made him a valuable asset to the Fund, which is very technical in nature. We will miss him and his spirit, and we wish him well in his future endeavours.”
Gina reassured the public that the Fund remains stable and capable of fulfilling its mandate to compensate road accident victims despite the turbulence.
“As a board, we have always ensured that succession plans are in place. This means that even when officials leave, those who remain are equal to the task. Succession planning has helped greatly, and the Fund continues to function,” he stated.
Turbulence at SMVAF
The turbulence at the parastatal was sparked by the controversial procurement of a SAP-ERP system, a project that spiralled far beyond its initial budget.
The board had approved E59 million for the system, with a strict ceiling of E10 million for the first phase, yet insiders say more than E42 million was spent without adequate reporting on the system’s progress.
A whistle-blower raised the alarm, prompting the board to commission a South African consultant to investigate.
The probe found no evidence of outright theft, but identified serious procedural lapses and recommended disciplinary action against Myeni, Simelane and Dlamini.
According to sources, the findings eroded trust between Myeni and the board, creating what one insider described as “strained relations at the highest level.”
Myeni subsequently asked for a “smooth exit,” which paved the way for negotiations over his package.
Career Background
Myeni’s resignation caps a career at SMVAF that began in April 2020.
Before joining the Fund, he served as CEO of the Centre for Financial Inclusion (2016–2020), where he worked on bridging policy gaps between regulators and financial institutions to expand financial outreach.
Academically, he holds an MSc in Agricultural Economics from Reading University and a Master of Philosophy in Development Finance from Stellenbosch University.
