Tycoon Cyril Ramaphosa, who is the chairman of investment firm Shanduka and mobile operator MTN, says he will review his business interests after being elected African National Congress (ANC) deputy president.

Ramaphosa has been MTN’s non executive chairman since 2002 and he also sits on board committees for nomination, remuneration and human resources.

He is also the founder and chairman of the Shanduka Group, headed by Phuti Mahanyele, which recently bought a $335 million (about R3 billion) minority stake in MTN Nigeria, the cellular company’s biggest unit.

In a statement, Ramaphosa says: “As a consequence of my election to the position of ANC deputy president at the ANC’s 53rd national conference in Mangaung, I have initiated a review of my interests in business.”

“This is necessary to address any potential conflicts of interest, and to ensure that I can adequately perform the responsibilities of this position.

“In consultation with the ANC national officials, I am undertaking a process of engagement with several stakeholders on the implications of my election to this post.

“This will include a review of existing positions, responsibilities and obligations. It is intended that this process result in an arrangement that removes the possibility of any conflict of interest. I will make further public statements at the appropriate time.”

Shanduka has investments in varied sectors from mining, energy, real estate and financial services. It also operates the local franchise of fast food chain McDonald's.

The China Investment Corporation paid $226 million for a quarter of Shanduka last year, valuing the company at just shy of $1 billion.

Ramaphosa’s net worth was estimated at $275 million by Forbes magazine in 2011, making him the 36th richest person in Africa.