The South African National Roads Agency has appointed Pretty Nozipho Makukule as its new Chief Financial Officer, with effect from 1 February 2026. The appointment ends a lengthy vacancy in one of the agency’s most critical executive roles, following the departure of the previous finance chief in mid-2024. The announcement was made through a regulatory update to debt investors after the close of trade.
Makukule joins Sanral after serving as Chief Financial Officer at South African National Parks, where she oversaw financial management in a complex public entity with significant infrastructure, conservation, and tourism responsibilities. According to Moneyweb, her appointment comes at a time when Sanral is under sustained scrutiny from both the market and the public sector over governance, procurement, and balance sheet discipline.
READ – Why Sanral’s CFO is departing after 21 years
The CFO position has been vacant since July 2024, when Inge Mulder resigned, leaving the agency without a permanent financial head during a period of rising debt obligations and heightened oversight. Sanral’s funding model relies heavily on the capital markets, and the absence of a permanent CFO has been noted by investors monitoring the agency’s ability to manage long-term liabilities linked to toll roads and national infrastructure projects.
Sanral informed investors that Makukule brings more than 25 years of senior financial leadership experience across public institutions and government departments. Her background includes oversight of large budgets, public finance controls, and compliance frameworks, all of which are central to Sanral’s operations as a state-owned entity with extensive borrowing programmes.
She is a Chartered Accountant and holds postgraduate qualifications in sustainable and green finance, reflecting the growing emphasis on environmental and governance standards in infrastructure funding. As reported by National Treasury, state-owned entities are increasingly expected to align capital allocation and reporting with sustainability principles, particularly when raising funds in domestic and international debt markets.
During the interim period, the finance function was led by Deputy CFO Dumisani Maluleke in an acting capacity. Sanral has indicated that he will remain in place to support continuity and ensure a smooth handover, an important consideration given the agency’s ongoing projects and debt servicing commitments.
Market participants, contractors, and government stakeholders will be watching closely to see whether the appointment restores confidence in Sanral’s financial leadership. According to JSE debt market disclosures, investor sensitivity to governance stability at major issuers has increased in recent years, making executive appointments such as this one central to perceptions of risk and institutional credibility.