The Namibia Industrial Development Agency (Nida) has teamed up with a Ghanaian businessman to clinch a N$4-billion oil terminal project that was linked to a Swapo company.
Documents seen by The Namibian show that Nida claims that it will own 51% in the project, leaving the remaining 49% to several other shareholders, including Ghanaian businessman Jory Adu-Boahene and his partners.
The project, worth about N$4 billion, is for the construction and operation of a Lüderitz Bay oil and gas supply base.
A meeting between representatives, including Nida acting chief executive officer (CEO) Phillip Namundjebo, Ghanaian businessman Adu-Boahene, and Namibian Ports Authority (Namport) officials, including CEO Andrew Kanime took place at Walvis Bay yesterday.
In a letter dated 11 February to director of Alpha Nautical Offshore Logistics, Adu-Boahene, Nida’s acting CEO, Namundjebo, confirmed Namport’s availability for the 14h30 meeting on 12 February.
“The main purpose of the aforesaid engagement is to discuss the implementation framework of this national project including the proposed governance structures and shareholding arrangements among the respective parties,” he said.
Namundjebo added that “we are looking forward to a constructive and fruitful engagement at Walvis Bay, and we are keen for the parties to hit the ground running”.
Nida reiterated that its 51% shareholding interest in the project remains unchanged, as communicated during previous engagements with its shareholder.
Another partner linked to the project is Josef Andreas, a businessman with Swapo ties.
“As a businessman, one tries to invest in multiple ventures. Every business starts with due diligence. Currently, I am conducting due diligence to bring the N$4 billion required for the project,” he says.
“If the due diligence is successful, we would need to bring the full N$4 billion or a portion of that amount.”
Andreas emphasises that this is not necessarily a government project, but a private deal for which an investor is needed to raise funds, develop the project, and recoup through operations.
“If anything, the government will benefit through concessional fees and taxes. If this development is not done in Namibia, that investment will go elsewhere, “ he says.
Last year, The Namibian reported that Guinas Investments, a ruling party-owned company chaired by Andreas, had expressed interest in the oil and gas supply base but was rejected by Namport.
Andreas, a close ally of Swapo secretary general Sophia Shaningwa, yesterday insisted that the deal is not tied to Swapo.
“I am pursuing this in my own capacity as a businessman. I am yet to commit to the project and am still weighing whether it is worth investing in. This is private sector funding, and that is what we need to do to create jobs so that everyone plays their role for the nation,” he said.
Kanime, Adu-Boahene and Namundjebo, who were locked in discussions over the deal at Walvis Bay, did not respond to questions yesterday.
LUCRATIVE DEAL
The Namibian understands that the Lüderitz oil and gas logistics hub is a highly sought-after deal.
Although Nida has stated it intends to hold a 51% stake, industry sources say majority control is not guaranteed. “If the government wants a majority share, it must contribute 51% of the estimated N$4 billion required to fund the project,” a source says.
The N$4-billion project is back in the spotlight nearly a year after the Swapo-linked company Guinas Investments sought involvement in the tender alongside Nida.
The move triggered disputes between stakeholders, with Namport rejecting the unsolicited bid and later cancelling the advertised process amid disagreements over how the project should be structured and managed. Industry sources at the time said factions within government and state entities were divided on the way forward, with some supporting a state-led consortium and others advocating for an open competitive process.
The project has now resurfaced, with talks centred on Nida, Andreas, and Adu-Boahene, who operates Alpha Nautical Logistics.
On its website, Alpha Nautical Logistics describes itself as a registered Namibian marine support services company established to meet the onshore-to-offshore needs of the country’s oil and gas sector.
The company originates from Ghana.
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