We are not for any monopoly - Malema

EFF rejects all forms of monopoly capitalism - Malema

EFF leader Julius Malema says the party rejects any form of monopoly capitalism and will only settle for true equality.

Julius Malema

Malema was addressing supporters in Durban during the party's fourth birthday celebrations.

"Our defeat of white monopoly capital must not be replaced by black monopoly capital, it must be replaced by socialism, it must be replaced by the sharing of the wealth," says Malema.

He further criticised those using slogans such as 'white monopoly capitalism' to score political points.

According to Malema, those who are protecting capital monopolies claim it does not exist, while others, such as President Jacob Zuma, wants to replace it with "a Gupta monopoly capital".

The firebrand leader further demanded a minimum wage as black South Africans are treated as "sub-humans".

Malema says the ANC has allowed such behaviour to take place as the party is captured by "Indian families" in KwaZulu-Natal.

In a speech that lasted more than an hour, Malema addressed a range of issues, including land and the Reserve Bank.

He says the EFF wants the Reserve Bank to be nationalised, but stresses the central bank's autonomy should not be tampered with by politicians.

Malema further praised his own party for its achievements since its launch in July 2013.

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