Malusi Gigaba is new finance minister

Malusi Gigaba will replace Pravin Gordhan as finance minister following a late-night cabinet reshuffle by President Jacob Zuma.

A major cabinet reshuffle is unfolding and at least nine ministers and six deputies are said to have been axed.

Sources confirmed that Gordhan has officially been removed from his position as Zuma met with ministers individually this evening.

The meetings follow an earlier meeting with the ANC's top leaders.

Zuma on Monday recalled Gordhan from roadshows in London and the US aimed at investors and ratings agencies, triggering renewed speculation of a cabinet reshuffle.

The president also cancelled deputy finance Minister Mcebisi Jonas’ trip to the same events. It is believed Jonas will also be removed.