Leaders of the ruling African National Congress in Limpopo province will on Monday meet with the party's top six officials including President Cyril Ramaphosa at its Luthuli House headquarters over the looting of the failed VBS Mutual bank allegedly by some senior provincial officials.

''The officials are meeting here at head office to be able to unpack and understand the situation as it unfolded in the province," said party spokesperson Pule Mabe.

"Regarding the investigation based on the [VBS] report and allowing implicated persons to come forward, that will be done by the [ANC] integrity committee, where the report has been sent," Mabe told eNCA news television channel. "They will study the report, make a determination...heads must roll where there is clear wrongdoing."

The ANC's deputy chairperson in Limpopo, Florence Radzilani and treasurer Danny Masiza are implicated in the explosive ''The Great Bank Heist'' report commissioned by the SA Reserve Bank.

Masiza is named as the kingpin and ''commission agent'' who rallied municipalities to illegally deposit money into the bank. Radzilani, who is also mayor of Vhembe district municipality, allegedly invested R300-million in exchange for a bribe. This happened despite warnings that the Municipal Finance Management Act did not allow deposits in mutual banks.

The VBS investigation by advocate Terry Motau found that 50 people "gratuitously" received nearly R2-billion billion from the bank over a three-year period starting in March 2015.

They included top management at the bank's major shareholder Vele Investments, its associates who cashed in more than R936-million. Others were bank executives accountants and Limpopo politicians.